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	March 30,		June 29,		September 28,		December 28,
amounts)	2014 (1) (2)		2014 (2)		2014 (2)		2014
Net revenues	$	276,171	$	287,391	$	272,899	$	310,091
Operating income (loss)	$	(4,698)	$	27,307	$	18,550	$	41,164
Income (loss) from continuing operations	$	(16,062)	$	91,648	$	(2,619)	$	303,010
Income (loss) from discontinued operations		220		(1,699)		(141)		(368)
Net income (loss)	$	(15,842)	$	89,949	$	(2,760)	$	302,642

Income (loss) from continuing operations per share - diluted	$	(0.18)	$	1.03	$	(0.03)	$	3.45
Income (loss) from discontinued operations per share - diluted		—		(0.01)		—		(0.01)
Net income (loss) per share - diluted	$	(0.18)	$	1.02	$	(0.03)	$	3.44


	Quarters Ended
(in thousands, except per share	March 31,		June 30,		September 29,		December 29,
amounts)	2013 (1)		2013		2013		2013
Net revenues	$	288,637	$	301,608	$	287,046	$	337,557
Operating income	$	19,817	$	30,157	$	26,695	$	44,275
Income (loss) from continuing operations	$	(13,197)	$	10,961	$	6,736	$	11,944
Income from discontinued operations		456		791		529		583
Net income (loss)	$	(12,741)	$	11,752	$	7,265	$	12,527

Income (loss) from continuing operations per share - diluted	$	(0.15)	$	0.13	$	0.07	$	0.13
Income from discontinued operations per share - diluted		—		0.01		0.01		0.01
Net income (loss) per share - diluted	$	(0.15)	$	0.14	$	0.08	$	0.14

⁽¹⁾

Amounts have been adjusted from those previously reported on Forms 10-Q to reflect the discontinued operations associated with Anchorage, which was sold during the quarter ended June 29, 2014. For the quarter ended March 30, 2014, $6.4 million and $0.4 million were adjusted from those previously reported amounts for net revenues and operating loss, respectively. For the quarter ended March 31, 2013, $6.5 million and $0.8 million were adjusted from those previously reported amount for net revenues and operating income, respectively.

⁽²⁾

Net revenues and other operating expenses included within operating income (loss) have been reduced by $4.7 million, $4.6 million and $4.5 million for quarters ended September 28, 2014, June 29, 2014 and March 30, 2014, respectively, to correct the presentation of advertising sales related to certain third-party digital advertising products and services previously reported on a gross basis to a net basis, with wholesale fees reported as a reduction of the associated digital advertising revenues instead of other operating expenses. We believe the correction is not material to our previously issued interim and annual consolidated financial statements.

The following are significant activities in fiscal year 2014:

During the quarter ended June 29, 2014, we recognized gains related to our sale of MCT for $1.7 million before taxes and from our portion of the sale of Apartments.com by Classified Ventures, LLC for $144.2 million before taxes as described in Note 3.

During the quarter ended December 28, 2014, we recognized a gain on the sale of our ownership interest in Classified Ventures, LLC for $559.3 million before taxes as described in Note 3, write-downs of certain equity investments for $7.8 million as described in Note 3, masthead impairment charges of $5.2 million as described in Note 1, and loss on extinguishment of debt of $72.8 million as described in Note 5.

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.

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

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

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 3.