SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
_______ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ______ to _______.
Commission file number: 1-5837
THE MECHANICAL UNIONS SAVINGS TRUST
(Exact name of plan)
135 Morrissey Boulevard
P.O. Box 2378
Boston, MA 02107-2378
(Address of Plan)
THE NEW YORK TIMES COMPANY
(Exact name of issuer)
229 West 43d Street
New York, New York 10036
(Address of issuer's principal executive office)
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The following financial statements are included in this
Report:
Report of independent public accounts, including:
Statement of net assets available for plan
benefits as of the end of December 31, 1993
and December 31, 1992.
Statement of changes in net assets available
for plan benefits for each of the years
ending December 31, 1993, 1992 and 1991.
Notes to financial statements.
Schedule I - Supplemental schedule of
investments as of December 31, 1993.
Schedule II - Supplemental schedule of
reportable transactions for the year ended
December 31, 1993.
Schedule III - Supplemental schedule of
changes in net assets by account for the
year ended December 31, 1993.
Signatures:
The Plan: Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees of the Plan have duly caused
this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
THE MECHANICAL UNIONS SAVINGS TRUST
Dated: June 29, 1994 By Marilyn A. Kelly
--------------------------------
Marilyn A. Kelly,
Administrative Trustee
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MECHANICAL UNIONS SAVINGS TRUST
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1993 AND 1992
TOGETHER WITH AUDITORS' REPORT
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TABLE OF CONTENTS
Accountants' Report ..................................... Page 1
Statements of Net Assets Available for Plan Benefits ........ 2
Statements of Changes in Net Assets Available for
Plan Benefits ............................................. 3
Notes to Financial Statements ............................ 4 - 7
Schedule I - Supplemental Schedule of Investments ........... 8
Schedule II - Supplemental Schedule of Reportable
Transactions .............................................. 9
Schedule III - Supplemental Schedule of Changes in Net
Assets by Account ......................................... 10
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James J. Garrity & Company
Certified Public Accountants
P.O. Box 448
733 Neponset Street
Norwood, Massachusetts 02062
(617) 769-5522 . (Fax) 769-4061
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Trustees of the
Mechanical Unions Savings Trust:
We have audited the accompanying Statements of Net Assets
Available for Plan Benefits of the Mechanical Unions Savings
Trust (the Plan) as of December 31, 1993, and the related
Statements of Changes in Net Assets Available for Plan Benefits
for the year then ended. These financial statements and the
schedules referred to below are the responsibility of the Plan's
trustees. Our responsibility is to express an opinion on these
financial statements and schedules based on our audits.
The financial statements of the Mechanical Unions Savings Trust
as of December 31, 1992, were audited by other auditors whose
report dated May 14, 1993, expressed an unqualified opinion on
those statements.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the trustees, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the 1993 financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the Plan as of December 31, 1993,
and the changes in net assets available for plan benefits for the
year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of investment, reportable transactions and changes in
net assets by account, as listed in the accompanying index, are
presented for the purpose of additional analysis and are not a
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required part of the basic financial statements but are
supplementary information required by the Department of Labor
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing
procedures applied in our audits of the basic financial
statements and, in our opinion, are fairly stated, in all
material respects, in relation to the basic financial statements
taken as a whole.
James J. Garrity & Company
--------------------------
Norwood, Massachusetts
June 13, 1994
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MECHANICAL UNIONS SAVINGS TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1993 and 1992
1993 1992
---- ----
ASSETS:
Investments, at contract or market
value
Fixed Interest Fund $ 7,844,035 $ 6,851,559
Growth Stock Fund 2,280,993 1,287,102
Diversified Bond Fund 278,750 79,973
Money Market Fund 677,337 175,783
Indexed Stock Fund 579,294 288,675
Government Securities Fund 257,599 -
Balanced Fund 439,275 -
New York Times Stock Fund 590,364 940,989
----------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $12,947,647 $ 9,624,081
=========== ===========
The accompanying notes are an integral
part of these financial statements.
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MECHANICAL UNIONS SAVINGS TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
For the years ended December 31, 1993 and 1992
1993 1992
---- ----
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year $ 9,624,081 $ 6,647,697
ADD (DEDUCT):
Participant contributions 2,839,062 2,543,458
Employee rollovers, net 1,087 7,512
Investment income 595,812 488,039
Net realized/unrealized gain 481,394 319,563
Contractual and professional fees ( 44,343) ( 39,122)
Benefits paid ( 222,632) ( 107,396)
In-service withdrawal ( 103,804) ( 54,889)
Hardship withdrawal ( 223,010) ( 177,610)
Transfers to other plans - ( 3,171)
----------- -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $12,947,647 $ 9,624,081
=========== ===========
The accompanying notes are an integral
part of these financial statements.
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MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE A - DESCRIPTION OF THE PLAN
The Mechanical Unions Savings Trust (the Plan) is a defined
contribution plan established under the collective bargaining
agreement between the Globe Newspaper Company, Wilson Tisdale Company
(the Company) and nine Mechanical Unions. The Plan became effective
on January 1, 1989, was last amended October 1, 1993 and is available
to all employees of the participating unions who meet the eligibility
requirments. It is intended that the Plan qualify under Section
401(k) of the Internal Revenue Code.
The pension committee, comprised of the plan trustees, serves as the
plan administrator. Three union representatives and three represen-
tatives of the Company make up the plan trustees.
The Plan's assets are held by Allmerica Financial and are invested
under a group annuity contract.
All expenses incurred in the administration of the Plan are paid by
the participants.
Eligibility:
To be eligible to participate in the Plan, an employee must be at
least 21 years of age and a member of one of the nine Mechanical
Unions participating in the Plan, and must have worked at least 1,000
hours during the previous 12-month period.
Contributions:
Participants may elect to contribute up to 20% of their total compen-
sation per plan year. Employee contributions under the Plan are tax-
deferred and subject to certain limitations, as defined under the plan
agreement.
Investments:
Plan participants may direct the investment of their account balances
in any of the following eight investment options:
1. Fixed Interest Fund (formerly known as the Guaranteed Fund)
This fund invests primarily in investment grade fixed-income
securities with emphasis on public bonds, private placements and
commerical mortgages. It is managed by Allmerica Asset
Management, Inc. The fund's primary objective is to guarantee a
specific rate of interest while also guaranteeing contributions
against investment loss. Amounts invested in this fund are
allocated to State Mutual's General Account. The General Account
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MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE A - DESCRIPTION OF THE PLAN - (Continued)
1. Fixed Interest Fund (Continued)
is an investment account established and maintained for all assets
of State Mutual not specifically directed to other investment
funds, and, as such, is subject to the general creditors of State
Mutual Life Assurance Company of America.
2. Growth Stock Fund (formerly known as the Managed Stock Account)
This fund invests primarily in common stocks and other equity-type
investments, and is managed by Miller, Anderson & Sherrerd. The
fund's primary objective is to produce above-average performance
results relative to the broad stock market averages. Neither the
principal nor investment earnings are guaranteed under this fund.
3. Diversified Bond Fund (formerly known as the Bond Account)
This fund invests primarily in publicly traded, fixed-income
securities such as bonds, notes and debentures. It is managed by
Allmerica Asset Management, Inc. The fund's primary objective is
to maximize total return. Neither the principal nor investment
earnings are guaranteed under this fund.
4. Money Market Fund (formerly known as The Short-term Account)
This fund invests primarily in money market instruments that
mature in less than one year, including but not limited to
government securities, certificates of deposit, bankers
acceptances and commerical paper. It is managed by Allmerica
Asset Management, Inc. The fund's primary objective is to obtain
the most current income possible while preserving principal and
allowing you access to funds. Neither the principal nor
investment earnings are guaranteed under this fund.
5. Indexed Stock Fund
This fund's primary objective is to match the total return of the
Standard & Poor's 500 Composite Stock Price Index as closely as
possible by investing in more than three-quarters of the Index's
stocks. The "Standard & Poor's 500 Composite Stock Price Index"
is a registered trademark of Standard & Poor's Corporation, which
neither sponsors nor is affiliated with this fund. This fund is
managed by Allmerica Asset Management, Inc. Neither the principal
nor investment earnings are guaranteed under this fund.
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6. Government Securities Fund
This fund invests primarily in debt securities issued or
guaranteed by the U.S. government or its agencies, and is managed
by Allmerica Asset Management, Inc. The fund's primary objective
is to maximize income. Neither the principal nor investment
earnings are guaranteed by State Mutual under this fund.
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MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE A - DESCRIPTION OF THE PLAN - (Continued)
7. Balanced Fund
This fund invests primarily in traditional stocks, bonds and cash
equivalents, and is managed by Standish, Ayer & Wood. The fund's
primary objective is to provide a well-diversified portfolio of
stocks and bonds which will produce both capital growth and
current income. Neither the principal nor investment earnings are
guaranteed under this fund.
8. New York Times Stock Fund (formerly known as Affiliated Stock
Fund)
Under this option, your account is invested in common stock of the
New York Times Company, as offered in State Mutual's Separate In
vestment Accounts. Minimum share blocks of 100 are purchased by
the Account for their fair market value with any other amounts
invested in cash or cash equivalents. As a stockholder, you are
investing in the Company. Neither the principal nor any
investment earnings are guaranteed under this option. This
investment account accepted no new contributins after October 1,
1993.
Vesting
Participants are 100% vested in their contributions and any earnings
on their investment account balances.
Termination of Employment
If a participant terminates employment due to death, disability or
retirement (as defined in the plan agreement), the account becomes
100% distributable. A participant may not withdraw any part of his
account while still employed by the Company, except if the employee
has reached the age of 59-1/2 years, applies for a hardship withdrawal
or changes job classifications. Distribution is made in a lump-sum
payment equal to the value of the participant's account.
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Hardship Withdrawals
A participant may withdraw his contributions prior to age 59-1/2
solely in the event of financial hardship. Determinations of
financial hardship shall be made by the plan administrator based on
the criteria listed in the plan agreement (conforming with Internal
Revenue Service regulations).
Classification Change
A participant may transfer his account balance to another plan
sponsored by the Company if, upon a job classification change, the
participant is no longer an eligible employee of the plan.
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MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1993
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING ISSUES
Basis of Accounting
The accompanying financial statements are prepared using the accrual
basis of accounting. All investments are stated at market value or
cost plus carrying value (contract value) for the Guaranteed
Investment Account.
Federal Income Taxes
The Plan obtained its latest determination letter on January 8, 1993,
in which the Internal Revenue Service stated that the Plan was in
compliance with the applicable requirements of the Internal Revenue
Code, and is, therefore, exempt from federal income taxes.
NOTE C - DISTRIBUTIONS PAYABLE
Included in net assets available for plan benefits at December 31,
1993 and 1992 are benefits payable to participants who were terminated
prior to plan year-end of $55,111 and $17,705, respectively.
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SCHEDULE I
MECHANICAL UNIONS SAVINGS TRUST
SUPPLEMENTAL SCHEDULE OF INVESTMENTS
as of December 31, 1993
GUARANTEED ACCUMULATION FUNDS
Contract/
Market
Cost Value
----------- ----------
Allmerica Financial:
Fixed Interest Fund-
#G01-001, 8.65%, due 12/31/93 $ 396,479 $ 396,479
#G01-002, 8.85%, due 12/31/93 425,331 425,331
#G01-003, 8.35%, due 12/31/94 1,589,774 1,589,774
#G01-004, 7.15%, due 12/31/96 1,626,250 1,626,250
#G01-005, 5.25%, due 6/30/96 651,065 651,065
#G01-006, 7.15%, due 12/31/96 139,632 139,632
#G01-007, 4.51%, due 12/31/97 725,896 725,896
#G01-008, 5.25%, due 6/30/96 161,765 161,765
#G01-009, 4.51%, due 12/31/97 111,519 111,519
#G02-001, 9.00%, due 12/31/96 1,990,659 1,990,659
#G03-001, 3.89%, due 12/31/95 26,320 26,320
#G03-002, 3.89%, due 12/31/95 ( 655) ( 655)
----------- -----------
Total guaranteed accumulation
funds $ 7,844,035 $ 7,844,035
----------- -----------
INVESTMENT ACCOUNTS
-------------------
Units
-----
Allmerica Financial:
Growth Stock Fund 3,381 $ 2,280,993
Diversified Bond Fund 412 278,750
Money Market Fund 2,363 677,337
Indexed Stock Fund 2,518 579,294
Government Securities Fund 2,161 257,599
Balanced Fund 3,543 439,275
New York Times Stock Fund 3,774 590,364
-----------
Total investment accounts $ 5,103,612
-----------
Total investments $12,947,647
===========
The accompanying notes are an integral
part of these financial statements.
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SCHEDULE II
MECHANICAL UNIONS SAVINGS TRUST
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1993
Description of Total Cost Total Sales
Description of Assets Transactions of Purchases Proceeds
--------------------- -------------- ------------ -----------
Fixed Interest Fund (1)
G01-005 87 purchases
133 sales $ 2,133,858 $ 1,482,793
G01-007 71 purchases
75 sales $ 1,892,366 $ 1,168,928
Growth Stock Fund (1) 266 purchases of
3,505 units
42 sales of 2,126
units $ 2,243,213 $ 1,359,848
Money Market Fund (1) 82 purchases of
3,201 units
77 sales of 1,462
units $ 907,272 $ 413,694
Indexed Stock Fund (1) 142 purchases of
2,835 units
23 sales of 1,678
units $ 618,425 $ 358,561
New York Times (2) 100 purchases of
2,964 units
59 sales of 7,406
units $ 368,776 $ 1,041,282
(1) Represents transactions or a series of transactions in securities
of the same issue in excess of 5% of the current value of plan
assets at the beginning of the year.
(2) Represents transactions with a party-in-interest.
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MECHANICAL UNIONS SAVINGS TRUST
SUPPLEMENTAL SCHEDULE OF CHANGES IN NET ASSETS BY ACCOUNT
For the year ended December 31, 1993
<TABLE><CAPTION>
Fixed Growth Diversified Money Indexed Government New York
Interest Stock Bond Market Stock Securities Balanced Times
Fund Fund Fund Fund Fund Fund Fund Stock Fund Total
------- ------ ----------- ------ ------- ---------- -------- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE, beginning
of year $ 6,851,559 $ 1,287,102 $ 79,973 $ 175,783 $ 288,675 $ - $ - $ 940,989 $ 9,624,081
ADD (DEDUCT):
Transfers, net ( 713,533) 259,621 156,308 390,775 139,234 196,391 410,004 ( 838,800) -
Participants
contributions 1,538,623 664,266 60,448 133,362 134,558 60,252 29,507 218,046 2,839,062
Employee
rollovers, net - 1,087 - - - - - - 1,087
Investment income 595,764 23 2 3 4 2 - 14 595,812
Net realized/
unrealized gain - 110,525 8,866 7,975 30,750 1,399 - 321,879 481,394
Contractual and
professional
fees ( 31,313) ( 7,226) ( 584) ( 1,018) ( 1,199) ( 445) ( 236) ( 2,322) ( 44,343)
Benefits paid ( 141,294) ( 5,115) ( 26,263) ( 16,562) - - - ( 33,398) ( 222,632)
In-service
withdrawal ( 85,985) ( 3,125) - ( 198) - - - ( 14,496) ( 103,804)
Hardship
withdrawal ( 169,786) ( 26,164) - ( 12,784) ( 12,728) - - ( 1,548) ( 223,010)
----------- ----------- --------- ---------- ---------- --------- -------- ----------- -----------
BALANCE, end
of year $ 7,844,035 $ 2,280,994 $ 278,750 $ 677,336 $ 579,294 $ 257,599 $439,275 $ 590,364 $12,947,647
=========== =========== ========= ========== ========== ========= ======== =========== ===========
</TABLE>
