Investments in Associated Companies

9 Months Ended

Jun. 25, 2017

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 subscription activities 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 newspaper 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		39 Weeks Ended
(Thousands of Dollars)	June 25 2017	June 26 2016	June 25 2017	June 26 2016
Operating revenue	11,330	12,231	37,151	41,053
Operating expenses	9,178	10,073	28,948	32,515
Operating income	2,152	2,158	8,203	8,538
Company's 50% share of operating income	1,076	1,080	4,102	4,269
Less amortization of intangible assets	105	105	314	314
Equity in earnings of TNI	971	975	3,788	3,955

TNI makes weekly distributions of its earnings and for the 13 weeks ended June 25, 2017 and June 26, 2016 we received $1,213,000 and $1,501,000 in distributions, respectively. In the 39 weeks ended June 25, 2017 and June 26, 2016 we received $3,633,000 and $5,230,000 in distributions, respectively.

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 (income) in our Consolidated Statements of Income and Comprehensive Income. These amounts totaled $128,000and $162,000in the 13 weeks endedJune 25, 2017andJune 26, 2016, respectively and $428,000and $(1,000)in the 39 weeks endedJune 25, 2017andJune 26, 2016, respectively.

Annual amortization of intangible assets is estimated to be $418,000 for the 52 or 53 weeks ending June 2018, 2019 and $314,000 in 2020.

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		39 Weeks Ended
(Thousands of Dollars)	June 25 2017	June 26 2016	June 25 2017	June 26 2016
Operating revenue	15,070	16,263	46,493	49,602
Operating expenses, excluding workforce adjustments, depreciation and amortization	12,649	13,160	38,576	39,819
Workforce adjustments	81	13	236	32
Depreciation and amortization	348	410	1,044	1,303
Operating income	1,992	2,680	6,637	8,448
Net income	1,291	1,699	4,492	5,347
Equity in earnings of MNI	645	850	2,246	2,678

MNI makes quarterly distributions of its earnings and in the 13 weeks ended June 25, 2017 and June 26, 2016 we received dividends of $500,000 and $1,750,000, respectively. In the 39 weeks ended June 25, 2017 and June 26, 2016 we received dividends of $2,750,000 and $5,750,000, respectively.