XML 42 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Dec. 27, 2015
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

 

March 29,

 

June 28,

 

September 27,

 

December 27,

 

amounts)

 

2015

 

2015

 

2015

 

2015

 

Net revenues

    

$
257,178

    

$
262,360

    

$
251,211

    

$
285,825

 

Operating income (loss)

 

$
(1,158)

 

$
(288,966)

 

$
8,389

 

$
36,396

 

Income (loss) from continuing operations

 

$
(11,346)

 

$
(296,497)

 

$
(1,149)

 

$
8,830

 

Income (loss) from discontinued operations

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Net income (loss)

 

$
(11,346)

 

$
(296,497)

 

$
(1,149)

 

$
8,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations per share - diluted

 

$
(0.13)

 

$
(3.39)

 

$
(0.01)

 

$
0.10

 

Income (loss) from discontinued operations per share - diluted

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Net income (loss) per share - diluted

 

$
(0.13)

 

$
(3.39)

 

$
(0.01)

 

$
0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended

 

(in thousands, except per share

 

March 30,

 

June 29,

 

September 28,

 

December 28,

 

amounts)

 

2014

 

2014

 

2014

 

2014

 

Net revenues

    

$
276,171

    

$
287,391

    

$
272,899

    

$
310,091

 

Operating income

 

$
(4,698)

 

$
27,307

 

$
18,550

 

$
41,164

 

Income (loss) from continuing operations

 

$
(16,062)

 

$
91,648

 

$
(2,619)

 

$
303,010

 

Income 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 from discontinued operations per share - diluted

 

 

 —

 

 
(0.01)

 

 

 —

 

 
(0.01)

 

Net income (loss) per share - diluted

 

$
(0.18)

 

$
1.02

 

$
(0.03)

 

$
3.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following are significant activities in 2015:

·

During the quarter ended June 28, 2015, we recognized a goodwill impairment charge of $290.9 million and masthead impairment charges of $9.5 million as described in Note 1 and Note 4.

·

During the quarter ended December 27, 2015, we recognized masthead impairment charges of $4.4 million as described in Note 1 and Note 4.

The following are significant activities in 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 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 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.