Investments in Associated Companies

6 Months Ended

Mar. 25, 2012

Investments In Associated Companies [Abstract]

Equity Method Investments Disclosure [Text Block]

INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising, and circulation of the Arizona Daily Star as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspapers and other media.

Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen.

Summarized results of TNI are as follows:

	13 Weeks Ended		26 Weeks Ended
(Thousands of Dollars)	March 25 2012	March 27 2011	March 25 2012		March 27 2011
Operating revenue	15,201	15,785	31,723		33,017
Operating expenses, excluding workforce adjustments, depreciation and amortization	12,880	13,707	25,940		27,161
Workforce adjustments	—	—	(64	)	232
Operating income	2,321	2,078	5,847		5,624
Company's 50% share of operating income	1,161	1,039	2,924		2,812
Less amortization of intangible assets	181	304	361		608
Equity in earnings of TNI	980	735	2,563		2,204

Star Publishing's 50% share of TNI depreciation and certain general and administrative expenses associated with its share of the operation and administration of TNI are reported as operating expenses (benefit) in our Consolidated Statements of Income and Comprehensive Income. These amounts totaled $(207,000) and $84,000 in the 13 weeks ended March 25, 2012 and March 27, 2011, respectively and $(312,000) and $211,000 in the 26 weeks ended March 25, 2012 and March 27, 2011, respectively.

Our impairment analysis resulted in pretax reductions in the carrying value of TNI totaling $11,900,000 in 2011. See Note 3.

Annual amortization of intangible assets is estimated to be $723,000 in the 53 week period ending March 2013, $468,000 in the 52 week period ending March 2014 and $418,000 in each of the 52 week periods ending March 2015, March 2016 and March 2017.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital platforms. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized results of MNI are as follows:

	13 Weeks Ended		26 Weeks Ended
(Thousands of Dollars)	March 25 2012	March 27 2011	March 25 2012	March 27 2011
Operating revenue	16,318	17,344	35,775	37,544
Operating expenses, excluding workforce adjustments, depreciation and amortization	11,455	15,444	26,549	31,129
Workforce adjustments	2	116	28	132
Depreciation and amortization	423	513	847	1,028
Operating income	4,438	1,271	8,351	5,255
Net income	899	826	3,359	3,296
Equity in earnings of MNI	450	413	1,679	1,648