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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 11-K
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__X__ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996]
For the fiscal year ended December 24, 1997
_____ 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 43RD STREET
NEW YORK, NY 10036
(Address of issuer's principal executive office)
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<PAGE>
The following financial statements are included in this Report:
Report of independent public accountants, including:
A statement of net assets available for plan benefits for the years ended
December 24, 1997, and
December 31, 1996.
A statement of changes in net assets available for plan benefits for each
of the years
ended December 24, 1997, December 31, 1996 and December 31, 1995.
Accompanying notes for the financial statements.
Schedule of assets held for investment purposes.
Schedules of reportable transactions for the years ended December 24,
1997 and
December 31, 1996.
SIGNATURES
The Plan: Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
THE BGEA/ BOSTON GLOBE
EMPLOYEE SAVINGS PLAN
<TABLE>
<S> <C> <C>
By /s/ STEVE BEHENNA
----------------------------------------
Steve Behenna
ADMINISTRATIVE TRUSTEE
</TABLE>
Dated: June 23, 1998
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
FINANCIAL STATEMENTS
FOR THE PERIODS ENDED DECEMBER 24,
1997, DECEMBER 31, 1996 AND 1995
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
DECEMBER 24, 1997 AND DECEMBER 31, 1996
TABLE OF CONTENTS
<TABLE>
<S> <C>
Independent Auditors' Report......................................................... 1
Statement of Net Assets Available For Plan Benefits.................................. 2
Statement of Changes In Net Assets Available For Plan Benefits....................... 3
Notes to The Financial Statements.................................................... 4-6
SUPPLEMENTAL SCHEDULES:
Schedule of Assets Held for Investment Purposes December 24, 1997................ 7-8
Reportable Transactions for the Year Ended December 24, 1997..................... 8
</TABLE>
<PAGE>
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 24,
1997, and December 31, 1996, and the related statement of changes in net assets
available for plan benefits for the period ended December 24, 1997 and the years
ended December 31, 1996, and 1995. 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 24, 1997, and December 31, 1996 and changes in net assets
available for plan benefits for the period ended December 24, 1997 and the years
ended December 31, 1996, and 1995 in conformity with generally accepted
accounting principles.
Hoffman & Manning, CPAs
Boston, Massachusetts
June 11, 1998
1
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 24, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
ASSETS 1997 1996
- ------------------------------------------------------------ ------------ ------------
<S> <C> <C>
Investments, at fair market value (Note C).................. $ 24,539,062 $ 16,613,028
Cash & Cash Equivalents..................................... 0 0
Participants' notes receivable.............................. 426,961 263,948
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24,966,023 16,876,976
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<CAPTION>
LIABILITIES
- ------------------------------------------------------------
<S> <C> <C>
Administrative Expenses Payable............................. 0 0
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0 0
Net assets available for Plan benefits...................... $ 24,966,023 $ 16,876,976
------------ ------------
------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 24, 1997, DECEMBER 31, 1996, AND 1995
<TABLE>
<CAPTION>
1997 1996 1995
------------- ------------- -------------
<S> <C> <C> <C>
Additions:
Participants' contributions....................................... $ 3,275,244 $ 2,829,283 $ 1,980,480
Rollover contributions............................................ 207,611 473,502 119,378
Employers' matching contributions................................. 363,268 248,855 0
Employers' contributions.......................................... 493,915 0 0
Interest and dividend income...................................... 1,581,643 912,235 649,215
Other Income...................................................... 0 0 4,232
Net appreciation/(depreciation) in fair value of investments...... 2,960,650 1,114,922 2,393,134
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Total additions............................................... 8,882,331 5,578,796 5,146,440
Deductions:
Benefits paid to participants..................................... 783,508 1,391,014 310,745
Direct trustee to trustee transfers............................... 0 161,015 0
Administrative fees............................................... 9,775 8,403 3,521
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Total deductions.............................................. 793,283 1,560,432 314,266
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Net increase........................................................ 8,089,048 4,018,364 4,832,174
Net assets available for Plan benefits, beginning of year........... 16,876,975 12,858,611 8,026,438
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Net assets available for Plan benefits, end of year................. $ 24,966,023 $ 16,876,975 $ 12,858,612
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</TABLE>
3
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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 BGEA/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. Participant accounts will consist of investments,
at the direction of the participant, in the following funds:
Putnam Health Sciences Trust
Putnam Voyager Fund
Putnam Vista Fund
The George Putnam Fund of Boston
Putnam U.S. Government Income Trust
Putnam Money Market Fund
Putnam New Opportunities Fund
Putnam Growth & Income
Putnam S&P 500 Index Fund
Putnam Diversified Income Fund
Putnam International Growth Fund
Putnam Diversified Income Fund
Participant Loans Fund
Or in the following equity securities directly:
New York Times Common Stock
AT&T Corp. Common Stock
Lucent Technologies Common Stock
NCR Corp Common Stock
4. MATCHING CONTRIBUTIONS. During 1997 and 1996 the Company matched 25% of
employee contributions up to a maximum of 4% of compensation
5. EMPLOYER CONTRIBUTIONS. During 1997 the Company contributed 1% of
compensation for all eligible employees.
6. VESTING. Participants are immediately vested in their voluntary
contributions and actual earnings thereon. Participants vest in the employer
matching and other contributions at a rate of 25% after one year of service, 75%
after two years of service, and 100% after three years of service.
7. 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.
4
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BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED)
B. SUMMARY OF ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Plan's financial statements have been prepared on the accrual basis of
accounting in accordance with generally accepted accounting principles. The
presentation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
effect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
INVESTMENTS VALUATION AND INCOME RECOGNITION
Investments held by the Plan are stated at fair value. Shares of registered
investment companies are valued at quoted market prices which represent the net
assets value of shares held by the plan at year-end. Participants' notes
receivable are valued at cost which approximates market. Purchases and sales of
securities are recorded on a trade date basis. Interest income is recorded on
the accrual basis. Dividends are recorded on the ex-dividend date. Gains and
losses are calculated on a weighted average basis. The participant determines
the percentage of contributions which are to be invested in each investment
fund.
The plan presents in the statement of changes in net assets available for
Plan benefits the net appreciation (depreciation) in the fair value of its
investments which consists of the realized gains and losses and the unrealized
appreciation (depreciation) on those investments.
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
<TABLE>
<CAPTION>
DECEMBER 24, 1997
--------------------------
<S> <C> <C>
# OF SHARES FAIR VALUE
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Mutual Funds:
Money Market....................................................................... 747,796 $ 747,796
U.S. Government.................................................................... 60,371 788,446
Growth & Income.................................................................... 38,991 582,100
Aggressive Growth.................................................................. 33,495 1,534,057
Common Stock....................................................................... 439,500 6,391,631
Common Stock Sector................................................................ 464,807 10,443,093
Equity securities:
New York Times Co.................................................................. 59,664 3,855,952
AT & T Corp........................................................................ 1,646 102,228
Lucent Technologies................................................................ 1,134 87,908
NCR Corporation.................................................................... 209 5,850
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Total Investments at Fair Value.................................................... $ 24,539,061
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-------------
</TABLE>
5
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
ACCOMPANYING NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED)
C. INVESTMENTS (CONTINUED)
NET CHANGE IN FAIR VALUE
<TABLE>
<CAPTION>
PERIOD ENDED
DECEMBER 24, 1997
-----------------
<S> <C>
Mutual Funds:
U.S. Government.............................................................................. 13,604
Growth & Income.............................................................................. (6,870)
Aggressive Growth Fund....................................................................... 147,038
Common Stock................................................................................. 293,877
Common Stock Sector.......................................................................... 931,567
Equity securities.............................................................................. 1,581,433
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Net change in Fair Value..................................................................... $ 2,960,649
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</TABLE>
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 not to exceed five years, unless the proceeds are used to purchase a
qualified residence or finance qualified education costs. The loans bear
interest at the prime rate at the time the loan is approved plus one half of one
percent. The total outstanding balances on participant loans was $426,961 and
$263,948 as of December 24, 1997 and December 31, 1996, 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.
G. FORM 5500 RECONCILIATION
<TABLE>
<CAPTION>
DECEMBER 24, DECEMBER 31,
1997 1996
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<S> <C> <C>
Net Assets per Form 5500........................................................... $ 24,966,023 $ 16,876,976
Expenses Payable................................................................. 0 0
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Net Assets......................................................................... $ 24,966,023 $ 16,876,976
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</TABLE>
I. EXPENSES OF THE PLAN
Essentially all expenses incurred in the administration of the Plan, as
defined by the Plan document, have been paid by the BGEA/Boston Globe
Taft-Hartley Health Fund. The BGEA/Boston Globe Taft-Hartley Health Fund is
related to the Plan by having common membership between its participants and the
participants of The BGEA/Boston Globe Taft-Hartley Health Fund. Expenses
incurred in the administration of the Plan totaled $20,000 in 1997 and $20,000
in 1996.
6
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
NOTES FOR THE FINANCIAL STATEMENTS
SUPPLEMENTAL SCHEDULES
ITEM 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES.
<TABLE>
<CAPTION>
(A) (B) (C) (D) (E)
- ---------------------- ------------------------ ---------------------------------- ----------- -----------
DESCRIPTION ENDING CURRENT
IDENTITY OF ISSUER OF INVESTMENT UNITS COST VALUE
------------------------ ------------------------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Money Market
Putnam Investments Putnam Money Market Fund 747,796 $ 747,796 $ 747,796
U.S. Government
Putnam Investments Putnam US Government
Income 60,371 786,053 788,446
Growth & Income
Putnam Investments Putnam Growth & Income 14,548 288,585 275,096
Putnam Investments Putnam Diversified Income
Trust 24,443 303,258 307,004
Aggressive Growth
Putnam Investments* Putnam New Opportunities
Fund 33,495 1,394,655 1,534,057
Common Stock
Putnam Investments* Putnam Vista Fund 208,403 2,033,219 2,327,862
Putnam Investments* The George Putnam Fund of
Boston 218,360 3,376,922 3,847,500
Putnam Investments Putnam S & P
500 1,499 32,458 32,521
Putnam Investments Putnam International
Growth 11,238 190,263 183,748
Common Stock Sector
Putnam Investments* Putnam Voyager
Fund 404,615 5,680,907 7,299,253
Putnam Investments* Putnam Health Sciences
Trust 60,192 2,343,960 3,143,840
</TABLE>
7
<PAGE>
BGEA/BOSTON GLOBE EMPLOYEE SAVINGS PLAN
NOTES FOR THE FINANCIAL STATEMENTS (CONTINUED)
SUPPLEMENTAL SCHEDULES
<TABLE>
<CAPTION>
(A) (B) (C) (D) (E)
- ---------------------- ------------------------ ---------------------------------- ----------- -----------
DESCRIPTION ENDING CURRENT
IDENTITY OF ISSUER OF INVESTMENT UNITS COST VALUE
------------------------ ------------------------- ------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Equity Securities
New York Times* Common
Stock 59,664 1,601,342 3,855,952
Lucent Technologies Common
Stock 1,134 67,937 87,908
AT&T Corp Common
Stock 1,646 66,011 102,228
NCR Corporate Stock Common
Stock 209 7,152 5,850
Other
Participant Loans Participant Loans with
Interest Rates ranging
from 6.0% to 10.0% N/A 426,961 426,961
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Total Plan Assets $19,347,479 $24,966,023
----------- -----------
----------- -----------
</TABLE>
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* This investment represents 5% or more of the Plan's Net Assets
REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED 12/24/97
<TABLE>
<CAPTION>
DESCRIPTION TYPE SHARES COST/PROCEEDS
- ------------------------ ---------- --------- -------------
<S> <C> <C> <C>
Putnam Voyager Purchase 71,667 1,290,001
</TABLE>
FOR THE YEAR ENDED 12/31/96
<TABLE>
<CAPTION>
DESCRIPTION TYPE SHARES COST/PROCEEDS
- ------------------------ ---------- --------- -------------
<S> <C> <C> <C>
Putnam Voyager Purchase 92,894 1,537,273
Putnam Voyager Sales 47,517 (788,861)
George Putnam Fund Purchase 62,168 1,002,172
</TABLE>
8
<PAGE>
INDEPENDENT AUDITOR'S CONSENT
THE NEW YORK TIMES COMPANY:
We consent to the incorporation by reference in Registration Statement
No. 33-50461 on Form S-8 of our report dated June 11, 1998, on our audits of
the statements of net assets available for plan benefits of the BGEA/Boston
Globe Employee Savings Plan as of December 24, 1996 and December 31, 1996
and the related statement of changes in net assets available for plan
benefits for the years ended December 24, 1997, December 31, 1996 and 1995,
which report is included in this Annual Report on Form 11-K.
/s/ Hoffman & Manning
---------------------------------
HOFFMAN & MANNING CPAS
Boston, Massachusetts
June 23, 1998
9
