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, 1994
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)
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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, 1994 and December 31, 1993.
A statement of changes in net assets available for plan benefits
for each of the years ending December 31, 1994, 1993 and 1992.
Accompanying notes for the financial statements.
Schedules of reportable transactions for the years ended December
31, 1994 and December 31, 1992.
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, 1995 By /s/ William F. Connolly
------------------------
William F. Connolly,
Administrative Trustee
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
---------------------------------------
FINANCIAL STATEMENTS
--------------------
FOR THE PERIODS ENDED DECEMBER 31,
----------------------------------
1994, 1993, AND 1992
---------------------
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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, 1994
and 1993, and the related statement of changes in net assets available for plan
benefits for the years ended December 31, 1994, 1993, and 1992. 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, 1994 and 1993 and changes in net assets available for plan
benefits for the years ended December 31, 1994, 1993, and 1992 in conformity
with generally accepted accounting principles.
/s/ John M. Hoffman & Associates
- ----------------------------------
John M. Hoffman & Associates CPAs
Boston, Massachusetts
June 15, 1995
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
---------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993
-----------------------------------------------
1994 1993
---- ----
ASSETS
- ------
INVESTMENTS AT FAIR MARKET VALUE
(notes B and C)
Mutual Funds:
Money Market 408,096 278,071
U.S. Government 619,929 634,291
Common Stock 2,008,600 1,510,720
Common Stock Sector 3,560,600 2,866,195
Equity securities 1,243,132 1,226,193
_________ ________
Total Investments $7,840,357 $6,515,470
RECEIVABLES
Accrued interest -0- -0-
Participant loans - Note F 190,313 135,898
_________ _________
190,313 135,898
Cash and equivalents -0- -0-
_________ ________
Total assets 8,030,670 6,651,368
PAYABLES
Administrative Expenses 4,232 3,980
_________ _________
4,232 3,980
_________ _________
Net assets available for
plan benefits $8,026,438 $6,647,388
========== ==========
the accompanying notes are an integral part of
these financial statements
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
---------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEARS ENDED DECEMBER 31, 1994 AND 1993 AND 1992
-------------------------------------------------------
1994 1993 1992
---- ---- ----
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
- ---------------------------------------
Investment Income
Realized gains/(losses) $ 36,586 $ 176,370 $ 139,135
Change in net unrealized
appreciation/depreciation
in assets (406,049) 362,844 185,382
Dividends 317,853 267,666 203,170
Interest 10,057 7,496 20,894
__________ __________ ________
(41,553) 814,376 548,581
Employee contributions 1,802,901 1,563,649 1,418,795
__________ __________ _________
Total Additions 1,761,348 2,378,025 1,967,376
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
- ----------------------------------------
Benefits paid to participants 370,256 104,651 452,984
Administrative expenses 12,042 19,576 25,655
__________ __________ ________
Total Deductions 382,298 124,227 478,639
__________ __________ ________
NET INCREASE 1,379,050 2,253,798 1,488,737
NET ASSETS AVAILABLE FOR PLAN BENEFITS
- --------------------------------------
BEGINNING OF YEAR 6,647,388 4,393,590 2,904,853
__________ __________ _________
END OF YEAR $8,026,438 $6,647,388 $4,393,590
========== ========== =========
the accompanying notes are an integral part of
these financial statements
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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 - New York Times 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 Money Market Fund
LOAN FUND - Participant Loans Fund
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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, 1994
-----------------
# of Shares Fair Value
----------- ----------
Mutual Funds:
Money Market 408,096 408,096
U.S. Government 50,855 619,929
Common Stock 183,738 2,008,600
Common Stock Sector 255,128 3,560,600
Equity securities:
New York Times Co. 53,362 1,180,638
McCaw Cellular Comm Inc. 1,244 62,494
__________
Total Investments at Fair Value $7,840,357
==========
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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 (49,242)
Common Stock (106,654)
Common Stock Sector (12,819)
Equity securities (237,334)
__________
Net change in Fair Value $ (406,049)
==========
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 are 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 $190,313 and $135,898 as
of December 31, 1994 and 1993 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.
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
---------------------------------------
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS
-----------------------------------------------
G. FORM 5500 RECONCILIATION
------------------------ DECEMBER 31,
------------
1994 1993
---- ----
Net Assets per Form 5500 $ 8,030,670 $ 6,651,369
Expenses Payable (4,232) (3,981)
__________ __________
Net Assets $ 8,026,438 $6,647,388
========== ==========
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.
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
---------------------------------------
NOTES TO THE FINANCIAL STATEMENT
--------------------------------
REPORTABLE TRANSACTIONS FOR THE YEAR ENDED 12/31/94
----------------------------------------------------
DESCRIPTION TYPE SHARES COST/PROCEEDS
- ----------- ---- ------ -------------
Putnam Voyager Purchase 76,499 671,026
George Putnam Fund Purchase 38,842 393,889
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
---------------------------------------
NOTES TO THE FINANCIAL STATEMENT
--------------------------------
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
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