Discontinued Operations

3 Months Ended

Dec. 30, 2012

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

DISCONTINUED OPERATIONS

In October 2012, we sold the North County Times in Escondido, CA for $11,950,000 in cash. The transaction resulted in a gain of $1,167,000, after income taxes, and is recorded in discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the 13 weeks ended December 30, 2012. Operating results of the North County Times have been classified as discontinued operations for all periods presented.

Assets and liabilities of the North County Times at September 30, 2012 are summarized as follows:

(Thousands of Dollars)	September 30 2012
Current assets	2,093
Property and equipment, net	5,158
Goodwill	3,042
Other intangible assets, net	1,920
Current liabilities	(1,714	)
Assets, net	10,499

Results of discontinued operations consist of the following:

	13 Weeks Ended
(Thousands of Dollars)	December 30 2012	December 25 2011
Operating revenue	—	7,519
Costs and expenses	—	6,973
Gain on sale of the North County Times	1,800	—
Income from discontinued operations, before income taxes	1,800	351
Income tax expense	633	133
Net income	1,167	218

In January 2013, we entered into an agreement to sell The Garden Island newspaper and digital operations in Lihue, HI for $2,000,000, before income taxes. The transaction, which is subject to customary closing conditions, is expected to be completed in the 13 weeks ending March 31, 2013. We expect to record a loss on the sale of The Garden Island of approximately $2,500,000 after income taxes.

At December 30, 2012, we had not committed to a plan to sell The Garden Island and did not meet the criteria in FASB Accounting Standards Codification 360-10-45-9 in order to consider the assets held for sale. Accordingly, we have not reclassified its assets, liabilities and results of operations as discontinued operations at December 30, 2012.