QUARTERLY INFORMATION (UNAUDITED)

The New England Media Group, About Group and the Regional Media Group’s results of operations have been presented as discontinued operations for all periods presented. See Note 13 of the Notes to the Consolidated Financial Statements for additional information regarding these discontinued operations.



	2014 Quarters
(In thousands, except per share data)	March 30, 2014			June 29, 2014			September 28, 2014			December 28, 2014			Full Year
	(13 weeks)			(13 weeks)			(13 weeks)			(13 weeks)			(52 weeks)
Revenues	$	390,408		$	388,719		$	364,718		$	444,683		$	1,588,528
Operating costs	365,799			362,697			373,750			382,259			1,484,505
Early termination charge	2,550			—			—			—			2,550
Pension settlement expense⁽¹⁾	—			9,525			—			—			9,525
Operating profit/(loss)	22,059			16,497			(9,032		)	62,424			91,948
(Loss)/income from joint ventures	(2,147		)	25			1,599			(7,845		)	(8,368		)
Interest expense, net	13,301			13,205			15,254			11,970			53,730
Income/(loss) from continuing operations before income taxes	6,611			3,317			(22,687		)	42,609			29,850
Income tax expense/(benefit)	3,764			(5,743		)	(10,247		)	8,685			(3,541		)
Income/(loss) from continuing operations	2,847			9,060			(12,440		)	33,924			33,391
Loss from discontinued operations, net of income taxes	(994		)	—			—			(92		)	(1,086		)
Net income/(loss)	1,853			9,060			(12,440		)	33,832			32,305
Net (income)/loss attributable to the noncontrolling interest	(110		)	128			(59		)	1,043			1,002
Net income/(loss) attributable to The New York Times Company common stockholders	$	1,743		$	9,188		$	(12,499	)	$	34,875		$	33,307
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	2,737		$	9,188		$	(12,499	)	$	34,967		$	34,393
Loss from discontinued operations, net of income taxes	(994		)	—			—			(92		)	(1,086		)
Net income/(loss)	$	1,743		$	9,188		$	(12,499	)	$	34,875		$	33,307
Average number of common shares outstanding:
Basic	150,612			150,796			150,822			150,779			150,673
Diluted	161,920			161,868			150,822			160,455			161,323
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.02		$	0.06		$	(0.08	)	$	0.23		$	0.23
(Loss)/income from discontinued operations, net of income taxes	(0.01		)	—			—			—			(0.01		)
Net income/(loss)	$	0.01		$	0.06		$	(0.08	)	$	0.23		$	0.22
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.02		$	0.06		$	(0.08	)	$	0.22		$	0.21
(Loss)/income from discontinued operations, net of income taxes	(0.01		)	—			—			—			(0.01		)
Net income/(loss)	$	0.01		$	0.06		$	(0.08	)	$	0.22		$	0.20


(1)	We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan.



	2013 Quarters
(In thousands, except per share data)	March 31, 2013			June 30, 2013			September 29, 2013			December 29, 2013			Full Year
	(13 weeks)			(13 weeks)			(13 weeks)			(13 weeks)			(52 weeks)
Revenues	$	380,675		$	390,957		$	361,738		$	443,860		$	1,577,230
Operating costs	352,544			344,733			342,712			371,755			1,411,744
Pension settlement expense⁽¹⁾	—			—			—			3,228			3,228
Multiemployer pension plan withdrawal expense⁽²⁾	—			—			6,171			—			6,171
Operating profit	28,131			46,224			12,855			68,877			156,087
(Loss)/income from joint ventures	(2,870		)	(405		)	(123		)	183			(3,215		)
Interest expense, net	14,071			14,644			15,454			13,904			58,073
Income/(loss) from continuing operations before income taxes	11,190			31,175			(2,722		)	55,156			94,799
Income tax expense	5,082			13,813			2,578			16,419			37,892
Income/(loss) from continuing operations	6,108			17,362			(5,300		)	38,737			56,907
(Loss)/income from discontinued operations, net of income taxes	(2,785		)	2,776			(18,987		)	26,944			7,949
Net income/(loss)	3,323			20,138			(24,287		)	65,681			64,856
Net loss/(income) attributable to the noncontrolling interest	249			(6		)	61			(55		)	249
Net income/(loss) attributable to The New York Times Company common stockholders	$	3,572		$	20,132		$	(24,226	)	$	65,626		$	65,105
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	6,357		$	17,356		$	(5,239	)	$	38,682		$	57,156
(Loss)/income from discontinued operations, net of income taxes	(2,785		)	2,776			(18,987		)	26,944			7,949
Net income/(loss)	$	3,572		$	20,132		$	(24,226	)	$	65,626		$	65,105
Average number of common shares outstanding:
Basic	148,710			148,797			150,033			150,162			149,755
Diluted	155,270			156,511			150,033			160,013			157,774
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.04		$	0.12		$	(0.03	)	$	0.26		$	0.38
(Loss)/income from discontinued operations, net of income taxes	(0.02		)	0.02			(0.13		)	0.18			0.05
Net income/(loss)	$	0.02		$	0.14		$	(0.16	)	$	0.44		$	0.43
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.04		$	0.11		$	(0.03	)	$	0.24		$	0.36
(Loss)/income from discontinued operations, net of income taxes	(0.02		)	0.02			(0.13		)	0.17			0.05
Net income/(loss)	$	0.02		$	0.13		$	(0.16	)	$	0.41		$	0.41


(1)	We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan.


(2)	We recorded an estimated charge related to a partial withdrawal obligation under a multiemployer pension plan.

Earnings/(loss) per share amounts for the quarters do not necessarily equal the respective year-end amounts for earnings or loss per share due to the weighted-average number of shares outstanding used in the computations for the respective periods. Earnings/(loss) per share amounts for the respective quarters and years have been computed using the average number of common shares outstanding.

One of our largest sources of revenue is advertising. Our business has historically experienced higher advertising volume in the fourth quarter than the remaining quarters because of holiday advertising.