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
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
(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)
Page 1 of 11
<PAGE>
The following financial statements are included in
this Report:
Report of independent public accounts, including:
A statement of net assets available for plan benefits
as of the end of December 31, 1993 and December 31,
1992.
A statement of changes in net assets available for
plan benefits for each of the years ending December
31, 1993, 1992 and 1991.
Accompanying notes for the financial statements.
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 BOSTON GLOBE
EMPLOYEE SAVINGS PLAN
Dated: June 29, 1994 By Cathryn Lewis
----------------------------
Cathryn Lewis,
Administrative Trustee
Page 2 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
FINANCIAL STATEMENTS
FOR THE PERIODS ENDED DECEMBER 31,
1993, 1992, AND 1991
Page 3 of 11
<PAGE>
John M. Hoffman & Associates
Certified Public Accountants
264 Beacon Street,
Boston, MA 02116
Phone: (617) 536-5600 . Fax: (617) 536-8578
INDEPENDENT AUDITOR'S REPORT
To the Board of Trustees of the
BGEA/Boston Globe Employee Savings Plan:
We have audited the accompanying statements of net assets available
for plan benefits of the BGEA/Boston Globe Employee Savings Plan as
of December 31, 1993 and 1992, and the related statement of changes
in net assets available for plan benefits for the years ended
December 31, 1993, 1992, and 1991. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits 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 management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the 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 1992 and changes in
net assets available for plan benefits for the years ended December
31, 1993, 1992, and 1991 in conformity with generally accepted
accounting principles.
John M. Hoffman
---------------------------------
John M. Hoffman & Associates CPAs
Boston, Massachusetts
May 26, 1994
Page 4 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
ASSETS 1993 1992
INVESTMENTS AT FAIR MARKET VALUE
(notes B and C)
Mutual Funds:
Money Market 278,071 236,802
U.S. Government 634,291 457,520
Common Stock 1,510,720 1,905,217
Common Stock Sector 2,866,195 620,647
Equity securities 1,226,193 1,069,936
_________ _________
Total Investments $6,515,470 $4,290,122
RECEIVABLES
Accrued interest -0- -0-
Participant loans - Note F 135,898 106,743
_________ _________
135,898 106,743
Cash and equivalents -0- 1,211
_________ _________
Total assets 6,651,368 4,398,076
PAYABLES
Administrative Expenses 3,980 4,486
_________ _________
3,980 4,486
_________ _________
Net assets available for
plan benefits $6,647,388 $4,393,590
========= =========
The accompanying notes are an integral part of
these financial statements.
Page 5 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN
BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
1993 1992 1991
---- ---- ----
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment Income
Realized gains/(losses) $176,370 $ 139,135 $ (4,358)
Change in net unrealized
appreciation/depreciation
in assets 362,844 185,382 165,418
Dividends 267,666 203,170 75,451
Interest 7,496 20,894 74,158
________ ________ _________
814,376 548,581 310,669
Employee contributions 1,563,649 1,418,795 987,204
_________ _________ _________
Total Additions 2,378,025 1,967,376 1,297,873
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 104,651 452,984 149,006
Administrative 19,576 25,655 22,068
_________ ________ _________
Total Deductions 124,227 478,639 171,074
_________ ________ _________
NET INCREASE 2,253,798 1,488,737 1,126,799
NET ASSETS AVAILABLE FOR PLAN BENEFITS
BEGINNING OF YEAR 4,393,590 2,904,853 1,778,054
_________ _________ _________
END OF YEAR $6,647,388 $4,393,590 $2,904,853
========= ========= =========
The accompanying notes are an integral part of these
financial statements.
Page 6 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS
A. DESCRIPTION OF THE PLAN:
The following description of the Boston Globe Employee Savings
Plan provides only general information. Participants should
refer to the Plan Agreement for a more complete description of
the Plan's provisions.
1. GENERAL. The Plan is a defined contribution plan covering
all employees of the Company, who are members of a collective
bargaining group which has agreed to adopt the plan, and who
have been credited with 1,000 or more hours of service during a
12 month period and are twenty-one years of age or older. It is
subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
2. CONTRIBUTIONS. Participants enter into a salary reduction
agreement with the Employer, subject to statutory limitations,
and the Employer contributes to the plan on the employees
behalf. Participants may make qualified rollover contributions
to the plan. Participants' contributions shall be invested in
the Fund in accordance with the participants' investment
elections.
3. PARTICIPANT ACCOUNTS. Each participant's account is
credited with the participant's contribution and (a) an
allocation of fund earnings of each fund in which the
participant elects contributions, and (b) Administrative
expenses. Allocations are based on participant account
balances. The benefit to which a participant is entitled is the
benefit that can be provided from the participant's account
balance. The Plan's trustees selected a new plan administrator
and plan custodian on April 1, 1992, Putnam Investments.
Participant accounts will consist of investments, at the
direction of the participant, in the following funds.
Subsequent to April 1, 1992:
FUND A - Affiliated Publications, Inc. Stock Fund
FUND B - Putnam Health Sciences Trust
FUND C - Putnam Voyager Fund
FUND D - Putnam Vista Fund (available 7/1/93)
FUND E - The George Putnam Fund of Boston
FUND F - Putnam U.S. Government Income Trust
FUND G - Putnam Daily Dividend Trust
LOAN FUND - Participant Loans Fund
Page 7 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS
A. DESCRIPTION OF THE PLAN (Cont.)
Prior to April 1, 1992:
FUND A - Guaranteed Rate Fund
FUND B - Merrill Lynch Capital Fund
FUND C - Merrill Lynch Basic Value Fund
FUND D - Affiliated Publications, Inc. Stock Fund
LOAN FUND - Participant Loans Fund
4. VESTING. A participant shall at all times be 100% vested in
all amounts allocated to his or her total account.
5. PAYMENTS OF BENEFITS. Upon termination of service or
retirement, a participant is entitled to a lump sum distribution
equal to the value of his or her account.
B. SUMMARY OF ACCOUNTING POLICIES
1. VALUATION OF INVESTMENTS. Investments are valued at fair
market value as of year end. Quoted market prices are used to
value investments. Such investments are valued at the closing
price on the statement date.
C. INVESTMENTS:
The Plan's investments are held by a broker-administered trust
fund. Investment transactions that represent 5 percent or more
of the Plan's net assets are separately identified.
Fair Value of Investments
December 31, 1993
-----------------
# of Shares Fair Value
----------- ----------
Mutual Funds:
Money Market 278,071 278,071
U.S. Government 47,159 634,291
Common Stock 122,213 1,510,720
Common Stock Sector 204,296 2,866,195
Equity securities:
New York Times Co. 44,049 1,156,282
McCaw Cellular Comm Inc. 1,381 69,911
__________
Total Investments at Fair Value $6,515,470
==========
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS
C. INVESTMENTS: (Cont.)
Net Change in Fair Value
Year Ended
----------
December 31, 1993
-----------------
Mutual Funds:
U.S. Government (12,489)
Common Stock (3,151)
Common Stock Sector 200,376
Equity securities 178,108
--------
Net change in Fair Value $362,844
========
D. PLAN TERMINATION:
Although it has not expressed any intent to do so, the
Employer reserves the right under the Plan to terminate the
Plan, in whole or in part, whenever there is a collective
bargaining agreement between the Employer and the Boston
Globe Employees Association that fails to provide for the
continuation of the plan or the plan participants area no
longer represented by this bargaining unit.
E. PARTICIPANT LOANS:
Participant loans are available to participants who meet the
eligibility requirements as defined by the administrative
trustees. The loans have repayment periods ranging from six
months to five years and bear interest at the prime rate
plus one half of one percent. The total outstanding
balances on participant loans was $135,898 and $106,743 as
of December 31, 1993 and 1992, respectively.
F. PLAN TAX STATUS:
The Plan as written is qualified under the Internal Revenue
Code as being exempt from federal income taxes. A favorable
determination letter has been received from the Internal
Revenue Service.
Page 9 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS
G. FORM 5500 RECONCILIATION:
December 31,
1993 1992
---- ----
Net Assets per Form 5500 $ 6,651,369 $ 4,398,076
Expenses Payable (3,981) (4,486)
------------ -----------
Net Assets $ 6,647,388 $ 4,393,590
=========== ===========
H. SIGNIFICANT EVENTS:
During 1993, Affiliated Publications, Inc. was acquired by
the New York Times Co. the acquisition was consummated with
Stockholders' of Affiliated Publications, Inc. receiving
cash or New York Times Co. stock equivalent to $15.00 per
share.
Page 10 of 11
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
NOTES TO THE FINANCIAL STATEMENTS
REPORTABLE TRANSACTIONS FOR THE YEAR ENDED 12/31/92
DESCRIPTION TYPE SHARES COST/PROCEEDS
ML Basic Value Fund Sale -26,220 -519,479
ML Capital Fund Sale -28,739 -773,795
CMA Money Fund Purchase 2,900,245 2,900,245
CMA Money Fund Sale -2,773,062 -2,773,062
ML Ready Asset Trust Sale -544,215 -544,215
CMA Money Fund Purchase 865,097 865,097
CMA Money Fund Sale -878,240 -878,240
Putnam Health Sciences Purchase 17,744 479,453
Putnam Voyager Purchase 81,534 747,666
George Putnam Fund Purchase 39,949 546,503
Page 11 of 11
