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NY Times Significantly Increases Color Capacity

Press release from the issuing company

NEW YORK--June 23, 2004-- The New York Times announced today that it will increase the color printing capacity of the newspaper by approximately 40 percent. It also announced plans to expand its printing network by adding eight new print sites outside of the New York metropolitan area. "We have an aggressive plan to further strengthen our advertising and circulation performance both in the short and long term," said Scott Heekin-Canedy, president and general manager of The New York Times. "Through equipment upgrades and improved technology we are working with our printing partners to meet increasing advertiser demand for color. On the circulation side, the new print sites underscore the success of The Times's national expansion strategy and our commitment to providing high-quality journalism to new audiences throughout North America." The color page capacity will now be consistent across all editions of the newspaper, increasing from 16 to 28 pages per press run in the National and Northeast editions, and from 24 to 28 pages per press run in the New York Metropolitan edition. The upgrades will also give the newspaper the capability to run four consecutive pages off the center spread in up to two sections per press run of the daily newspaper and up to four additional color positions in the Sunday sections. Most of the color upgrades will be completed by early 2006. Color advertising continues to be a significant driver of The Times's overall revenue growth. Since 1998, The Times's first full year of daily color advertising, color premium revenues have grown by 500 percent to $64 million in 2003. This year color premium revenues surged 37 percent through May, compared to the same period a year ago. Fractional - or partial page - color has generated more than $6.6 million through May year to date, up 77 percent. In addition to the color upgrades, The Times plans to bring on line eight new print sites outside the New York metropolitan area, with the first scheduled for late 2004 and completion expected by the end of 2006. With the addition of the new sites, The New York Times will be printed in 28 locations including four that are wholly owned by the Company.