QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 29, 2013

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

11.    QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Our business is somewhat seasonal with peak revenues and profits generally occurring in the second and fourth quarters of each year as a result of increased advertising activity during the holiday seasons. The first and third quarters are historically the slowest quarters for revenues and profits. Our quarterly results are summarized as follows:

	Quarters Ended
(in thousands, except per share amounts)	March 31, 2013			June 30, 2013		September 29, 2013		December 29, 2013
Net Revenues	$	295,109		$	308,789	$	293,610	$	344,729
Operating income	$	20,598		$	31,461	$	27,571	$	45,270
Net income (loss)	$	(12,741	)	$	11,752	$	7,265	$	12,527
Net income (loss) per share	$	(0.15	)	$	0.14	$	0.08	$	0.15

	Quarters Ended
(in thousands, except per share amounts)	March 25, 2012			June 24, 2012		September 23, 2012		December 30, 2012
Net Revenues	$	306,689		$	320,126	$	306,332	$	376,492
Operating income	$	27,975		$	42,935	$	32,479	$	82,747
Net income (loss)	$	(2,087	)	$	26,865	$	5,093	$	(30,015	)
Net income (loss) per share	$	(0.02	)	$	0.31	$	0.06	$	(0.35	)

The following are significant activities in fiscal year 2013:

• •

  During the quarter ended March 31, 2013, we incurred a loss on extinguishment of debt totaling $12.8 million related to bonds that were redeemed through the completion of our debt refinancing as described in Note 5 or repurchased through privately negotiated transactions.

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  During the quarter ended June 30, 2013, we recognized a gain on the sale of our Miami property for $10.0 million. See Note 3 for further discussion.

  •

  During the quarter ended September 29, 2013, we recognized a gain on the sale of our Miami property for $2.9 million. See Note 3 for further discussion.

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  As discussed in Note 1, our fiscal year 2013 reporting period is a 52-week year versus a 53-week year in fiscal year 2012, and as a result, the quarter ended December 29, 2013 includes 13 weeks compared to 14 weeks in the quarter ended December 30, 2012. Also, during the quarter ended December 29, 2013, we recognized $5.3 million in masthead impairment charges, $11.9 million in real property and land impairment charges, $11.4 million in accelerated depreciation on production equipment and $3.0 million in write-downs of certain other unconsolidated investments. See Notes 1 and 2.

The following are significant activities in fiscal year 2012:

• •

  During the quarter ended March 25, 2012, we incurred a gain on extinguishment of debt totaling $4.4 million related to bonds that were repurchased in the through privately negotiated transactions.

  •

  During the quarter ended June 24, 2012, we had a reversal of non-cash interest expense totaling $7.8 million related to the release of tax reserves. In addition, we had a favorable adjustment to net income totaling $7.0 million for a tax settlement related to state tax positions previously taken.

  •

  As discussed in Note 1, our fiscal year 2012 reporting period is a 53-week year versus a 52-week year in fiscal year 2011, and as a result, the quarter ended December 30, 2012 includes 14 weeks compared to 13 weeks in the quarter ended December 25, 2011. Also, during the quarter ended December 30, 2012, in connection with our refinance of our 11.50% Notes, as described in Note 5, we recognized $94.5 million as a loss on extinguishment of debt.