Note 3 - Investments in Associated Companies

3 Months Ended

Dec. 29, 2019

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

3 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
	December 29,		December 30,
(Thousands of Dollars)	2019		2018
Operating revenue		10,195		12,164
Operating expenses		8,165		9,095
Operating income		2,030		3,069
Company's 50% share of operating income		1,015		1,535
Less amortization of intangible assets		104		105
Equity in earnings of TNI		911		1,430

TNI makes weekly distributions of its earnings and for the

13

weeks ended

December 29, 2019

 and 

December 30, 2018

, we received $

738,000

and $

549,000

 in distributions, respectively. 

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
	December 29,		December 30,
(Thousands of Dollars)	2019		2018
Operating revenue		13,925		14,826
Operating expenses, excluding restructuring costs, depreciation and amortization		12,120		12,663
Restructuring costs		—		30
Depreciation and amortization		145		280
Operating income		1,660		1,853
Net income		1,316		1,398
Equity in earnings of MNI		658		699

MNI makes quarterly distributions of its earnings and in the

13

weeks ended

December 29, 2019

 and 

December 30, 2018

, we received dividends of $

0

and $

750,000

, respectively.