Income statements and balance sheets follow for The New YorkTimes Company. Refer to these financial statements to
Question:
Income statements and balance sheets follow for The New YorkTimes Company. Refer to these financial statements to answer the requirements.
operating assets (RNOA) for 2013 and 2012. Net operating assets are $412,630
thousand in 2011.
The New York Times Company | |||
Consolidated Statements of Income | |||
Fiscal year ended | |||
(in thousands) | Dec. 29, 2013 | Dec. 30, 2012 | |
Operating revenues | |||
Circulation | $824,277 | $795,037 | |
Advertising | 666,687 | 711,829 | |
Other | 86,266 | 88,475 | |
Total revenues | 1,577,230 | 1,595,341 | |
Production Costs | |||
Raw materials | 92,886 | 106,381 | |
Wages and benefits | 332,085 | 331,321 | |
Other | 201,942 | 213,616 | |
Total production costs | 626,913 | 651,318 | |
Selling, general and administrative expenses | 706,354 | 711,112 | |
Depreciation and amortization | 78,477 | 78,980 | |
Total operating costs | 1,411,744 | 1,441,410 | |
Pension settlement expense | 3,228 | 47,657 | |
Multiemployer pension plan withdrawal expense | 6,171 | 0 | |
Other expense | 0 | 2,620 | |
Operating profit | 156,087 | 103,654 | |
Gain on sale of investments | 0 | 220,275 | |
Impairment of investments | 0 | 5,500 | |
(Loss)/income from joint ventures | -3,215 | 2,936 | |
Premium on debt redemption | 0 | 0 | |
Interest expense, net | 58,073 | 62,808 | |
Income from continuing operations before income taxes | 94,799 | 258,557 | |
Income tax expense | 37,892 | 94,617 | |
Income from continuing operations | 56,907 | 163,940 | |
Discontinued operations: | |||
(Loss) from discontinued operations, net of tax | -20,413 | -113,447 | |
Gain on sale, net of tax | 28,362 | 85,520 | |
Income/(loss) from discontinued operations, net of tax | 7,949 | -27,927 | |
Net income/(loss) | 64,856 | 136,013 | |
Net (income)/loss attributable to the noncontrolling interest | 249 | -166 | |
Net income/(loss) attributable to New York Times Company common | 65,105 | 135,847 | |
The New York Times Company | |||
Consolidated Balance Sheets | |||
As of | |||
(in thousands) | Dec. 29, 2013 | Dec. 30, 2012 | |
Cash and cash equivalents | $482,745 | $820,490 | |
Short-term investments | 364,880 | 134,820 | |
Accounts receivable, net | 202,303 | 197,589 | |
Deferred income taxes | 65,859 | 58,214 | |
Prepaid assets | 20,250 | 23,085 | |
Other current assets | 36,230 | 26,320 | |
Assets held for sale | 0 | 137,050 | |
Total current assets | 1,172,267 | 1,397,568 | |
Long-term | 176,155 | 4,444 | |
Investments | 40,213 | 40,872 | |
Property plant and equipment, net | 713,356 | 773,469 | |
Goodwill, net | 125,871 | 122,691 | |
Deferred income taxes | 179,989 | 302,212 | |
Miscellaneous assets | 164,701 | 166,214 | |
Total assets | $2,572,552 | $2,807,470 | |
Accounts payable | $90,982 | $88,990 | |
Accrued payroll and other related liabilities | 91,629 | 86,772 | |
Unexpired subscriptions | 58,007 | 57,336 | |
Accrued expenses | 107,755 | 118,753 | |
Accrued incomes taxes | 138 | 38,932 | |
Liabilities held for sale | 0 | 32,373 | |
Total current liabilities | 348,511 | 423,156 | |
Long-term debt and capital lease obligations | 684,142 | 696,752 | |
Pension benefits obligation | 444,328 | 737,889 | |
Postretirement benefits obligation | 90,602 | 110,347 | |
Other | 158,435 | 173,690 | |
Total other liabilities | 1,377,507 | 1,718,678 | |
Stockholders’ equity | |||
Common stock of $0.10 par value: | |||
Class A common stock | 15,129 | 15,027 | |
Class B convertible | 82 | 82 | |
Additional paid-in capital | 33,045 | 25,610 | |
Retained earnings | 1,283,518 | 1,230,450 | |
Common stock held in treasury, at cost | -86,253 | -96,278 | |
Accumulated other comprehensive income loss), net of tax | -402,611 | -512,566 | |
Total New York Times Company stockholders’ equity | 842,910 | 662,325 | |
Noncontrolling interest | 3,624 | 3,311 | |
Total stockholders’ equity | 846,534 | 665,636 | |
Total liabilities and stockholders’ equity | $2,572,552 | $2,807,470 |
Financial Statement Analysis
ISBN: 978-0078110962
11th edition
Authors: K. R. Subramanyam, John Wild