| Quarterly Financial Information |
Quarterly financial information for each quarter in the years ended December 29, 2019, and December 30, 2018 is included in the following tables. 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. | | | | | | | | | | | | | | | | | | 2019 Quarters | | (In thousands, except per share data) | March 31,
2019 |
| June 30,
2019 |
| September 29,
2019 |
| December 29,
2019 |
| Full Year |
| | (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| (52 weeks) |
| Revenues | $ | 439,062 |
| $ | 436,258 |
| $ | 428,501 |
| $ | 508,363 |
| $ | 1,812,184 |
| Operating costs | 404,464 |
| 398,325 |
| 401,452 |
| 430,398 |
| 1,634,639 |
| Restructuring charge(1) | — |
| — |
| 4,008 |
| — |
| 4,008 |
| Gain from pension liability adjustment(2) | — |
| — |
| (2,045 | ) | — |
| (2,045 | ) | Operating profit | 34,598 |
| 37,933 |
| 25,086 |
| 77,965 |
| 175,582 |
| Other components of net periodic benefit costs | 1,835 |
| 1,833 |
| 1,834 |
| 1,800 |
| 7,302 |
| Interest expense and other, net | 1,303 |
| 1,514 |
| 755 |
| 248 |
| 3,820 |
| Income from continuing operations before income taxes | 31,460 |
| 34,586 |
| 22,497 |
| 75,917 |
| 164,460 |
| Income tax expense | 1,304 |
| 9,415 |
| 6,070 |
| 7,705 |
| 24,494 |
| Net income attributable to The New York Times Company common stockholders | $ | 30,156 |
| $ | 25,171 |
| $ | 16,427 |
| $ | 68,212 |
| $ | 139,966 |
| Average number of common shares outstanding: | | | | | | Basic | 165,674 |
| 166,152 |
| 166,148 |
| 166,239 |
| 166,042 |
| Diluted | 167,129 |
| 167,549 |
| 167,555 |
| 167,728 |
| 167,545 |
| Basic earnings per share attributable to The New York Times Company common stockholders: | | | | | | Net income | $ | 0.18 |
| $ | 0.15 |
| $ | 0.10 |
| $ | 0.41 |
| $ | 0.84 |
| Diluted earnings per share attributable to The New York Times Company common stockholders: | | | | | | Net income | $ | 0.18 |
| $ | 0.15 |
| $ | 0.10 |
| $ | 0.41 |
| $ | 0.83 |
| Dividends declared per share | $ | 0.05 |
| $ | 0.05 |
| $ | 0.05 |
| $ | 0.05 |
| $ | 0.20 |
|
| | (1) | In the third quarter of 2019, the Company recognized a $4.0 million of pre-tax expense related to restructuring charges, including impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC. |
| | (2) | In the third quarter of 2019, the Company recorded a $2.0 million gain from a multiemployer pension plan liability adjustment. |
| | | | | | | | | | | | | | | | | | 2018 Quarters | | (In thousands, except per share data) | April 1,
2018 |
| July 1,
2018 |
| September 30,
2018 |
| December 30,
2018 |
| Full Year |
| | (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| (52 weeks) |
| Revenues | $ | 413,948 |
| $ | 414,560 |
| $ | 417,346 |
| $ | 502,744 |
| $ | 1,748,598 |
| Operating costs | 378,005 |
| 373,306 |
| 380,754 |
| 426,713 |
| 1,558,778 |
| Headquarters redesign and consolidation(1) | 1,888 |
| 1,252 |
| — |
| 1,364 |
| 4,504 |
| Gain from pension liability adjustment(2) | — |
| — |
| (4,851 | ) | — |
| (4,851 | ) | Operating profit | 34,055 |
| 40,002 |
| 41,443 |
| 74,667 |
| 190,167 |
| Other components of net periodic benefit costs | 2,028 |
| 1,863 |
| 2,335 |
| 2,048 |
| 8,274 |
| Gain/(loss) from joint ventures | 15 |
| (8 | ) | (16 | ) | 10,773 |
| 10,764 |
| Interest expense and other, net | 4,877 |
| 4,536 |
| 4,026 |
| 3,127 |
| 16,566 |
| Income from continuing operations before income taxes | 27,165 |
| 33,595 |
| 35,066 |
| 80,265 |
| 176,091 |
| Income tax expense | 5,251 |
| 9,999 |
| 10,092 |
| 23,289 |
| 48,631 |
| Net income | 21,914 |
| 23,596 |
| 24,974 |
| 56,976 |
| 127,460 |
| Net (income)/loss attributable to the noncontrolling interest | (2 | ) | 1 |
| 2 |
| (1,777 | ) | (1,776 | ) | Net income attributable to The New York Times Company common stockholders | $ | 21,912 |
| $ | 23,597 |
| $ | 24,976 |
| $ | 55,199 |
| $ | 125,684 |
| Average number of common shares outstanding: | | | | | | Basic | 164,094 |
| 165,027 |
| 165,064 |
| 165,154 |
| 164,845 |
| Diluted | 166,237 |
| 166,899 |
| 166,966 |
| 167,249 |
| 166,939 |
| Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | | | | | | Net income/(loss) | $ | 0.13 |
| $ | 0.14 |
| $ | 0.15 |
| $ | 0.33 |
| $ | 0.76 |
| Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | | | | | | Net income/(loss) | $ | 0.13 |
| $ | 0.14 |
| $ | 0.15 |
| $ | 0.33 |
| $ | 0.75 |
| Dividends declared per share | $ | 0.04 |
| $ | 0.04 |
| $ | 0.04 |
| $ | 0.04 |
| $ | 0.16 |
|
| | (1) | We recognized expenses related to the redesign and consolidation of space in our Company Headquarters. |
| | (2) | In the third quarter of 2018, the Company recorded a $4.9 million gain from a multiemployer pension plan liability adjustment. |
|