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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000058361-11-000013.txt : 20110204
<SEC-HEADER>0000058361-11-000013.hdr.sgml : 20110204
<ACCEPTANCE-DATETIME>20110204161115
ACCESSION NUMBER:		0000058361-11-000013
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20101226
FILED AS OF DATE:		20110204
DATE AS OF CHANGE:		20110204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEE ENTERPRISES, INC
		CENTRAL INDEX KEY:			0000058361
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				420823980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06227
		FILM NUMBER:		11574925

	BUSINESS ADDRESS:	
		STREET 1:		201 N. HARRISON STREET, STE. 600
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52801
		BUSINESS PHONE:		5633832100

	MAIL ADDRESS:	
		STREET 1:		201 N. HARRISON STREET, STE. 600
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>lee10q2011q1.htm
<DESCRIPTION>FORM 10-Q FOR PERIOD ENDED DECEMBER 26, 2010
<TEXT>
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		<title>WebFilings | EDGAR view</title>
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<a name="s83B5209644421C726F020EEEB6BFA619"></a><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> UNITED STATES SECURITIES AND EXCHANGE COMMISSION </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Washington, D.C. 20549 </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font
- -size:8pt;">&nbsp;&nbsp;&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:Arial;font-size:18pt;font-weight:bold;">FORM 10-Q </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:8pt;">&nbsp;&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">SECURITIES EXCHANGE ACT OF 1934 </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:8pt;">&nbsp;&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:Arial;font-size:18pt;font-weight:bold;">For The Quarterly Period Ended </font><font style="font-family:Arial;font-size:18pt;color:#000000;font-weight:b
old;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:18pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:8pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">OR</font></div><div style="line-height:120%;text-align:center;"><font style="font-family:Arial;font-size:8pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"> [&nbsp;&nbsp;] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">SECURITIES EXCHANGE ACT OF 1934 </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:8pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:
10pt;"><font style="font-family:Arial;font-size:10pt;">Commission File Number 1-6227 </font></div><div style="line-height:120%;text-align:center;font-size:24pt;"><font style="font-family:Arial;font-size:24pt;font-weight:bold;">LEE ENTERPRISES, INCORPORATED </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:8pt;">&nbsp;&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">(Exact name of Registrant as specified in its Charter) </font><font style="font-family:Arial;font-size:9pt;"> </font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;"><tr><td width="50%"></td><td width="50%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bot
tom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">42-0823980</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;text-align:center;font-
size:10pt;"><font style="font-family:Arial;font-size:10pt;">(State or other jurisdiction of</font></div><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">incorporation or organization)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:8pt;">&nbsp;&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">201 N. Harrison Street, Suite 600, Davenport, Iowa 52801 </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(Address of principal executive offices)</font></div><div style="
line-height:120%;text-align:center;"><font style="font-family:Arial;font-size:8pt;">&nbsp;&nbsp;&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(563) 383-2100 </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(Registrant's telephone number, including area code) </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  </font></div>
<div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Yes [X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [&nbsp;&nbsp;]</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Yes [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [&nbsp;&nbsp;]</font></div><div style="line-height:120%;text-
align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of &ldquo;accelerated filer and large accelerated filer&rdquo; in Rule 12b-2 of the Exchange Act.</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="2%"></td><td width="22%"></td><td width="39%"></td><td width="26%"></td><td width="11%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><d
iv style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Large accelerated filer</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[&nbsp;&nbsp;]</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accelerated filer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[X]</font></div
></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Non-accelerated filer</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;vertical-align:top;">[&nbsp;&nbsp;]  </font><font style="font-family:Arial;font-size:8pt;vertical-align:top;">(Do not check if a smaller reporting company)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="fon
t-family:Arial;font-size:10pt;">Smaller reporting company</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[&nbsp;&nbsp;]</font></div></td></tr></table></div></div><div style="line-height:100%;padding-left:12px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Yes [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [X]</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:
120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">39,239,465</font><font style="font-family:Arial;font-size:10pt;"> shares of Common Stock and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">5,613,236</font><font style="font-family:Arial;font-size:10pt;"> shares of Class B Common Stock of the Registrant were outstanding. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:6pt;">&nbsp;</font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-col
lapse:collapse;"><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><hr style="page-break-after:always"><a name="sB56635638D8C2D1186380EEEB72E8872"></a><div style="line-height:100%;padding-top:13px;text-align:center;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.8046875%;border-collapse:collapse;"><tr><td width="9%"></td><td width="11%"></td><td width="72%"></td><td width="1%"></td><td width="7%"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px
;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:normal;">Table Of Contents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">PAGE</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom
;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s84B002875016FA2A2C8D0EEEB6CF59E1"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">FORWARD LOOKING STATEMENTS</font></a></div></td><td style
="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s84B002875016FA2A2C8D0EEEB6CF59E1">1</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbs
p;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">PART I</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Aria
l;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#sDC23ECB90EC982D026780EEEB6D58A06"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">FINANCIAL INFORMATION</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vert
ical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;
padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;vertical-align:top;font-weight:normal;">Item 1.</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s20135492ADB78F9CA0660EEEB6DAC365"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Financial Statements (unaudited)</font></a></div></td><td style="vertical-align:bottom;padding-left:
2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:
12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></t
d><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;font-size:10pt;font-weight:normal;text-align:left;vertical-align:top;" href="#sB387F3193549A2FD58DC0EEEB6E085E7"><font style="font-family:Arial;font-size:10pt;vertical-align:top;color:#0000ff;font-weight:normal;">Consolidated Balance Sheets - December 26, 2010 and September 26, 2010</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;v
ertical-align:top;" href="#sB387F3193549A2FD58DC0EEEB6E085E7">2</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></d
iv></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;font-size:10pt;font-weight:normal;text-align:left;vertical-align:top;" href="#s9B90AB7D
ED1B6CF5341D0EEEB6EB677D"><font style="font-family:Arial;font-size:10pt;vertical-align:top;color:#0000ff;font-weight:normal;">Consolidated Statements of Income and Comprehensive Income - 13 weeks ended December 26, 2010 and December 27, 2009</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s9B90AB7DED1B6CF5341D0EEEB6EB677D">4</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inher
it;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:
bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;font-size:10pt;font-weight:normal;text-align:left;vertical-align:top;" href="#s7F8249906CD72AC436B20EEEB6F01547"><font style="font-family:Arial;font-size:10pt;vertical-align:top;color:#0000ff;font-weight:normal;">Consolidated Statements of Cash Flows - 13 weeks ended December 26, 2010 and December 27, 2009</font></a></div></td><td style="vertical-align:bottom;padd
ing-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s7F8249906CD72AC436B20EEEB6F01547">5</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-
align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px
;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-weight:normal;text-align:left;vertical-align:top;" href="#sCAEF01159989F8DDAC230EEEB6F6F2FA"><font style="font-family:Arial;font-size:10pt;color:#0000ff;vertical-align:top;font-weight:normal;">Notes to Consolidated Financial Statements</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:
top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#sCAEF01159989F8DDAC230EEEB6F6F2FA">6</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;hei
ght:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Item 2.</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style=
"text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s87D7CC665151059CFE4F0EEEB6FB1A11"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s87D7CC665151059CFE4F0EEEB6FB1A11">17</a></div></td></tr><tr><td style="vertica
l-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-righ
t:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Item 3.</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#sBDE2301FD73032E2FAEF0EEEB706A95A"><font s
tyle="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Quantitative and Qualitative Disclosures About Market Risk</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#sBDE2301FD73032E2FAEF0EEEB706A95A">25</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td st
yle="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bo
ttom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Item 4.</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="color:#0000ff;font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#sB12822F9C4C9EB457A590EEEB70C4741"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Controls and Procedures</font></a></div></td><td style="vertical-align:bottom;padding-left:2
px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#sB12822F9C4C9EB457A590EEEB70C4741">26</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bot
tom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">PART II</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2p
x;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;font-style:normal;font-weight:normal;vertical-align:top;" href="#s584DD5B0BD57F3E82E610EEEB7113EBD"><font style="font-family:Arial;font-size:10pt;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">OTHER INFORMATION</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s584DD5B0BD57F3E82E610EEEB7113EBD">26</a></div></td></tr><tr><td style="ver
tical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-
right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Item 1.</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s2EC08A630F24987CA7210EEEB717E3A1"><font style="font
- -family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Legal Proceedings</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s2EC08A630F24987CA7210EEEB717E3A1">26</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding
- -top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:h
idden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Item 2(c).</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s8EFA6FCF1C13FBF14BB50EEEB71DF5BE"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Issuer Purchases of Equity Securities</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-ri
ght:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s8EFA6FCF1C13FBF14BB50EEEB71DF5BE">27</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bot
tom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style=
"font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Item 6.</font></div></td><td style="vertical-align:top;padding-left:0px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s23F62FCE7555A7311CD20EEEB728493E"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">Exhibits</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-
align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s23F62FCE7555A7311CD20EEEB728493E">27</a></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hid
den;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;vertical-align:top;"><a style="text-decoration:underline;color:#0000ff;font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-align:left;vertical-align:top;" href="#s9F281904218864E0F3C00EEEB72DD3F0"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:none;vertical-align:top;font-style:normal;font-weight:normal;">SIGNATURES</font></a></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;fon
t-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:17px;"><div style="font-family:Arial;text-align:right;vertical-align:top;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;text-align:right;vertical-align:top;" href="#s9F281904218864E0F3C00EEEB72DD3F0">27</a></div></td></tr></table></div></div><div style="line-height:100%;padding-top:13px;text-align:center;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:100%;padding-top:13px;text-align:center;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:100%;padding-top:13px;text-align:center;"><font style="f
ont-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><hr style="page-break-after:always"><a name="s84B002875016FA2A2C8D0EEEB6CF59E1"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">References to &ldquo;we&rdquo;, &ldquo;our&rdquo;, &ldquo;us&rdquo; and the like throughout this document refer to Lee Enterprises, Incorporated (the "Company").</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:
10pt;">Reference</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">s to "2011", "2010" a</font><font style="font-family:Arial;font-size:10pt;">nd the like refer to the fiscal years ended the last Sunday in September. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">FORWARD-LOOKING STATEMENTS </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Private Securities Litigation Reform Act of 1995 provides a &ldquo;safe harbor&rdquo; for forward-looking statements. This report contains information that may be deemed forward-looking that is based largely on our current expectations, and 
is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are our ability to generate cash flows and maintain liquidity sufficient to service our debt, and comply with or obtain amendments or waivers of the financial covenants contained in our credit facilities, if necessary. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other risks and uncertainties include the impact and duration of continuing adverse economic conditions, changes in advertising demand, potential changes in newsprint and other commodity prices, energy costs, interest rates and the availability of credit due to instability in the credit markets, labor costs, legislative and regula
tory rulings, difficulties in achieving planned expense reductions, maintaining employee and customer relationships, increased capital costs, competition and other risks detailed from time to time in our publicly filed documents. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Any statements that are not statements of historical fact (including statements containing the words &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo;, &ldquo;project&rdquo;, &ldquo;consider&rdquo; and similar expressions) generally should be considered forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this r
eport. We do not undertake to publicly update or revise our forward-looking statements. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">1</font></div></div><hr style="page-break-after:always"><a name="sDC23ECB90EC982D026780EEEB6D58A06"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">PART I </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">FINANCIAL INFORMATION </fo
nt></div><div style="line-height:120%;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="s20135492ADB78F9CA0660EEEB6DAC365"></a><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;vertical-align:inherit;">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Financial Statements </font></div><div style="line-height:100%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="sB387F3193549A2FD58DC0EEEB6E085E7"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">LEE ENTERPRISES, INCORPORATED </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CONSOLIDATED BALANCE SHEETS </font></div><div style="line-height:120%;text-align:center;font-size:10
pt;"><font style="font-family:Arial;font-size:10pt;">(Unaudited)</font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="68%"></td><td width="15%"></td><td width="1%"></td><td width="15%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></di
v></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">September 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-a
lign:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">ASSETS</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2p
x;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;fo
nt-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Current assets:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash and cash equivalents</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-fam
ily:Arial;font-size:10pt;">17,007</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">19,422</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accounts receivable, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;
font-size:10pt;">89,253</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">77,558</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Inventories</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,962</font></div></td><td sty
le="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,822</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Deferred income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,687</font></div></td><td style="vertical-a
lign:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,687</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,461</font></div></td><td style="v
ertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,128</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total current assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px s
olid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">131,370</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">121,617</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font sty
le="font-family:Arial;font-size:10pt;">Investments:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Associated companies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">58,49
0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">58,122</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Restricted cash and investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,123</font></div></td><td style=
"vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">9,623</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">
9,141</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">9,594</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom
:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">72,754</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">77,339</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">
<div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Property and equipment:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Land and improvements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font
- -size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,075</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,075</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Buildings and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10
pt;"><font style="font-family:Arial;font-size:10pt;">194,503</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">194,344</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Equipment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10
pt;">316,621</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">316,697</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Construction in process</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-
size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,453</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">811</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:
2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">540,652</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">539,927</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;
font-size:10pt;">Less accumulated depreciation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">310,986</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">304,527</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;bord
er-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Property and equipment, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">229,666</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">235,400</font></div></td><td style="vertic
al-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Goodwill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">433,552</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">433,552</font></div></td><td style="vertical-align:bottom;"><div style="text-align:le
ft;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other intangible assets, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">546,857</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">558,140</font></div></td><td style="vertical-align:bottom;backgro
und-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Postretirement assets, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,285</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;f
ont-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">12,271</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">14,068</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="f
ont-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:i
nherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font styl
e="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidde
n;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17p
x;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:h
idden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padd
ing-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,433,755</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2
px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,440,116</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The accompanying Notes are an integral part of the Consolidated Financial Statements.</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial
;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">2</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of 
Contents</font></a></div></div><br><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><div style="padding-top:10px;"
><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="68%"></td><td width="15%"></td><td width="1%"></td><td width="15%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;font-weight:normal;text-decoration:none;">(Thousands of Dollars and Shares, Except Per Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="te
xt-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">September 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;fo
nt-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">LIABILITIES AND EQUITY</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style
="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Current liabilities:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:
2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Current maturities of long-term debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">83,325</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><f
ont style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">81,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accounts payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">25,928</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10
pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">30,529</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Compensation and other accrued liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">34,318</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font
- -size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">38,117</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income taxes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,533</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td
 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,082</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unearned revenue</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">37,706</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;">
<font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">36,624</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total current liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10p
t;font-style:normal;font-weight:normal;text-decoration:none;">188,810</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">187,852</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Long-term debt, net of current maturities</font></div></td><td sty
le="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">969,316</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,000,927</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Pension obligations</font></div
></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">53,645</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">54,566</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Postretirement and postemployment benefit obligations</font></div></td><td style="vertical-align:
bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,737</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">9,979</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Deferred income taxes</font></div></td><td style="vertic
al-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">106,989</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">102,616</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income taxes payable</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;paddi
ng-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">12,113</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,919</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;pad
ding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15,043</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15,150</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10p
t;">Total liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,351,653</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,383,009</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-fa
mily:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Equity:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Stockholders' equity:</font></di
v></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:33px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Serial convertible preferred stock, no par value; authorized 500 shares; none issued</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&md
ash;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:33px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Common Stock, $2 par value; authorized 120,000 shares; issued and outstanding:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial
;font-size:10pt;">78,478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">78,554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:46px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26, 2010; 39,239 shares;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><f
ont style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:46px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">September 26, 2010; 39,277 shares</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;
font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:33px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Class B Common Stock, $2 par value; authorized 30,000 shares; issued and outstanding:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,226</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,352</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font s
tyle="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:46px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26, 2010; 5,613 shares;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-al
ign:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:46px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">September 26, 2010; 5,676 shares</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;"><font style="font-family:Arial;font-size:4pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="ver
tical-align:bottom;background-color:#cceeff;padding-left:33px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Additional paid-in capital</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">140,192</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">139,460</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nb
sp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:33px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accumulated deficit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(160,249</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(179,194</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font styl
e="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:33px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accumulated other comprehensive income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:none;">12,136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-decoration:none;">6,651</font></div></td><td style="v
ertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total stockholders' equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">81,783</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:A
rial;font-size:10pt;">56,823</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Non-controlling interests</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">319</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font
></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">284</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">82,102</font></d
iv></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">57,107</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total liabilities and equity</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px s
olid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,433,755</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,440,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div>
</td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The accompanying Notes are an integral part of the Consolidated Financial Statements. </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">3</font></div></div><hr style="page-break-after:always"><a name="s9B90AB7DED1B6CF5341D0EEEB6EB677D"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">
Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">LEE ENTERPRISES, INCORPORATED </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(Unaudited) </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="68%"></td><td width="15%"></td><td width="1%"></td><td width="15%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1p
x solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars, Except Per Common Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-
top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bott
om;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating revenue:</font></div></td><td colspan="2" style="vertical-align:bottom;background-
color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Advertising</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">151,766</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;"
>&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">154,402</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Circulation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">45,478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></
td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">45,115</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,424</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inhe
rit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,321</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total operating revenue</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight
:normal;text-decoration:none;">207,668</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">209,838</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-s
ize:10pt;">Operating expenses:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Compensation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">78,020</font></div></td><td style=
"vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">82,136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Newsprint and ink</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15,674</font></div></td><td style="vertical-align:b
ottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">12,693</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other operating expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">59,669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><d
iv style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">61,477</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Depreciation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,523</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-fa
mily:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,362</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of intangible assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,283</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-fami
ly:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,320</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Workforce adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">192</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font>
</div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">397</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total operating expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">171,361</fo
nt></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">175,385</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Curtailment gains</font></div></td><td s
tyle="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,172</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">31,130</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Equity in earnings of associated companies</font></div></td><td style="verti
cal-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,705</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,190</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom
:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">49,184</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">67,773</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:
#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Non-operating income (expense):</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Financial income</font></div></td><td style="vertical-align:bottom;padd
ing-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">59</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">54</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Financial expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;">
<div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(13,437</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(19,804</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal
;font-weight:normal;text-decoration:none;">Debt financing costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,966</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,995</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-righ
t:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Other, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(453</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-alig
n:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total non-operating expense, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(15,797</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding
- -left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(21,745</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income before income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="f
ont-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">33,387</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">46,028</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="
font-family:Arial;font-size:10pt;">Income tax expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">14,407</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,069</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px
;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,980</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">27,959</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style
="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net income attributable to non-controlling interests</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(35</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(52</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-rig
ht:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#cceeff;">Income attributable to Lee Enterprises, Incorporated</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,945</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;pad
ding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">27,907</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other comprehensive income, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,485</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;
padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">793</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#cceeff;">Comprehensive income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">24,430</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-a
lign:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">28,700</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div sty
le="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Earnings per common share:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;p
adding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.63</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font sty
le="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-fami
ly:Arial;font-size:10pt;">0.62</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:100%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The accompanying Notes are an integral part of the Consolidated Financial Statements. </font></div><div style="line-height:100%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">4</font></div></div><hr style="page-break-after:always"><a name="s7F8249906CD72AC436B20EEEB6F01547"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decor
ation:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">LEE ENTERPRISES, INCORPORATED </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(Unaudited) </font><font style="font-family:inherit;font-size:9pt;"> </font><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="74%"></td><td width="12%"></td><td width="1%"></td><td width="12%"></td><td width="1%"></td
></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-s
ize:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px
;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash provided by (required for) operating activities:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;paddin
g-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,980</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="ver
tical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">27,959</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Adjustments to reconcile net income to net cash provided by operating activities:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2
px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Depreciation and amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">17,806</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,682</font></div></td><td style="vertical-align:bottom;"><div style="text-align:
left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Curtailment gains</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(10,172</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bot
tom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(31,130</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Accretion of debt fair value adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(136</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px
;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(155</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Stock compensation expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">518</font></div></td><
td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Distributions less than current earnings of associated companies</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;
">(436</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(192</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Deferred income tax expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div s
tyle="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,968</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,588</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Debt financing costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;
padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,966</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,995</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Changes in operating assets and liabilities:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;paddi
ng-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Increase in receivables</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(11,695</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font
 style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(9,948</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Increase in inventories and other</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(207</font></div></td><td style="vertical-align:bottom;padding-top
:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,161</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Decrease in accounts payable, accrued expenses and unearned revenue</font></div></td><td style="vertical-align:bottom;pad
ding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(7,318</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(4,806</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Increase (decrea
se) in pension, postretirement and post employment benefits</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,614</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,407</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:botto
m;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Change in income taxes receivable or payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,645</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3,128</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;paddin
g-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,312</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></
div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net cash provided by operating activities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">23,652</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">12,923</
font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash provided by (required for) investing activities:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;
</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Purchases of property and equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1,105</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(3,254</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><
font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Decrease (increase) in restricted cash</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(39</font><
/div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Proceeds from sales of assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">452</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">203</font><
/div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">68</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px
 solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">187</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net cash provided by (required for) investing activities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">3,915</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-alig
n:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(2,903</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash provided by (required for) financing activities:</font></div></td><td colspan="2" style="vertical-align:bottom;backgro
und-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Proceeds from long-term debt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">9,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inher
it;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">47,800</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Payments on long-term debt</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(38,650</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="te
xt-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(54,966</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Debt financing costs paid</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(94</font></div></td><td style="verti
cal-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Common stock transactions, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-siz
e:10pt;"><font style="font-family:Arial;font-size:10pt;">(238</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(165</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style
="font-family:Arial;font-size:10pt;">Net cash required for financing activities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(29,982</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(7,331</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</fon
t></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net increase (decrease) in cash and cash equivalents</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(2,415</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;fo
nt-weight:normal;text-decoration:none;">2,689</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash and cash equivalents:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;paddin
g-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Beginning of period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">19,422</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,905</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px
 solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">End of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">17,007</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><
font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">10,594</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The accompanying Notes are an integral part of the Consolidated Financial Statements. </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">5</font></div></div><hr style="page-break-after:always"><a name="sCAEF01159989F8DDAC230EEEB6F6F2FA"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#s
B56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">LEE ENTERPRISES, INCORPORATED </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(Unaudited) </font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sE12D0329E341715036C60EEEB9C0539B"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:left;font-size:10pt;"><
font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">1&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">BASIS OF PRESENTATION</font></div></td></tr></table><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Consolidated Financial Statements included herein are unaudited. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and subsidiaries (the &ldquo;Company&rdquo;) as of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:
none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> and their results of operations and cash flows for the periods presented. The Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2010 Annual Report on Form 10-K. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Because of seasonal and other factors, the results of operations for the 13 week</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">s ended </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> are not necessarily indicative of 
the results to be expected for the full year. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">References to &ldquo;we&rdquo;, &ldquo;our&rdquo;, &ldquo;us&rdquo; and the like throughout the Consolidated Financial Statements refer to the Company.  References to &ldquo;2011&rdquo;, &ldquo;2010&rdquo; and the like refer to the fiscal years ended the last Sunday in September. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Consolidated Financial Statements include our accounts a</font><font style="font-family:Arial;font-size:10pt;background-color:#fff
fff;">nd those of our s</font><font style="font-family:Arial;font-size:10pt;">ubsidiaries, all of which are wholly-owned, except for our 50% interest in TNI Partners (&ldquo;TNI&rdquo;), 50% interest in Madison Newspapers, Inc. (&ldquo;MNI&rdquo;), and 82.5% interest in INN Partners, L.C. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s28537AFF7A2559B123D40EEEBA4F172E"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">2&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;
text-align:left;vertical-align:bottom;">INVESTMENTS IN ASSOCIATED COMPANIES</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">TNI Partners</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (&ldquo;Star Publishing&rdquo;), and Citizen Publishing Company (&ldquo;Citizen&rdquo;), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising, and circulation of the </fon
t><font style="font-family:Arial;font-size:10pt;font-style:italic;">Arizona Daily Star </font><font style="font-family:Arial;font-size:10pt;">as well as the related digital operations and specialty publications. In May 2009, Citizen discontinued print publication of the </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Tucson Citizen</font><font style="font-family:Arial;font-size:10pt;">. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspapers and other media. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen. </font></div><div style="line-height:120%;padding-left:48p
x;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Summarized results of TNI are as follows:</font></div><div style="line-height:120%;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="63%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-famil
y:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Ari
al;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-
right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow
:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating revenue</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">17,232</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">17,806</font></div></td><td style="vertical-align:bottom;backgroun
d-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating expenses, excluding workforce adjustments, depreciation and amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13,454</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:
bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">14,739</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Workforce adjustments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><f
ont style="font-family:Arial;font-size:10pt;">232</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">783</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;b
order-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3,546</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,284</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></
div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-fami
ly:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Company's 50% share of operating income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,773</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font s
tyle="font-family:Arial;font-size:10pt;">1,142</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Less amortization of intangible assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">304</font></div></td><td style="vertical-align:bottom;background-color
:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">244</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><f
ont style="font-family:Arial;font-size:10pt;">Equity in earnings of TNI</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,469</font></div></td><td style="vertical-align:bottom;background-color:;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">898</font></div></td><td style="vertical-align:bottom;background-color:;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></d
iv></td></tr></table></div></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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 (benefit) in our Consolidated Statements of Income and Comprehensive Income. These amoun</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">ts totaled </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$127,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$(135,000)</font><font style="font-family:Arial;font-size
:10pt;background-color:#ffffff;"> in the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;27, 2009</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, respectively.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Annual amortization of intangible assets is estimated to be </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,215,000</font><font style="font-family:Arial;font-size:10pt;"> in the 52 week p
eriod ending December 2011 and the 53 week period ending December 2012, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,036,000</font><font style="font-family:Arial;font-size:10pt;"> in the 52 week period ending December 2013 </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">6</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$911,000</font><font style="font-family:Arial;font-size:10pt;">
 in the 52 week periods ending December 2014 and December 2015. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Madison Newspapers, Inc.</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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 Tim
es Company (&ldquo;TCT&rdquo;). MNI conducts its business under the trade name Capital Newspapers. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Summarized results of MNI are as follows: </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="67%"></td><td width="12%"></td><td width="1%"></td><td width="12%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-ali
gn:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-t
op:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inhe
rit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">
&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating revenue</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">20,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;paddi
ng-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">20,597</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating expenses, excluding workforce adjustments, depreciation and amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15,685</font>
</div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15,823</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#cceeff;">Workforce adjustments</font></
div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">16</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><
/td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Depreciation and amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">515</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">576</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-
size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">3,984</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div st
yle="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">4,198</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div
 style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid 
#000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,472</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,584</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&n
bsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical
- -align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#cceeff;">Equity in earnings of MNI</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,236</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-
align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1,292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></div><a name="s5E54D7CE3E8BB4F276D60EEEBA58F080"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;tex
t-align:left;vertical-align:bottom;">3&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">GOODWILL AND OTHER INTANGIBLE ASSETS</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">There was no change in the carrying value of goodwill in the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:4
8px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Identified intangible assets consist of the following: </font><font style="font-family:inherit;font-size:4pt;"> </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="65%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font
- -size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">September 26<br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit
;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr
><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Nonamortized intangible assets:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr
><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Mastheads</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">44,754</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">44,754</font></div></td><td style="vertical
- -align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortizable intangible assets:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="t
ext-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Customer and newspaper subscriber lists</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">885,713</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="t
ext-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">885,713</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Less accumulated amortization</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">383,615</font></div></td><td style="
vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">372,337</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:
1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">502,098</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">513,376</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family
:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Noncompete and consulting agreements</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,658</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-le
ft:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,658</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Less accumulated amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,65
3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,648</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><
div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px so
lid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">546,857</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-famil
y:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">558,140</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In assessing the recoverability of goodwill and other nonamortized intangible assets, we make a determination of the fair value of our business. Fair value is determined using a combination of an income approach, which estimates fair 
value based upon future revenue, expenses and cash flows discounted to their present value, and a market approach, which estimates fair value using market multiples of various financial measures compared to a set of comparable public companies in the publishing industry.  A  non-cash impairment charge will generally be recognized when the carrying amount of the net assets of the business exceeds its estimated fair value. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The required valuation methodology and underlying financial information that are used to determine fair value require significant judgments to be made by us. These judgments include, but are not limited to, long term projections of future financial performance and the selection of appropriate discount rates used to 
determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">7</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">significantly different results. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:A
rial;font-size:10pt;">We analyze goodwill and other nonamortized intangible assets for impairment on an annual basis, or more frequently if impairment indicators are present. Such indicators of impairment include, but are not limited to, changes in business climate and operating or cash flow losses related to such assets. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We review our amortizable intangible assets for impairment when indicators of impairment are present. We assess recoverability of these assets by comparing the estimated undiscounted cash flows associated with the asset or asset group with their carrying amount. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of those assets.</font></div><div style="line-h
eight:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We also periodically evaluate our determination of the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not impact our cash flows. However, a decrease in the useful lives of such intangible assets would increase future amortization expense and decrease future reported operating results and earnings per common share.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Annual amortization of intangible assets for the 52 week period en</font><font style="font-family:Arial;fo
nt-size:10pt;background-color:#ffffff;">ding December 2011, 53 week period ending December 2012 and </font><font style="font-family:Arial;font-size:10pt;">for each of the 52 week periods en</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">ding December 2013, December 2014 and December 2015 is </font><font style="font-family:Arial;font-size:10pt;">estimated to be </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$44,316,000</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$41,496,000</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$39,088,000</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$38,950,000</font><font style="font-family:Arial;font-size:10pt;
"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$37,607,000</font><font style="font-family:Arial;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sA324D2B5A56E15135CDC0EEEBA614E25"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">4&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">DEBT</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="f
ont-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Credit Agreement</font></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2006, we entered into an amended and restated credit agreement (&ldquo;Credit Agreement&rdquo;) with a syndicate of financial institutions (the &ldquo;Lenders&rdquo;). The Credit Agreement provided for aggregate borrowing of up to $1,435,000,000 and replaced a $1,550,000,000 credit agreement consummated in 2005. In February 2009, we completed a comprehensive restructuring of the Credit Agreement, which supplemented amendments consummated earlier in 2009 (together, the &ldquo;2009 Amendments&rdquo;).  </font></div><div styl
e="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Security </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Credit Agreement is fully and unconditionally guaranteed on a joint and several basis by substantially all of our existing and future, direct and indirect subsidiaries in which we hold a direct or indirect interest of more than 50% (the &ldquo;Credit Parties&rdquo;); provided however, that our wholly-owned subsidiary Pulitzer Inc. (&ldquo;Pulitzer&rdquo;) and its subsidiaries will not become Credit Parties for so long as their doing so would violate 
the terms of the Pulitzer Notes discussed more fully below. The Credit Agreement is secured by first priority security interests in the stock and other equity interests owned by the Credit Parties in their respective subsidiaries.  </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As a result of the 2009 Amendments, the Credit Parties pledged substantially all of their tangible and intangible assets, and granted mortgages covering certain real estate, as collateral for the payment and performance of their obligations under the Credit Agreement. Assets of Pulitzer and its subsidiaries, TNI, our ownership interest in, and assets of, MNI and certain employee benefit plan assets are excluded. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="
font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Interest Payments</font></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Debt under the A Term Loan, which has a balance of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$620,515,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, and the $375,000,000 revolving credit facility, which has a balance o
f </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$279,425,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, bear interest, at our option, at either a base rate or an adjusted Eurodollar rate (&ldquo;LIBOR&rdquo;), plus an applicable margin. The base rate for the facility is the greater of (i) the prime lending rate of Deutsche Bank Trust Company Americas at such time; (ii) 0.5% in excess of the overnight federal funds rate at such time; or (iii) 30 day LIBOR plus 1.0%. The applicable margin is a percentage determined according to the following: for revolving loans and A Term Loans maintained as base rate loans: 1.625% to 3.5%, and maintained as Eurodollar loans: 2.625% to 4.5% depending, in each instance, upon our 
total leverage ratio at such time. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Minimum LIBOR levels of 1.25%, 2.0% and 2.5% for borrowings for one month, three month and six month periods, respectively, are also in effect. At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, all of our outstanding debt under the Credit Agreement is based on one month borrowing. At the </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> leverage level, our debt under the Credit Agree</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">m
ent will be priced at</font><font style="font-family:Arial;font-size:10pt;"> 1.25%, plus a LIBOR margin of 3.0% beginning in February 2011. </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">8</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Under the 2009 Amendments, contingent, non-cash payment-in-kind interest expense of 1.0% to 2.0% will be accrued in a quarterly period only in the even
t our total leverage ratio exceeds 7.5:1 at the end of the previous quarter. At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, this provision is not applicable. Such non-cash charges, if any, will be added to the principal amount of debt and will be reversed, in whole or in part, in the event our total leverage ratio is below 6.0:1 in September 2011 or we refinance the Credit Agreement in advance of its April 2012 maturity.</font></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Principal Payments</font></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="lin
e-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We may voluntarily prepay principal amounts outstanding or reduce commitments under the Credit Agreement at any time, in whole or in part, without premium or penalty, upon proper notice and subject to certain limitations as to minimum amounts of prepayments. We are required to repay principal amounts, on a quarterly basis until </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">maturity, under the  A Term Loan. Total A Term Loan payments in the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> were </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$15,150,000</font><font style="font-family:Arial;font-size:10pt;background-c
olor:#ffffff;">. The 2009 Amendments reduce the amount and delay the timing of mandatory principal payments under the A Term Loan. At December 26, 2010, remaining payments in 2011 total </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$50,325,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Payments in 2012 prior to the April 2012 maturity total </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$70,000,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. The scheduled payment at maturity is </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$500,190,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, plus the balance of the revolving credit facility outstanding at that time. </font></div><div style="line-height:120%;p
adding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In addition to the scheduled payments, we are required to make mandatory prepayments under the A Term Loan under certain other conditions. The Credit Agreement requires us to apply the net proceeds from asset sales to repayment of the A Term Loan. In January 2011, a payment of $325,000 was made related to this provision. In the </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">13 weeks ended </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, we made a </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$150,000</font><
font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> payment related to this p</font><font style="font-family:Arial;font-size:10pt;">rovision. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Credit Agreement also requires us to accelerate future payments under the A Term Loan in the amount of 75% of our annual excess cash flow, as defined. We had no excess cash flow under the Credit Agreement in 2010 and 2009. We had excess cash flow of approximately $62,000,000 in 2008 and, as a result, paid $46,325,000 originally due under the A Term Loan in March and June 2009. The acceleration of such payments due to future asset sales or excess cash flow does not change the due dates of other A Term Loan payments prior to the April 2012 maturity.</font></div><div styl
e="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Covenants and Other Matters</font></div><div style="line-height:120%;padding-left:48px;text-align:center;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Credit Agreement contains customary affirmative and negative covenants for financing of its type.  At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, we are in compliance with such covenants. These financial covenants include a maximum total leverage ratio, as defined. The total leverage ratio is based primarily on t
he sum of the principal amount of </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">debt, which equals </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$1,051,940,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, plus letters of credit and certain other factors, divided by a measure of trailing 12 month operating results, which includes several elements, including distributions from TNI and MNI and curtailment gains. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font
- -family:Arial;font-size:10pt;background-color:#ffffff;">The 2009 Amendments amended our covenants to take into account economic conditions and the changes to amortization of debt noted above. Our total leverage ratio at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> was </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">5.25:1</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Under the 2009 Amendments, our maximum total leverage ratio limit will decrease from 7.5:1 in December 2010 to 7.25:1 in March 2011, decrease to 7.0:1 in June 2011, decrease to 6.75:1 in September 2011 and decrease to 6.50:1 in December 2011. Each change in the maximum total leverage ratio noted above is effective on the last day of the quarter. </font></div><div style="line-
height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Credit Agreement also includes a minimum interest expense coverage ratio, as defined, which is based on the same measure of trailing 12 month operating results noted above. Our interest expense coverage ratio at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> was </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">3.11:1</font><font style="font-family:Arial;font-size:10pt;">. The minimum interest expense coverage ratio is </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">1.6:1</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in Decembe
r 2010 an</font><font style="font-family:Arial;font-size:10pt;">d will increase periodically thereafter until it reaches 2.25:1 in March 2012. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The 2009 Amendments require us to suspend stockholder dividends and share repurchases through April 2012. The 2009 Amendments also limit capital expenditures to $20,000,000 per year, with a provision for carryover of unused amounts from the prior year. Further, the 2009 Amendments modify other covenants, including restricting our ability to make additional investments and acquisitions without the consent of the Lenders, limiting additional debt beyond that permitted under the Credit Agreement, and limiting the amount of unrestricted cash and cash equivalents the Credit Parties may hold to a m
aximum of $10,000,000 for a five day period. Such covenants require that substantially all of our future cash flows are required to be directed toward debt reduction. Finally, the 2009 Amendments eliminated an unused incremental term loan facility. </font></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">9</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Pulitzer Notes </font></div><di
v style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In conjunction with its formation in 2000, St. Louis Post-Dispatch LLC ("PD LLC") borrowed $306,000,000 (the &ldquo;Pulitzer Notes&rdquo;) from a group of institutional lenders (the &ldquo;Noteholders&rdquo;). The aggregate principal amount of the Pulitzer Notes was payable in April 2009. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2009, the Pulitzer Notes and the Guaranty Agreement described below were amended (the &ldquo;Notes Amendment&rdquo;). Under the Notes Amendment, PD LLC repaid $120,000,000 of the
 principal amount of the debt obligation using substantially all of its previously restricted cash, which totaled $129,810,000 at December 28, 2008. The remaining debt balance o</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">f $186,000,000, of which </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$152,000,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> re</font><font style="font-family:Arial;font-size:10pt;">mains outstanding at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, was refinanced by the Noteholders until April 2012. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><
font style="font-family:Arial;font-size:10pt;">The Pulitzer Notes are guaranteed by Pulitzer pursuant to a Guaranty Agreement dated May 1, 2000 (the &ldquo;Guaranty Agreement&rdquo;) with the Noteholders. The Notes Amendment provides that the obligations under the Pulitzer Notes are fully and unconditionally guaranteed on a joint and several basis by Pulitzer's existing and future subsidiaries (excluding Star Publishing and TNI). Also, as a result of the Notes Amendment, Pulitzer and each of its subsidiaries pledged substantially all of its tangible and intangible assets, and granted mortgages covering certain real estate, as collateral for the payment and performance of their obligations under the Pulitzer Notes. Assets and stock of Star Publishing, our ownership interest in TNI and certain employee benefit plan assets are excluded. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120
%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Notes Amendment increased the rate paid on the outstanding principal balance to 9.05% until April 28, 2010, at which time it increased to 9.55%. The interest rate will increase by 0.5% per year thereafter. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Pulitzer may voluntarily prepay principal amounts outstanding or reduce commitments under the Pulitzer Notes at any time, in whole or in part, without premium or penalty, upon proper noti</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">ce and consent from the Noteholders and the Lenders, and subject to certain limitations as to minimum amounts of prepayments. The Notes Amendment provides for ma
ndatory scheduled prepayments, including quarterly principal payments of $</font><font style="font-family:Arial;font-size:10pt;">4,000,000 beginning on June 29, 2009 and an additional principal payment from restricted cash of $4,500,000 in October 2010. In 2011, 2010 and 2009, all payments due were made prior to the end of the previous fiscal quarter.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In addition to the scheduled payments, we are required to make mandatory prepayments under the Pulitzer Notes under certain other conditions. The Notes Amendment requires us to apply the net proceeds from asset sales to repayment of the Pulitzer Notes. In January 2011, a payment of $1,000,000 was made related to this provision.</font></div><div style="line-height:120%;padding-left:48px;
text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Notes Amendment establishes a reserve of restricted cash of up to $9,000,000 (which was reduced to $4,500,000 in October 2010) to facilitate the liquidity of the operations of Pulitzer. All other previously existing restricted cash requirements were eliminated. The Notes Amendment allocates a percentage of Pulitzer's quarterly excess cash flow (as defined) between Pulitzer and the Credit Parties and requires prepayments to the Noteholders under certain specified events. In  2010, a principal prepayment of </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$1,000,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> was made under the Pulitzer Notes from excess cash flow of
 Pulitzer for the 13 weeks ended March 28, 2010.  </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Pulitzer Notes contain certain covenants and conditions including the maintenance, by Pulitzer, of the maximum ratio of debt to EBITDA (limit of 3.5:1 at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">), as defined in the Guaranty Agreement, minimum net worth and limitations on the incurrence of other debt. The Notes Amendment added a requirement to maintain minimum interest coverage (limit of 2.8:1 at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#0000
00;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">), as defined. The Notes Amendment amended the Pulitzer Notes and the Guaranty Agreement covenants to take into account economic conditions and the changes to amortization of debt noted above. At </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, Pulitzer is in compliance with such covenants. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Further, the Notes Amendment added and amended other covenants including limitations or restrictions on additional debt, distri
butions, loans, advances, investments, acquisitions, dispositions and mergers. Such covenants require that substantially all future cash flows of Pulitzer are required to be directed first toward repayment of the Pulitzer Notes and that cash flows of Pulitzer are largely segregated from those of the Credit Parties. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Credit Agreement contains a cross-default provision tied to the terms of the Pu</font><font style="font-family:Arial;font-size:10pt;">litzer Notes and the Pulitzer Notes have limited cross-default provisions tied to the terms of the Credit Agreement. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font><
/div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The 2005 purchase price allocation of Pulitzer resulted in an increase in the value of the Pulitzer Notes in the amount of $31,512,000, which was recorded as debt in the Consolidated Balance Sheets. At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, the unaccreted balance totals </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$701,000</font><font style="font-family:Arial;font-size:10pt;">. This amount is being accreted over the remaining life of the Pulitzer </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">10</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;">
<a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Notes, until April 2012, as a reduction in interest expense using the interest method. This accretion will not increase the principal amount due, or reduce the amount of interest to be paid, to the Noteholders.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-heigh
t:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, we had </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$279,425,000</font><font style="font-family:Arial;font-size:10pt;"> outstanding under the revolving credit facility, and after consideration of the 2009 Amendments and letters of credit, have </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">approximately </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$81,677,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> available for future use. Including cash and restricted cash, our liquidity at </font><font style="font-family:Arial;font-size:10pt;background-color:#ff
ffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> totals </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$103,807,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. This liquidity amount excludes any future cash flows. At December 26, 2010, remaining mandatory principal payments on debt in 2011 total </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$59,325,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Since February 2009, we have satisfied all interest payments and substantially all principal payments due under our debt facilities with our cash flows. We expect all interest and principal payments due in 2011 will be satisfied by our continuing cash flows, which will allow us to maintain, or increase, the current 
level of liquidity. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to refinance or amend our debt agreements as they become due, or earlier if available liquidity is consumed. We are in compliance with our debt covenants at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-
size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">There are numerous potential consequences under the Credit Agreement, and Guaranty Agreement and Note Agreement related to the Pulitzer Notes, if an event of default, as defined, occurs and is not remedied. Many of those consequences are beyond our control, and the control of Pulitzer and PD LLC, respectively. The occurrence of one or more events of default would give rise to the right of the Lenders or the Noteholders, or both of them, to exercise their remedies under the Credit Agreement and the Note and Guaranty Agreements, respectively, including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;f
ont-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2010, we filed a Form S-3 shelf registration statement ("Shelf") with the Securities and Exchange Commission ("SEC"), which has been declared effective. The Shelf gives us the flexibility to issue and publicly distribute various types of securities, including preferred stock, common stock, secured or unsecured debt securities, purchase contracts and units consisting of any combination of such securities, from time to time, in one or more offerings, up to an aggregate amount of $750,000,000. The Shelf enables us to sell securities quickly and efficiently when market conditions are favorable or financing needs arise.  Net proceeds from the sale of any securities must be used generally to reduce debt subject to conditions of existing debt agreements.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text
- -align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">Other </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2009, we paid fees to the Lenders and Noteholders for the 2009 Amendments and Notes Amendment which, along with the related legal and financial advisory expenses, totaled $26,061,000. $15,500,000 of the fees were capitalized and are being expensed over the remaining term of the Credit Agreement and Pulitzer Notes, until April 2012.  At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, we have total unamortized financing costs of </font><font style="font-family:Arial;font-size:10pt;color:
#000000;text-decoration:none;">$9,976,000</font><font style="font-family:Arial;font-size:10pt;">. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Debt is summarized as follows:</font><font style="font-family:Arial;font-size:7pt;"> </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="51%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font
- -family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;bo
rder-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Interest Rates</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border
- -bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">September 26<br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</
font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;pad
ding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Credit Agreement:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2p
x;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><d
iv style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A Term Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">620,515</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">635,665</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4.125</font></div></td><td style
="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Revolving credit facility</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">279,425</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbs
p;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">285,425</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4.125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;
</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Pulitzer Notes:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;paddin
g-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Principal amount</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">152,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10p
t;">160,500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">9.55</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-fami
ly:Arial;font-size:10pt;">Unaccreted fair value adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">701</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">837</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow
:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,052,641</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:b
ottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,082,427</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align
:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Less current maturities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">83,325</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">81,500</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2p
x;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">969,316</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #0000
00;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,000,927</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><d
iv style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, our weighted average cost of debt was </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">4.91%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">.</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">11</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-h
eight:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Aggregate maturities of debt in the 52 week period ending December </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2011</font><font style="font-family:Arial;font-size:10pt;"> and 53 week period ending December </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:Arial;font-size:10pt;"> are </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$83,325,000</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$968,615,000</font><font style="font-family:Arial;font-size:10pt;">, respectively. </font></div><div style="line-hei
ght:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="s1DC398ADE6F94AC9FA100EEEBA6ABB40"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">5&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justif
y;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have several noncontributory defined benefit pension plans that together cover selected employees. Benefits under the plans are generally based on salary and years of service. Our liability and related expense for benefits under the plans are recorded over the service period of active employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, and cash. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In addition, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level a
nd adjustment of participant contributions vary depending on the specific plan. In addition, PD LLC provides postemployment disability benefits to certain employee groups prior to retirement. Our liability and related expense for benefits under the postretirement plans are  recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid. Plan assets may also be used to fund medical costs of certain active employees.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We use a fiscal year end measurement date for all of our pension and postretirement medical plan o
bligations. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The net periodic cost (benefit) components of our pension and postretirement medical plans are as follows:</font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="65%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2p
x;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">PENSION PLANS</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2
px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="f
ont-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font><
/div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Service cost for benefits earned during the period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">60</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:
10pt;">333</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest cost on projected benefit obligation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,071</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;">
<font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,227</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected return on plan assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bot
tom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(2,397</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(2,365</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;backgr
ound-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of net loss</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">213</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td st
yle="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of prior service benefit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(34</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padd
ing-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(34</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padd
ing-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(87</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">274</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td st
yle="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:21px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:21px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:21px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:21px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;pa
dding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">POSTRETIREMENT MEDICAL PLANS</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;pa
dding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style=
"text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td c
olspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Service cost for benefits earned during the period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">241</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="fo
nt-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">190</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest cost on projected benefit obligation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top
:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">523</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,076</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding
- -right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected return on plan assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(562</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(547</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;pad
ding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of net gain</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(646</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div 
style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(633</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amortization of prior service benefit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(336</font></div></t
d><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(554</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div 
style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Curtailment gains</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(10,172</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(31,130</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border
- -bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(10,952</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-botto
m:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(31,598</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:7pt;"> </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Based on ou
r forecast at September 26, 2010, we expect to contribute $2,137,000 to our pension plans in 2011.  Based on our forecast at </font><font style="font-family:Arial;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, we do not expect to make significant contributions to our postretirement plans in 2011.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2011 Changes to Plans</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In November 2010, we 
notified certain participants in our postretirement medical plans of changes to be made to the plans, including increases in participant premium cost-sharing and elimination of coverage for certain </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">participants. The changes resulted in a non-cash curtailment gain of </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$10,172,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> which was recognized in the 13 </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">12</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents
</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">weeks ended December 26, 2010, will reduce 2011 net periodic postretirement medical cost by $769,000 beginning in the 13 weeks ending March 27, 2011, and reduced the benefit obligation liability at December 26, 2010 by $15,065,000.  </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">2010 Changes to Plans </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In Decem
ber 2009, we notified certain participants in our postretirement medical plans of changes to be made to the plans, including increases in participant premium cost-sharing and elimination of coverage for certain </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">participants. The changes resulted in non-cash curtailment gains of $31,130,000, which were recognized in the 13 weeks ended December 27, 2009, reduced 2010 net periodic postretirement medical cost by $1,460,000 beginning in the 13 weeks ended March 28, 2010, and reduced the benefit obligation liability at December 27, 2009 by $28,750,000.  </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">In March 2010, members of the St. Louis Newspaper Guild voted to approve a new 5.5 ye
ar contract, effective April 1, 2010.  The new contract eliminated postretirement medical coverage for active employees and defined pension benefits were frozen.  The elimination of postretirement medical coverage resulted in non-cash curtailment gains of $11,878,000, which were recognized in the 13 weeks ended March 28, 2010 and reduced the benefit obligation liability at March 28, 2010 by $6,576,000.  The freeze of defined pension benefits resulted in non-cash curtailment gains of $2,004,000, which were recognized in the 13 weeks ended March 28, 2010, reduced 2010 net periodic pension expenses by $668,000 beginning in the 13 weeks ended June 27, 2010, and reduced the benefit obligation liability at March 28, 2010 by $2,004,000.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;backgro
und-color:#ffffff;">Increases in participant premium cost-sharing discussed more fully above were treated as negative plan amendments. Curtailment treatment was utilized in situations in which coverage was eliminated. Curtailment gains were calculated by revaluation of plan liabilities after consideration of other plan changes.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Patient Protection and Affordable Care Act, along with its companion reconciliation legislation (together, the &ldquo;Affordable Care Act&rdquo;), were enacted into law in March 2010. We expect the Affordable Care Act will be supported by a substantial number of underlying regulations, many of which have not been issued. Certain provisions are now subject to judicial challenges on co
nstitutional and other grounds. Accordingly, a complete determination of the impact of the Affordable Care Act cannot be made at this time. However, we do not expect the Affordable Care Act will have a significant impact on our postretirement medical benefit obligation liability.</font><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="s7D3821F9A7C1FA39F6240EEEBA6F586A"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">6&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-siz
e:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">INCOME TAXES</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The provision for income taxes includes deferred taxes and is based upon estimated annual effective tax rates in the tax jurisdictions in which we operate. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Income tax expense differs from the amounts computed by applying the U.S. federal income tax rate to income before income taxes. The reasons for these differences are as follows: </font></div
><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="63%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="
text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Percent of Income Before Income Taxes)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:
10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;pa
dding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-botto
m:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Computed &ldquo;expected&rdquo; income tax expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">35.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">35.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow
:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">State income taxes, net of federal tax benefit</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3.0</font></div></td><td style="vertical
- -align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Stock compensation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4.2</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padd
ing-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Curtailment gains</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.3</font></div></td><td style="verti
cal-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Increase in uncertain tax positions</font></div><
/td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.0</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top
:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(0.3</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(2.1</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;
background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">43.2</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-b
ottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">39.3</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We file income tax returns with the IRS and various state tax jurisdictions. From time to time, we 
are subject to routine audits by those agencies, and those audits may result in proposed adjustments. We have considered the alternative interpretations that may be assumed by the various taxing agencies, believe our positions taken regarding our filings are valid, and that adequate tax liabilities have been recorded to resolve such matters. However, </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">13</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the actual outcome cannot be determined with certainty and the difference 
could be material, either positively or negatively, to the Consolidated Statements of Income and Comprehensive Income in the periods in which such matters are ultimately determined. We do not believe the final resolution of such matters will be material to our consolidated financial position or cash flows. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have various income tax examinations ongoing and at various stages of completion, but generally the income tax returns have been audited or closed to audit through 2005.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s4B584B7EF76A0B4782490EEEBA7861E1"></a><table cellpadding="0" cellspacing="0" style="font-family:Times Ne
w Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">7&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">EARNINGS PER COMMON SHARE</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following table sets forth the computation of basic and diluted earnings per common share. </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadd
ing="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="63%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks End
ed</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;font-weight:normal;text-decoration:none;">(Thousands of Dollars and Shares, Except Per Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial
;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidd
en;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style=
"text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income attributable to Lee Enterprises, Incorporated:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">18,945</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">27,907</font></div></td><td style="vertical-align:bottom;b
ackground-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overfl
ow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Weighted average common shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">44,939</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div>
</td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">44,892</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Less non-vested restricted Common Stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px s
olid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">259</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">361</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-
left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Basic average common shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">44,680</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">44,531</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-alig
n:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Dilutive stock options and restricted Common Stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom
;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">228</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Diluted average common shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-le
ft:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">44,680</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">44,759</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;
padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2
px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Earnings per common share:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2p
x;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.63</font></div></td><td style="vertical-align:bottom;"
><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"
><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.62</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:100%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><f
ont style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;27, 2009</font><font style="font-family:Arial;font-size:10pt;">, we have </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2,027,000</font><font style="font-family:Arial;font-size:10pt;"> and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">204,000</font><font style="font-family:Arial;font-size:10pt;"> weighted average shares, respectively, subject to issuance under our stock option plan that have no intrinsic value and are not considered in the computation of diluted earnings per common share. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s87FFF2958E711A56B1710EEEBA7EA754"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt
;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">8&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">STOCK OWNERSHIP PLANS</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Stock Options </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-l
eft:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A summary of stock option activity during the 13 weeks ended December 26, 2010 follows:  </font></div><div style="line-height:120%;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="47%"></td><td width="10%"></td><td width="1%"></td><td width="12%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="9%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font s
tyle="font-family:Arial;font-size:7pt;font-style:italic;font-weight:normal;text-decoration:none;">(Thousands of Dollars and Shares, Except Per Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Shares</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Weighted</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-famil
y:Arial;font-size:10pt;text-align:right;">Average</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Exercise Price</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Weighted</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Average</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Remaining</font></div><d
iv style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Contractual</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Term (Years)</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Aggregate</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Intrinsic</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"
><font style="font-family:Arial;font-size:10pt;text-align:right;">Value</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td cols
pan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;backgr
ound-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Outstanding, September 26, 2010</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">940</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">8.77</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td col
span="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;pa
dding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1,105</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2.57</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size
:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cancelled</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(29</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div
 style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">13.78</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padd
ing-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Outstanding, December 26, 2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,016</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:
left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">5.30</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">8.8</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><d
iv style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">286</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div sty
le="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2p
x;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exercisable, December 26, 2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">403</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:l
eft;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">16.87</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">6.7</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="ver
tical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">86</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total unrecognized compensation expense for unvested stock options as of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> is </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-dec
oration:none;">$2,525,000</font><font style="font-family:Arial;font-size:10pt;">, which will be recognized over a weighted average period of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2.4</font><font style="font-family:Arial;font-size:10pt;"> years. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Determining Fair Value </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We determine the fair value of stock options using the Black-Scholes option-pricing formula. Key inputs to this formula includ
e expected term, expected volatility and the risk-free rate.  Each assumption is discussed below. This fair value is amortized using the straight-line method over the requisite service periods of the awards, which </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">14</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">is generally three years.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-lef
t:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text
- -align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following assumptions were used to estimate the fair value of 2011 option awards:</font><font style="font-family:Arial;font-size:7pt;"> </font></div><div style="line-height:120%;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="63%"></td><td width="15%"></td><td width="14%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</fo
nt></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Volatility (percent)</font></div></td>
<td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">111</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;f
ont-size:10pt;">Risk-free interest rate (percent)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.01</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2
px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Expected term (years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#c
ceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Estimated fair value (dollars)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style
="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Common Stock </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A summary of restricted Common Stock activity during the 13 weeks ended December 26, 2010 follows: </font><font style="font-family:Arial;font-size:7pt;"> </font></div><div style="line-height:120%;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.05838041431262%;border-collapse:collapse;"><tr><td width="7%"></td><td width="63%"></td><td width="10%"></td><td width
="1%"></td><td width="18%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;font-weight:normal;text-decoration:none;">(Thousands of Shares, Except Per Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Shares</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"
><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Weighted</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Average Grant Date</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Fair Value</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-r
ight:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:
hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Outstanding, September 26, 2010</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">299</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15.02</font></div></td><td style="vertical-align:bottom;
background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(297</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10
pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15.02</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding
- -left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(2</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15.02</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td>
</tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Outstanding, December 26, 2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px 
solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&mdash;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The fair value of restricted Common Stock vested during the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> totals </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$723,000</font><font style="font-family:Arial;font-size:10pt;">.</font></div><div style="line-height:1
20%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s91B7AEF94D97AE697ACC0EEEBA809D86"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">9&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">FAIR VALUE MEASUREMENTS</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:
Arial;font-size:10pt;">FASB ASC Topic 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable which consists of the following levels: </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;padding-right:36px;padding-left:96px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Level 1</font><font style="font-family:Arial;font-size:10pt;"> - Quoted prices for identical instruments in active markets; </font></div><div style="line-height:120%;padding-right:36px;padding-left:96px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-right:36px;padding-left:96px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Level 2</font><font s
tyle="font-family:Arial;font-size:10pt;"> - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and </font></div><div style="line-height:120%;padding-right:36px;padding-left:96px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-right:36px;padding-left:96px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Level 3</font><font style="font-family:Arial;font-size:10pt;"> - Valuations derived from valuation techniques in which one or more significant inputs are unobservable. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-famil
y:Arial;font-size:10pt;">The following table summarizes the financial instruments measured at fair value in the accompanying Consolidated Financial Statements as of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">: </font><font style="font-family:inherit;font-size:7pt;"> </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="7%"></td><td width="50%"></td><td width="13%"></td><td width="14%"></td><td width="1%"></td><td width="15%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;pad
ding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-style:normal;font-weight:normal;text-decoration:none;">Level 3</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;">
<font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:i
nherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Herald Value - liability (see 
Note 10)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,300</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,300</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font st
yle="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value. The carrying amounts of cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short maturity of those instruments.</font><font style="font-family:Arial;font-size:10pt;"> Investments totaling $8,155,000, including our 17% ownership of the nonvoting common stock of TCT, are carried at cost. The fair value of floating rate debt cannot be determined as an active market for such debt does not exist. Our fixed rate debt </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">15</font></div></div><hr style="page-break-after
:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">consists of the </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$152,000,000</font><font style="font-family:Arial;font-size:10pt;"> principal amount of Pulitzer Notes, as discussed more fully in Note 4, which is not traded on an active market and is held by a small group of Noteholders. Coupled with the volatility of substantially all domestic credit markets that exists, we are unable, as of December 26, 2010, to determine the fair value of such debt. The value, if determined, may be less than the carrying amount. </font></div><div style="line-height:120%;padding
- -left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">There were no realized or unrealized gains or losses, purchases, sales, or transfers related to the Herald Value in the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. </font><font style="font-family:Arial;font-size:10pt;">The determination of the amount of the Herald Value is based on an estimate of fair value using both market and income-based approaches.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-si
ze:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">In 2010, we reduced the carrying value of equipment no longer in use by $3,290,000, based on estimates of the related fair value in the current market. Based on age, condition and marketability we estimated the equipment had no value. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s9761006111FB5ECDE86E0EEEBA806F92"></a><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top;padding-left:0px;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">10&nbsp;&nbsp;&nbsp;&nbsp;</font></div></td><td><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size
:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">COMMITMENTS AND CONTINGENT LIABILITIES</font></div></td></tr></table><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Redemption of PD LLC Minority Interest </font></div><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2009, in conjunction with the Notes Amendment, PD LLC redeemed the 5% interest in PD LLC and STL Distribution Services LLC ("DS LLC") owned by The Herald Publishing Company, LLC ("Herald") pursuant to a Redemption Agreement and adopted conforming amendments to the Operating Agreement.
 As a result, the value of Herald's former interest (the &ldquo;Herald Value&rdquo;) will be settled, at a date determined by Herald between April 2013 and April 2015, based on a calculation of 10% of the fair market value of PD LLC and DS LLC at the time of settlement, less the balance, as adjusted, of the Pulitzer Notes or the equivalent successor debt, if any. We recorded a liability of $2,300,000 in 2009 as an estimate of the amount of the Herald Value to be disbursed.</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> The actual amount of the Herald Value will depend on such variables as future cash flows and indebtedness of PD LL</font><font style="font-family:Arial;font-size:10pt;">C and DS LLC, market valuations of newspaper properties and the timing of the request for redemption. Cash settlement of the Herald Value is limited by the terms of the Credit Agreement.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inhe
rit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The redemption of Herald's interest in PD LLC and DS LLC is expected to generate significant tax benefits to us as a consequence of the resulting increase in the tax basis of the assets owned by PD LLC and DS LLC and the related depreciation and amortization deductions. The increase in basis to be amortized for income tax purposes over a 15 year period beginning in February 2009 is approximately $258,000,000. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Legal Proceedings </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size
:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2008, a group of newspaper carriers filed suit against us in the United States District Court for the Southern District of California, claiming to be employees and not independent contractors of ours. The plaintiffs seek relief related to violation of various employment-based statutes, and request punitive damages and attorneys' fees.  In July  2010, the trial court judge  granted the plaintiffs' petition for class certification.  We filed an interlocutory appeal which was denied. Discovery in the case will proceed in the normal course and we intend to bring a motion to reverse the class certification ruling upon completion of that process.  At this time we are unable to predict whether the ultimate economic outcome, if any, could have a material effect on our Consolidated Financial Statements, taken as a whole. We deny the allegations of employee st
atus, consistent with our past practices and industry practices, and intend to vigorously contest the action, which is not covered by insurance. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are involved in a variety of other legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these other matters. While we are unable to predict the ultimate outcome of these other legal actions, it is our opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a whole. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;"><fo
nt style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">16</font></div></div><hr style="page-break-after:always"><a name="s87D7CC665151059CFE4F0EEEB6FB1A11"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:left;vertical-align:bottom;">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:i
nherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following discussion includes comments and analysis relating to our results of operations and financial condition as of, and for the 13 w</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">eeks en</font><font style="font-family:Arial;font-size:10pt;">ded </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes thereto, included herein, and our 2010 Annual Report on Form 10-K. </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s069196009881D34D11CB0EEEBA81A420"></a><div style="line-height:120%;text-align:justify;font-size:10
pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">NON-GAAP FINANCIAL MEASURES </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">No non-GAAP financial measure should be considered as a substitute for any related financial measure under accounting principles generally accepted in the United States of America. However, we believe the use of non-GAAP financial measures provides meaningful supplemental information with which to evaluate our financial performance, or assist in forecasting and analyzing future periods. We also believe such non-GAAP financial measures are alternative indicators of performance used by investors, lenders, rating agencies and financial analysts to estimate the value of a publishing business or its ability to meet debt service requirements. </font></div><div style="line-heigh
t:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s39EA04F2F4191DF05DD50EEEBA88DFAC"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Operating Cash Flow and Operating Cash Flow Margin</font></div><div style="line-height:120%;text-align:center;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating cash flow, which is defined as operating income before depreciation, amortization, curtailment gains and equity in earnings of associated companies, and operating cash flow margin (operating cash flow divided by operating revenue) represent non-GAAP financial measures that are used in the analysis below. We believe these measures provide meaningful supplemental information because of their focus on results from operations excluding such non-
cash factors. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Reconciliations of operating cash flow and operating cash flow margin to operating income and operating income  margin, the most directly comparable measures under GAAP, are included in the table below: </font><font style="font-family:inherit;font-size:7pt;"> </font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="44%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td><td width="13%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;p
adding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="overflow:hidden;font-siz
e:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px soli
d #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Percent of</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Revenue</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align
:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Percent of</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Revenue</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;heigh
t:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:A
rial;font-size:10pt;">Operating cash flow</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">54,113</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">26.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">53,135</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font s
tyle="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">25.3</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Depreciation and amortization</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(17,806</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#
cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(8.6</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(18,682</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></di
v></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(8.9</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Curtailment gains</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,172</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&
nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4.9</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">31,130</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">14.8</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt
;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Equity in earnings of associated companies</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,705</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:
Arial;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,190</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bo
ttom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">49,184</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;fo
nt-style:normal;font-weight:normal;text-decoration:none;">23.7</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">67,773</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">32.3</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit
;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="s6071E9B9D87C8E08959A0EEEBA881D4C"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Adjusted Net Income and Adjusted Earnings Per Common Share </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Adjusted net income and adjusted earnings per common share, which are defined as income attributable to Lee Enterprises, Incorporated and earnings per common share adjusted to e</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">xclude both unus</font><font style="font-family:Arial;font-size:10pt;">ual matters and those of a substantially non-recurri
ng nature, are non-GAAP financial measures that are used in the analysis below. We believe these measures provide meaningful supplemental information by identifying matters that are not indicative of core business operating results or are of a substantially non-recurring nature. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Reconciliations of adjusted net income and adjusted earnings per common share to income attributable to Lee Enterprises, Incorporated and earnings per common share, respectively, the most directly comparable measures under GAAP, are set forth below under the caption &ldquo;Overall Results&rdquo;.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sF18E8AB06E92DAE285090EEEBA89871F"></a><div style="line-heig
ht:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">SAME PROPERTY COMPARISONS </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain information below, as noted, is presented on a same property basis, which is exclusive of acquisitions and divestitures, if any, consummated in the current or prior year. We believe such comparisons provide meaningful supplemental information for an understanding of changes in our revenue and operating expenses. Same property comparisons exclude TNI and MNI. We own 50% of TNI and also own 50% of the capital stock of MNI, both of which are reported using the equity method of accounting. Same property comparisons also exclude corporate office costs.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-f
amily:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">17</font></div></div><hr style="page-break-after:always"><a name="s0867E54BA6E25EC030580EEEBA8999A2"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CRITICAL ACCOUNTING POLICIES </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our discussion and analysis of results of operations and financial co
ndition are based upon our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;
">Our critical accounting policies include the following: </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;padding-left:66px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:27px;">&bull;</font><font style="font-family:Arial;font-size:10pt;">Goodwill and other intangible assets; </font></div><div style="line-height:120%;padding-left:66px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:27px;">&bull;</font><font style="font-family:Arial;font-size:10pt;">Pension, postretirement and postemployment benefit plans; </font></div><div style="line-height:120%;padding-left:66px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:27px;">&bull;</font><font style="font-family:Arial;font-size:10pt;">Income taxes; </font></div><div style="line-height:120%;padding-left:66px;text-align:left;font-s
ize:10pt;"><font style="text-align:left;font-size:10pt;padding-right:27px;">&bull;</font><font style="font-family:Arial;font-size:10pt;">Revenue recognition; and</font></div><div style="line-height:120%;padding-left:66px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:27px;">&bull;</font><font style="font-family:Arial;font-size:10pt;">Uninsured risks. </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Additional information regarding these critical accounting policies can be found under the caption &ldquo;Management's Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in our 2010 Annual Report on Form 10-K and the Notes to Consolidated Financial Statements, included herein.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-
family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sF7D3F72421DDDFA89B4D0EEEBA8AF16A"></a><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">EXECUTIVE OVERVIEW</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are a premier provider of local news, information and advertising in primarily midsize markets, with 49 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 weekly newspapers and specialty publications in 23 states. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Approximately 73% of our
 revenue is derived from advertising. Our strategies are to increase our share of local advertising through increased sales activities in our existing markets and, over time, to increase print and digital audiences through internal expansion into existing and contiguous markets and enhancement of digital products. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s1BA980608EE48B6D23900EEEBA8AC833"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ECONOMIC CONDITIONS </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">According to the National Bureau of Economic Research, the United States economy was in a recession from December 2007 until June 20
09. It is widely believed that certain elements of the economy, such as housing, auto sales and employment, were in decline before December 2007, and have still not recovered to pre-recession levels</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. 2010, 2009</font><font style="font-family:Arial;font-size:10pt;"> and 2008 revenue, operating results and cash flows were significantly impacted by the recession.  The duration and depth of an economic recession, and pace of economic recovery, in markets in which we operate may influence our future results. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sD0F5E1334543A9498E9D0EEEBA8BB778"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">IMPAIRMENT OF GOODWILL AND OTHER ASSETS</font></div><div style="line-height:120%;text-align:justify;"><font style="font-fami
ly:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Due primarily to the continuing, and (at the time) increasing difference between our stock price and the per share carrying value of our net assets, we analyzed the carrying value of our net assets in 2008 and again in 2009. Deterioration in our revenue and the overall recessionary operating environment for us and other publishing companies were also factors in the timing of the analyses. </font></div><div style="line-height:120%;text-align:justify;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">As a result, we recorded pretax, non-cash charges to reduce the carrying value of goodwill, nonamortized and amortizable intangible assets in 2008 and 2009. Additional pretax, non-cash cha
rges were recorded to reduce the carrying value of TNI. We also recorded pretax, non-cash charges to reduce the carrying value of property and equipment in 2008, 2009 and 2010. We recorded deferred income tax benefits related to these charges. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">At September 26, 2010, our fair value exceeded our carrying value. No indicators have been identified that would require us to reassess our fair value as of December 26, 2010 and during the 13 week period then ended. Based on substantial impairment charges recorded in both 2009 and 2008, and the most recent testing performed at September 26, 2010, as of December 26, 2010 we do not believe our reporting unit is at risk of failing future goodwill impairment testing. However, future decreases in our market value, or significant diffe
rences in revenue, expenses or cash flows from estimates used to determine fair value, could affect this determination.</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">18</font></div></div><hr style="page-break-after:always"><a name="s24F41965CB9C4F1FC9940EEEBA96771E"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">DEBT AND LIQUIDITY </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As 
discussed more fully in Note 4 of the Notes to Consolidated Financial Statements, included herein, in February 2009, we completed a comprehensive restructuring of our Credit Agreement and a refinancing of our Pulitzer Notes debt, </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">substantially enhancing our liquidity and operating flexibility until April 2012. Since February 2009, we have satisfied all interest payments and substantially all principal payments due under our debt facilities with our cash flows. We expect all interest and principal payments due in 2011 will be satisfied by our continuing cash flows. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to refina
nce or amend our debt agreements as they become due, or earlier if available liquidity is consumed. </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">We are in compliance with our debt covenants at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">13 WEEKS ENDED DECEMBER 26, 2010 </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating results, as reported in th
e Consolidated Financial Statements, are summarized below: </font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="61%"></td><td width="12%"></td><td width="1%"></td><td width="12%"></td><td width="1%"></td><td width="12%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertica
l-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars, Except Per Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">December 26 <br>2010</
font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Percent </font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Change</font></div></td><td 
style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><
div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Advertising revenue:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px
;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Retail</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">91,491</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">94,779</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-
family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(3.5</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Classified:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"
><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:30px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Daily newspapers:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-fam
ily:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Employment</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,244</font></div></td><td styl
e="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4,789</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">9.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="verti
cal-align:bottom;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Automotive</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,957</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,405</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:
10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(7.0</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Real estate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4,997</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;"
>&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,371</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(21.6</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:
bottom;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">All other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,089</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">11,179</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><f
ont style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(0.8</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:30px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other publications</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px s
olid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">6,599</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(3.0</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px 
solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total classified</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">33,687</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:nor
mal;font-weight:normal;text-decoration:none;">35,343</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(4.7</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Digital</font></div></td><td style="vertical-align:bottom;back
ground-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">14,674</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,649</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">37.8</fo
nt></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">National</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">9,003</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,645</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;
"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(15.4</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Niche publications</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1p
x solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,911</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,986</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt
;font-style:normal;font-weight:normal;text-decoration:none;">(2.5</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total advertising revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">151,766</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10p
t;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">154,402</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(1.7</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td st
yle="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Circulation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">45,478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">45,115</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font>
</div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Commercial printing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3,052</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">
&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,931</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">4.1</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:
10pt;">Digital services and other</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,372</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">7,390</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;
padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(0.2</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total operating revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><fo
nt style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">207,668</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">209,838</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-deco
ration:none;">(1.0</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Compensation</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">78,020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;backgrou
nd-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">82,136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(5.0</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding
- -right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Newsprint and ink</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">15,674</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">12,693</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:norm
al;font-weight:normal;text-decoration:none;">23.5</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other operating expenses</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">59,669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-siz
e:10pt;"><font style="font-family:Arial;font-size:10pt;">61,477</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(2.9</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-
family:Arial;font-size:10pt;">Workforce adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">192</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">397</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:ri
ght;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(51.6</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none
;">153,555</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">156,703</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-deco
ration:none;">(2.0</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating cash flow</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">54,113</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:
bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">53,135</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">1.8</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right
:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Depreciation and amortization</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">17,806</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2
px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(4.7</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">Curtailment gains</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,172</font></div></td><td style="vertical-align:bottom;"><d
iv style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">31,130</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(67.3</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td
></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Equity in earnings of associated companies</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,705</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2,1
90</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">23.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Operating income</font></div></td><td style="vertical-align:bottom;padding-left:2px;pa
dding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">49,184</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">67,773</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(27.4</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size
:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Non-operating expense, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(15,797</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padd
ing-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(21,745</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(27.4</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style
:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income before income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">33,387</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">46,028</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inheri
t;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(27.5</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income tax expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bot
tom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">14,407</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,069</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-f
amily:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(20.3</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,980</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical
- -align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">27,959</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(32.1</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;p
adding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Net income attributable to non-controlling interests</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(35</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(52</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><fon
t style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(32.7</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income attributable to Lee Enterprises, Incorporated</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px
;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">18,945</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">27,907</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(32.1</font></div></td><td style="v
ertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other comprehensive income, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,485</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px
;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">793</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">NM</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;f
ont-size:10pt;background-color:#ffffff;">Comprehensive income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">24,430</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">28,700</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="v
ertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(14.9</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;f
ont-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Earnings per common share:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:
hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-siz
e:10pt;">0.42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.63</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(33.3</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-siz
e:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.42</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.62<
/font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(32.3</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr></table></div></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">19</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div styl
e="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">References to the 2011 Quarter refer to the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">. Similarly, references to the 2010 Quarter refer to the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;27, 2009</font><font style="font-family:Arial;font-size:10pt;">. Revenue, as reported, and same property revenue are the same as there were no acquisitions or divestitures in 2011 or 2010.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inheri
t;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Year-over-year revenue trends improved significantly overall as 2010 progressed. In the 13 weeks ended September 27, 2009, total operating revenue decreased 20.0%, compared to the prior year period. In the 13 weeks ended September 26, 2010, total operating revenue declined 3.7%. Certain categories of advertising, such as digital, and employment and auto classified advertising, turned positive compared to 2009 at different points in 2010. For the 2011 Quarter, total operating revenue decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$2,170,000</font><font style="font-family:Arial;font-size:10pt;">, or </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">1.0%</font><font style="font-family:Arial;font-size:10pt;">, compared to the 2010 Quarter. We expect year-over-year revenue 
comparisons will continue to improve in the 13 weeks ending March 27, 2011. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="s51E95CCAF190CEF2C0710EEEBA9F892C"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Advertising Revenue </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In the 2011 Quarter, advertising revenue decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$2,636,000</font><font style="font-family:Arial;font-size:10pt;">, </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#00
0000;text-decoration:none;">1.7%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. On</font><font style="font-family:Arial;font-size:10pt;"> a combined basis, print and digital retail advertising decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">1.9%</font><font style="font-family:Arial;font-size:10pt;">. Print retail revenue decreased  </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$3,288,000</font><font style="font-family:Arial;font-size:10pt;">, or </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">3.5%</font><font style="font-family:Arial;font-size:10pt;">, in the 2011 Quarter while daily newspaper retail advertising lineage increased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2.1%</font><font style="font-family:Arial;font-size:10pt;">. Average retail rates, exclu</font><font style="font-family:Ari
al;font-size:10pt;background-color:#ffffff;">ding preprint insertions, decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">9.3%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter. Retail preprint insertion revenue decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">0.2%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Digital retail advertising increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">49.1%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, par</font><font style="font-family:Arial;font-size:10pt;">tially offsetting print declines. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="l
ine-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The table below combines print and digital advertising revenue and reclassifies certain print retail revenue to classified based on the primary business of the advertiser: </font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="55%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-l
eft:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;
padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Percent</font></div><div style="
text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;Change</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><t
d colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Retail</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">96,457</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style=
"font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">98,294</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1.9</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Classified:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px
;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Employment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-al
ign:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">8,745</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">7,762</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">12.7</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</f
ont></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Automotive</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">11,092</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">10,230</font></div></td><td sty
le="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">8.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Real estate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;"
>6,736</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">8,455</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(20.3</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-co
lor:#cceeff;padding-left:17px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">15,525</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;t
ext-decoration:none;">15,747</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(1.4</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Total classified</font></div></td><td style="vertical-ali
gn:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">42,098</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">42,194</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(0.2</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-fami
ly:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">National</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10,299</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size
:10pt;">10,929</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(5.8</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On a combined basis, prin
t and digital classified revenue decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">0.2%</font><font style="font-family:Arial;font-size:10pt;">. Print classified advertising revenue decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$1,656,000</font><font style="font-family:Arial;font-size:10pt;">, or </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">4.7%</font><font style="font-family:Arial;font-size:10pt;">, in the 2011 Quarter. </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Digital classified advertising increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">7.3%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. </font><font style="font-family:Arial;font-size:10pt;">Higher rate print employment advertising in our daily newspapers increase
d </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">9.5%</font><font style="font-family:Arial;font-size:10pt;"> and digital employment advertising increased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">19.2%</font><font style="font-family:Arial;font-size:10pt;">.   As a result, this category increased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">12.7</font><font style="font-family:Arial;font-size:10pt;">% overall.  Print automotive advertising decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">7.0%</font><font style="font-family:Arial;font-size:10pt;"> and digital automotive advertising increased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">11.1%</font><font style="font-family:Arial;font-size:10pt;">.  As a result, this category increased 8.4% overall. Print real estate advertising decrea
sed </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">21.6%</font><font style="font-family:Arial;font-size:10pt;"> in a weak housing market nationally, which also negatively impacted the home improvement, furniture and home electronics categories of retail revenue. Digital real estate advertising decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">17.1%</font><font style="font-family:Arial;font-size:10pt;">. Other daily newspaper print classified advertising decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">0.8%</font><font style="font-family:Arial;font-size:10pt;">. Daily newspaper classified advertising rates </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">4.2%</font><font style="font-family:Arial;font-size:10pt;back
ground-color:#ffffff;">.   </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Advertising lineage, as reported for our daily newspapers only, consists of the following: </font><font style="font-family:Arial;font-size:7pt;"> </font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="55%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td><td width="14%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><
font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands 
of Inches)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 26 <br>2010</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">December 27 <br>2009</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Percent</font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;f
ont-size:10pt;">&nbsp;Change</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="
2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Retail</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2,922</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cc
eeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2,860</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font
- -family:Arial;font-size:10pt;">Classified</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2,687</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2,708</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Aria
l;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(0.8</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">National</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;b
order-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">151</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(23.1</font></div></td><td style="vertical-align:bottom;padding-top:2px;paddi
ng-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,725</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;borde
r-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5,719</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.1</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-si
ze:10pt;background-color:#ffffff;">On a stand-alone basis, digital advertising revenue increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">37.8%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter. Year-over-year total digital advertising turned positive in the month of December 2009 and has been rising steadily since that time. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">20</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></d
iv></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">National print advertising decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$1,642,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">15.4%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, due to a </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">23.1%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> decrease in lineage and a </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">6.7%</font><font style="font-family:Arial;font-size:10pt;background-colo
r:#ffffff;"> decrease in average national rate. Digital national advertising increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">317.4%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Advertising in niche publications decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">2.5%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Despite declines in advertising revenue, our total advertising results have historically benchmarked favorably to industry averages reported by the Newspaper Association of America.</font></div><div style="line-height:120%;text-align:justify;"
><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="sE95EBED0D0B0452B30C20EEEBA9FCDF0"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Circulation and Other Revenue </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Circulation revenue increased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$363,000</font><font style="font-family:Arial;font-size:10pt;">, or </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">0.8%</font><font style="font-family:Arial;font-size:10pt;">, in the 2011 Quarter due prim</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">arily to </font><font style="font-family:Arial;font-size:10
pt;">selective price increases. Our unaudited, average newspaper circulation units, including TNI and MNI, totaled 1.4 million daily and 1.7 million Sunday for the 2011 Quarter.  Comparable amounts for the 2010 Quarter are not available due to extensive changes made by the Audit Bureau of Circulations (&ldquo;ABC&rdquo;) to the measurement of circulation units.  The new ABC standards include updated measures for newspaper subscriptions that include hybrid or bundled digital editions, while continuing to address the growing market for paid content across multiple platforms, such as e-readers and mobile apps. These changes were effective in October 2010. Lee's digital sites attracted </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">19.7 million</font><font style="font-family:Arial;font-size:10pt;"> unique visitors in the month of December 2010, an increase of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">20.1%</font><font styl
e="font-family:Arial;font-size:10pt;"> from a year ago, with approximately </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">161.7 million</font><font style="font-family:Arial;font-size:10pt;"> page views. The number of mobile page views grew 250% to 10.0 million in December 2010. Research in our larger markets indicates we are reaching an increasingly larger audience through the combination of rapid digital audience growth and stable newspaper readership.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Commercial printing revenue increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$121,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><f
ont style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">4.1%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter. Digital services and other revenue decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$18,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">0.2%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s6A5F601A9F8636FA05230EEEBAA0A987"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Operating Expenses </font></
div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Costs other than depreciation, amortization and unusual matters decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$2,943,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">1.9%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter.  </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-colo
r:#ffffff;">Compensation expense decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$4,116,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">5.0%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter, driven by a decline in average full time equivalent employees of </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">3.2%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Newsprint and
 ink costs increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$2,981,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">23.5%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter as a result of higher prices, which were partially offset by a reduction in newsprint volume of </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">2.8%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. See Item 3, &ldquo;Commodities&rdquo;, included herein, for further discussion and analysis of the impact of newsprint on our business. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div 
style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Other operating expenses, which are comprised of all operating costs not considered to be compensation, newsprint, depreciation, amortization, or unusual matters, decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$1,808,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">2.9%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Reductions in s
taffing resulted in workforce adjustment costs totaling </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$192,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$397,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter and 2010 Quarter, respectively.  </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">We are engaged in various efforts to continue to contain future growth in operating expenses.  Despite the increased cost of newsprint, operating expenses, excluding depreciation, amortization and unusual matters, are expected to in
crease less than 1% in 2011.  </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sDDF57BBF03D895F9D6D80EEEBAA68144"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Results of Operations </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As a result of the factors noted above, operating cash flow increased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">1.8%</font><font style="font-family:Arial;font-size:10pt;"> to </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$54,113,000</font><font style="font-family:Arial;font-size:10pt;"> in the 2011 Quarter compared to </font><
font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$53,135,000</font><font style="font-family:Arial;font-size:10pt;"> in the 2010 </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Quarter. Operating cash flow margin increased to </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">26.1%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> from </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">25.3%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> a year ago </font><font style="font-family:Arial;font-size:10pt;">reflecting a smaller percentage decrease in operating revenue than the decrease in operating expenses, as well as decreased workforce adjustment costs in 2011. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font
- -size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Depreciation expense decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$839,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">11.4%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter due to lower levels of capital spending in 2010 and 2009. Amortization expense decreased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$37,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, or </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text
- -decoration:none;">0.3%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, in the 2011 Quarter. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In November 2010, we notified certain participants in our postretirement medical plans of changes to be made to the plans, including increases in participant premium cost-sharing and elimination of coverage for certain </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">participants. The changes resulted in a non-cash curtailment gain of </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$10,172,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> which was recognized in the 13 weeks ended December 26, 2010, will reduce 201
1 net periodic postretirement medical cost by $769,000 beginning in the 13 weeks ending </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">21</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">March 27, 2011, and reduced the benefit obligation liability at December 26, 2010 by $15,065,000.  </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-si
ze:10pt;">In December 2009, we notified certain participants in our postretirement medical plans of changes to be made to the plans, including increases in participant premium cost-sharing and elimination of coverage for certain </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">participants. The changes resulted in non-cash curtailment gains of $31,130,000, which were recognized in the 13 weeks ended December 27, 2009, reduced 2010 net periodic postretirement medical cost by $1,460,000 beginning in the 13 weeks ended March 28, 2010, and reduced the benefit obligation liability at December 27, 2009 by $28,750,000.  </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">In March 2010, members of the St. Louis Newspaper Guild voted to approve a new 5.5 ye
ar contract, effective April 1, 2010.  The new contract eliminated postretirement medical coverage for active employees and defined pension benefits were frozen.  The elimination of postretirement medical coverage resulted in non-cash curtailment gains of $11,878,000, which were recognized in the 13 weeks ended March 28, 2010 and reduced the benefit obligation liability at March 28, 2010 by $6,576,000.  The freeze of defined pension benefits resulted in non-cash curtailment gains of $2,004,000, which were recognized in the 13 weeks ended March 28, 2010, reduced 2010 net periodic pension expenses by $668,000 beginning in the 13 weeks ended June 27, 2010, and reduced the benefit obligation liability at March 28, 2010 by $2,004,000.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;
">Increases in participant premium cost-sharing discussed more fully above were treated as negative plan amendments. Curtailment treatment was utilized in situations in which coverage was eliminated. Curtailment gains were calculated by revaluation of plan liabilities after consideration of other plan changes.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Patient Protection and Affordable Care Act, along with its companion reconciliation legislation (together the &ldquo;Affordable Care Act&rdquo;), were enacted into law in March 2010. We expect the Affordable Care Act will be supported by a substantial number of underlying regulations, many of which have not been issued. Certain provisions are now subject to judicial challenges on constitutional and other grounds. Accor
dingly, a complete determination of the impact of the Affordable Care Act cannot be made at this time. However, we do not expect the Affordable Care Act will have a significant impact on our postretirement medical benefit obligation liability.</font><font style="font-family:Arial;font-size:7pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Equity in earnings in associated companies increased </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$515,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:
justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The factors noted above resulted in operating income of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$49,184,000</font><font style="font-family:Arial;font-size:10pt;"> in the 2011 Quarter and </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$67,773,000</font><font style="font-family:Arial;font-size:10pt;"> in the 2010 Quarter. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sBB4525D204D2C99573950EEEBAA735D7"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Nonoperating Income and Expense </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;">
<font style="font-family:Arial;font-size:10pt;">Financial expense, including amortization of debt financing costs, decreased </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$6,367,000</font><font style="font-family:Arial;font-size:10pt;">, or </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">32.2%</font><font style="font-family:Arial;font-size:10pt;">, to </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$13,437,000</font><font style="font-family:Arial;font-size:10pt;"> in the 2011 Quarter due to lower debt balances and lower interest rates</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Our weighted average cost of debt was </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">4.91%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">  at the end of the 2011 Quarter, c
ompared to </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">5.82%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> at the end of the 2010 Quarter.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">As more fully discussed in Note 4 of the Notes to Consolidated Financial Statements, included herein, amendments to our Credit Agreement consummated in 2009 increased financial expense in 2009 in relation to LIBOR. We are now subject to minimum LIBOR levels, which are currently in excess of actual LIBOR. The maximum rate has been increased to the LIBOR minimum plus 450 basis points, and we could also be subject to additional non-cash payment-in-kind interest if leverage increases above specified levels. A
t the December 2010 leverage level, our debt under the Credit Agreement will be priced at the applicable LIBOR minimum of 1.25% plus </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">3.00%</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> . The interest rate on the Pulitzer Notes increased 1% to 9.05% in February 2009 and increased 0.5% in April 2010 to 9.55%. The interest rate will increase by 0.5% per year thereafter. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s265C8CF9E9470C4B99F60EEEBAAC1D4B"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Overall Results </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;fo
nt-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We recognized income tax expense of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">43.2%</font><font style="font-family:Arial;font-size:10pt;"> of income before income taxes in the 2011 Quarter and income tax expense of </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">39.3%</font><font style="font-family:Arial;font-size:10pt;"> of income before income taxes in the 2010 Quarter. See Note 6 of the Notes to Consolidated Financial Statements, included herein, for a reconciliation of the expected federal income tax rate to the actual tax rates.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">22</font></div></div><hr style="page-break-after:always"><div style="vertical-
align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">As a result of the factors noted above, income attributable to Lee Enterprises, Incorporated totaled </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$18,945,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter compared to </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$27,907,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010 Quarter. We recorded earnings per diluted common share of </font><font styl
e="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$0.42</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">   in the 2011 Quarter and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$0.62</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010 Quarter. Excluding unusual matters, as detailed in the table below, diluted earnings per common share, as adjusted, were </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$0.29</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter, compared to </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$0.22</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010</font><font style="font-family:A
rial;font-size:10pt;"> Quarter. Per share amounts may not add due to rounding.</font></div><div style="line-height:120%;text-align:justify;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="52%"></td><td width="11%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td><td width="11%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font
- -size:10pt;">13 Weeks Ended</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;paddin
g-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">December 26 </font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">2010</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">December 27 </font></div><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2009</font></div></td><td style="vertical-ali
gn:bottom;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;font-style:italic;">(Thousands of Dollars, Except Per Share Data)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amount</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="tex
t-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Per Share</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Amount</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Per Share</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><
font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-s
ize:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income attributable to Lee Enterprises, Incorporated,  as reported</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">18,945</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt
;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">27,907</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:1
0pt;"><font style="font-family:Arial;font-size:10pt;">0.62</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Adjustments</font><font style="font-family:Arial;font-size:7pt;"><sup style="vertical-align:top;font-size:5pt">(1)   </sup></font><font style="font-family:Arial;font-size:10pt;">:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt
;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Curtailment gains</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">
(10,172</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(31,130</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;background-
color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">313</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-b
ottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">789</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bot
tom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(9,859</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</fo
nt></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(30,341</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;fo
nt-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income tax effect of adjustments, net, and other unusual tax matters</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">3,917</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align
:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">12,487</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #00000
0;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(5,942</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(0.13</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style=
"vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(17,854</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-right:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">(0.40</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;padding-ri
ght:2px;background-color:#cceeff;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income attributable to Lee Enterprises, Incorporated, as adjusted </font><font style="font-family:Arial;font-size:7pt;"><sup style="vertical-align:top;font-size:5pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">13,003</font></div></td><td style="vertical-align:bottom;border-top:1p
x solid #000000;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.29</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">10,053</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="
font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">0.22</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;"><div style="text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:652px;border-collapse:collapse;"><tr><td width="25px"></td><td width="626px"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family
:Arial;font-size:9pt;">(1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">In 2010 and 2009, adjusted earnings and adjusted earnings per common share included adjustments to remove debt financing costs, due to significant debt financing costs charged to expense in 2009.  2011 and 2010 debt financing costs do not contain any unusual comparative differences.  Accordingly, this adjustment has been removed.  As a result, 2010 adjusted earnings and adjusted earnings per common share will differ from amounts previously reported.</font></div></td></tr></table></div></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sC835DC79F593AE69C8F60EEEBC49AF20"></a><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">LIQUIDITY
 AND CAPITAL RESOURCES </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s9DEED308B6DCCD97E0620EEEBC4FD59D"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Operating Activities</font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash provided by operating act</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">ivities was </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$23,652,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;tex
t-decoration:none;">$12,923,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010 Quarter. Depreciation and amortization decreased as discussed under &ldquo;Results of Operations&rdquo; above. In the 2011 Quarter and 2010 Quarter, we also recognized non-cash curtailment gains totaling </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$10,172,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$31,130,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, respectively. Th</font><font style="font-family:Arial;font-size:10pt;">e net change in all of the aforementioned factors accounted for the majority of the increase in cash provided between periods. Changes in deferred income taxes, operating assets and liabilities and the tim
ing of income tax payments accounted for the bulk of the remainder of the change in cash provided by operating activities in both periods.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sA3B01E0E367F56508ED00EEEBC5444BD"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Investing Activities </font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash provided by investing activities totale</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">d </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$3,915,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;
"> in the 2011 Quarter and cash required for investing activities totaled </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$2,903,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010 Quarter. Restricted cash was reduced $4,500,000 in the 2011 Quarter. Capital spending totaled </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$1,105,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2011 Quarter and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$3,254,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010 Quarter and accounted for substantially all of the net usage of funds in the 2010 Quarter. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;fo
nt-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">We anticipate that funds necessary for capital expenditures, which are expected to total between $10,000,000 and $13,000,000 in 2011, and other requirements, will be available from internally generated funds, or availability under our Credit Agreement. The 2009 Amendments, as more fully discussed in Note 4 of the Notes to Consolidated Financial Statements, included herein, limit capital expenditures to $30,000,000 in 2011. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s9DF9F0A19A628FA1735A0EEEBC5A8031"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Financing Activities </font></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">
&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash required for financing activities totaled </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$29,982,000</font><font style="font-family:Arial;font-size:10pt;"> in t</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">he 2011 Quarter and </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$7,331,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> in the 2010 Quarter. Debt reduction accounted for substantially all of the usage of funds in both periods. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The 2009 Amendments requi
re us to suspend stockholder dividends and share repurchases through April 2012.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">23</font></div></div><hr style="page-break-after:always"><a name="sE4B5B82EE7FCD32799EC0EEEBC5FCF2E"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:center;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity </font></div><div style="line-height:120%;"><font style=
"font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, we had </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">$279,425,000</font><font style="font-family:Arial;font-size:10pt;"> outstanding under the revolving credit facility, and after consideration of the 2009 Amendments and letters of credit, have </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">approximately </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$81,677,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> available for future use. Including cash and restricted cash, our liquidity at </font><font
 style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> totals </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$103,807,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. This liquidity amount excludes any future cash flows. At December 26, 2010, remaining mandatory principal payments on debt in 2011 total </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$59,325,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. Since February 2009, we have satisfied all interest payments and substantially all principal payments due under our debt facilities with our cash flows. We expect all interest and principal payments due in 2011 will be satisfied by our continuing cash flow
s, which will allow us to maintain, or increase, the current level of liquidity. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to refinance or amend our debt agreements as they become due, or earlier if available liquidity is consumed. We are in compliance with our debt covenants at </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%
;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">There are numerous potential consequences under the Credit Agreement, and Guaranty Agreement and Note Agreement related to the Pulitzer Notes, if an event of default, as defined, occurs and is not remedied. Many of those consequences are beyond our control, and the control of Pulitzer and PD LLC, respectively. The occurrence of one or more events of default would give rise to the right of the Lenders or the Noteholders, or both of them, to exercise their remedies under the Credit Agreement and the Note and Guaranty Agreements, respectively, including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents. </font></div><div style="line-height:120%;padding-left:48px;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:ju
stify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2010, we filed a Form S-3 shelf registration statement ("Shelf") with the Securities and Exchange Commission ("SEC"), which has been declared effective. The Shelf gives us the flexibility to issue and publicly distribute various types of securities, including preferred stock, common stock, secured or unsecured debt securities, purchase contracts and units consisting of any combination of such securities, from time to time, in one or more offerings, up to an aggregate amount of $750,000,000. The Shelf enables us to sell securities quickly and efficiently when market conditions are favorable or financing needs arise.  Net proceeds from the sale of any securities must be used generally to reduce debt subject to conditions of existing debt agreements.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><a name="s6098B5A3BDCFB0C91A150EEEBC6A0B47"></a><div style="li
ne-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;font-weight:bold;">CHANGES IN LAWS AND REGULATIONS</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Energy Costs</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Energy costs have become more volatile, and may increase in the future as a result of carbon emissions regulations being developed by the United States Environmental Protection Agency. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">&nbsp;</font></div><div style=
"line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Health Care</font></div><div style="line-height:120%;text-align:center;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">The Affordable Care Act, was enacted into law in March 2010. As a result, in March 2010, we wrote off $2,012,000 of deferred income tax assets due to the loss of future tax deductions for providing retiree prescription drug benefits.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">We expect the Affordable Care Act will be supported by a substantial number of underlying regulations, many of
 which have not been issued. Certain provisions are now subject to judicial challenges on constitutional and other grounds. Accordingly, a complete determination of the impact of the Affordable Care Act cannot be made at this time. However, we expect our future health care costs to increase more rapidly based on analysis published by the United States Department of Health and Human Services, input from independent advisors and our understanding of various provisions of the Affordable Care Act that differ from our current medical plans, such as: </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">&nbsp;</font></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:24px;">&bull;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Higher maximum age for dependent coverage;</font></div><div style="line-height:120%;padding-lef
t:48px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:24px;">&bull;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Elimination of lifetime benefit caps; and,</font></div><div style="line-height:120%;padding-left:48px;text-align:left;font-size:10pt;"><font style="text-align:left;font-size:10pt;padding-right:24px;">&bull;</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Free choice vouchers for certain lower income employees.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:7pt;font-weight:bold;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">Administrative costs are also likely to increase as a result of new compliance reporting. New costs being imposed on other medical care businesses, such as health insurers, pharmaceutical companies and medi
cal device manufacturers, may be passed on to us in the form of higher costs. We may be able to mitigate certain of these future cost increases through changes in plan design.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">We do not expect the Affordable Care Act will have a significant impact on our postretirement medical benefit obligation </font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">24</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></
div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">liability.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain states in which we operate are changing, or considering changes to, their corporate income tax rates. At this time, the impact of such changes cannot be determined.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s41F15E7000B37F9511650EEEBC6A4717"></a><div
 style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">INFLATION </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Price increases (or decreases) for our products are implemented when deemed appropriate by us. We continuously evaluate price increases, productivity improvements, sourcing efficiencies and other cost reductions to mitigate the impact of inflation.  </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sBDE2301FD73032E2FAEF0EEEB706A95A"></a><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;vertical-align:inherit;">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style=
"font-family:Arial;font-size:10pt;font-weight:bold;">Quantitative and Qualitative Disclosures About Market Risk</font></div><div style="line-height:100%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are exposed to market risk stemming from changes in interest rates and commodity prices. Changes in these factors could cause fluctuations in earnings and cash flows. In the normal course of business, exposure to certain of these market risks is managed as described below. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">INTEREST RATES </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nb
sp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Cash and Investments </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Interest rate risk in our restricted cash and investments is managed by investing only in short-term securities. Only U.S. Government and related securities are permitted. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Debt </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;te
xt-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our debt structure and interest rate risk are managed through the use of fixed and floating rate debt. Our primary exposure is to LIBOR. A 100 basis point increase or decrease to LIBOR would, if in excess of LIBOR minimums discussed more fully below, decrease or increase, respectively, income before income taxes on an annualized basis by approximately </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$8,999,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">, based on </font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;color:#000000;text-decoration:none;">$899,940,000</font><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:Arial;font-size:10pt;">of floating rate debt outstanding at </font><font style="font-family:Arial;font-size:10pt;color:#000000;text
- -decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our debt under the Credit Agreement is subject to minimum interest rate levels of 1.25%, 2.0% and 2.5% for borrowings for one month, three month and six month periods, respectively. At </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, all of our outstanding debt under the Credit Agreement is based on one month borrowing. Based on the difference between interest rates at the end of January 2011 and our 1.25% minimum rate for one month borrowing, 30 day LIBOR would need to increase approximately 100 basis points before our borrowing cost would begin to be i
mpacted by an increase in interest rates. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Since November 30, 2009, the full amount of the outstanding balance under the Credit Agreement has been subject to floating interest rates, as all interest rate swaps and collars expired or were terminated at or prior to that date. At December 26, 2010, approximately  </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">86%</font><font style="font-family:Arial;font-size:10pt;"> of the principal amount of our debt is subject to floating interest rates. We regularly evaluate alternatives to hedge the related interest rate risk.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-al
ign:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain of our interest-earning assets, including those in employee benefit plans, also function as a natural hedge against fluctuations in interest rates on debt. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">COMMODITIES </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Certain materials used by us are exposed to commodity price changes. We manage this risk through instruments such as purchase orders and non-cancelable supply contracts. We are a participant in a buying cooperative with other publishing companies, primarily for t
he acquisition of newsprint. We are also involved in continuing programs to mitigate the impact of cost increases through identification of sourcing and operating efficiencies. Primary commodity price exposures are newsprint and, to a lesser extent, ink and energy costs. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">North American newsprint producers have taken significant steps since October 2009 to balance newsprint production capacity against declining North American demand by permanently reducing manufacturing capacity and significantly increasing export shipments to markets outside North America. Throughout 2010, export tonnes, in particular, have been utilized to solidify newsprint order backlogs, thereby supporting domestic, North American newsprint price levels </font></div><br><div style="text-align:cent
er;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">25</font></div></div><hr style="page-break-after:always"><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and increases. North American producers have implemented several price increases beginning in October 2009, resulting in increased purchase costs. As a result, we expect 2011 newsprint costs to be higher than 2010. The final extent of future price change announcements, if any, is subject to negotiations with each newsprint producer. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:
120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A $10 per tonne price increase for 30 pound newsprint would result in an annualized reduction in income before income taxes of approximately $935,000 based on anticipated consumption in 2011, excluding consumption of TNI and MNI and the impact of LIFO accounting. Such prices may also decrease. We manage significant newsprint inventories, which may help to mitigate the impact of future price increases. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">SENSITIVITY TO CHANGES IN VALUE </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-si
ze:10pt;">Our fixed rate debt consists of the Pulitzer Notes, which are not traded on an active market and are held by a small group of Noteholders. Coupled with the volatility of substantially all domestic credit markets that exists we are unable, as of December 26, 2010, to measure the maximum potential impact on fair value of fixed rate debt from adverse changes in market interest rates under normal market conditions. The change in value, if determined, could be significant.</font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="sB12822F9C4C9EB457A590EEEB70C4741"></a><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;vertical-align:inherit;">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Controls and Procedures</font></div><div style="line-height:120%;text-align:left;"><font s
tyle="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Under the supervision of our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), as of the end of the period covered by this Quarterly Report on Form 10-Q (the &ldquo;Evaluation Date&rdquo;). Based on this evaluation, our chief executive officer and chief financial officer concluded as of th
e Evaluation Date that our disclosure controls and procedures were effective such that the information relating to the Company, including its consolidated subsidiaries, required to be disclosed in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-s
ize:10pt;"><font style="font-family:Arial;font-size:10pt;">There have been no changes in our internal control over financial reporting that occurred during the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;"> that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s584DD5B0BD57F3E82E610EEEB7113EBD"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">PART II</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">OTHER INFORMATION </font></div><div style="line-height:120%;"><font style="font-family:inherit;fon
t-size:10pt;">&nbsp;</font></div><a name="s2EC08A630F24987CA7210EEEB717E3A1"></a><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In 2008, a group of newspaper carriers filed suit against us in the United States District Court for the Southern District of California, claiming to be employees and not independent contractors of ours. The plaintiffs seek relief related to violation of various employment-based statutes, and request punitive damages and attorneys' fees.  In July  2010, the trial court judge  granted the plaintiffs' petition for class certification.  We filed an interlocutory appeal which was denied. Discovery i
n the case will proceed in the normal course and we intend to bring a motion to reverse the class certification ruling upon completion of that process.  At this time we are unable to predict whether the ultimate economic outcome, if any, could have a material effect on our Consolidated Financial Statements, taken as a whole. We deny the allegations of employee status, consistent with our past practices and industry practices, and intend to vigorously contest the action, which is not covered by insurance. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We are involved in a variety of other legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these other matters. While we are unable to predict the ultimate outcome of these other legal actions, it is our
 opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a whole. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">26</font></div></div><hr style="page-break-after:always"><a name="s8EFA6FCF1C13FBF14BB50EEEB71DF5BE"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><a style="text-decoration:underline;color:#0000FF;font-family:Arial;" href="#sB56635638D8C2D1186380EEEB72E8872"><font style="font-family:Arial;font-size:10pt;">Table of Contents</font></a></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Item 2(c).&nbsp;&nbsp;&nbsp;&nbsp;Issuer Purchases of Equity Securities </font></div><div style="line-height:120%;tex
t-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">During the 13 weeks ended </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">December&nbsp;26, 2010</font><font style="font-family:Arial;font-size:10pt;">, we purchased shares of Common Stock, as noted in the table below, in transactions with participants in our 1990 Long-Term Incentive Plan. The transactions resulted from the withholding of shares to pay income taxes related to the vesting of restricted Common Stock. </font><font style="font-family:Arial;font-size:7pt;"> </font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="62%"></td><td width="17%"></td><td width
="21%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Month</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Shares</font></div><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Purchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Average Price</font></div><div style="font-family:A
rial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Per Share </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:
2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;background-color:#ffffff;">December</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">97,370</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;">2.44</font></div></td></tr></table></div></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s23F62FCE7555A7311CD20EEEB728493E"></a><div style="line-height:12
0%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></div><div style="line-height:100%;text-align:left;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="11%"></td><td width="20%"></td><td width="69%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></
td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="font-family:Arial;text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;text-align:right;">Description</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;text-align:right;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overf
low:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">31.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Rule 13a-14(a)/15d-14(a) certification</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-al
ign:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">31.2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Rule 13a-14(a)/15d-14(a) certification</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">32</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div 
style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:2px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Section 1350 certification</font></div></td></tr></table></div></div><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><a name="s9F281904218864E0F3C00EEEB72DD3F0"></a><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">SIGNATURES </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Pursuant to the requirements of the Securities Exchang
e Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </font></div><div style="line-height:120%;text-align:justify;"><font style="font-family:Arial;font-size:4pt;">&nbsp;</font></div><div style="line-height:100%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:679px;border-collapse:collapse;"><tr><td width="325px"></td><td width="45px"></td><td width="309px"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:
10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">LEE ENTERPRISES, INCORPORATED</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:
2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/ Carl G. Schmidt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;pad
ding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">February 4, 2011</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Carl G. Schmidt</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-si
ze:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Vice President, Chief Financial Officer and Treasurer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(Principal Financial and Accounting Officer)</font></div
></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr></table></div></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:Arial;">27</font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>lee2011q1ex311.htm
<DESCRIPTION>CERTIFICATION OF CEO
<TEXT>
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<a name="s02FAFE0977A0BB693F3E0EEEDC8B37CB"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exhibit 31.1</font><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CERTIFICATION OF CHIEF EXECUTIVE OFFICER </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">I, Mary E. Junck, certify that: </font></div><div style="line-height:120%;text-align:left;
"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;"><tr><td width="6%"></td><td width="4%"></td><td width="5%"></td><td width="85%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">I have reviewed this quarterly report on Form 10-Q ("Quarterly Report") of Lee Enterprises, Incorporated ("Registrant");</font></div></td></tr><tr><td style="vertical-align:bottom;padding-l
eft:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to ma
ke the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div s
tyle="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Based on my knowledge, the Consolidated Financial Statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Quarterly Report;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div
 style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">4</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="ov
erflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</
font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inher
it;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-le
ft:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">b)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left
:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="te
xt-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">c)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this Quarterly Report based on such evalua
tion; and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;paddi
ng-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">d)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">disclosed in this Quarterly Report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal
 quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div 
style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the Audit Committee of Registrant's Board of Directors (or persons performing the equivalent functions):</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:1
0pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td sty
le="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;
"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Ar
ial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">b)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div
><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Date: </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">February&nbsp;4, 2011</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">&nbsp;</font><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;"><tr><td width="43%"></td><td width="57%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;p
adding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/ Mary E. Junck</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Mary E. Junck</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div styl
e="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Chairman, President and Chief Executive Officer</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>lee2011q1ex312.htm
<DESCRIPTION>CERTIFICATION OF CFO
<TEXT>
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<a name="sF2F465B676C5150EA01A0EEEDC904C39"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exhibit 31.2 </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER </font></div><div style="line-height:120%;text-align:center;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">I, Carl G. Schmidt, certify that: </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div sty
le="line-height:120%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;"><tr><td width="8%"></td><td width="5%"></td><td width="7%"></td><td width="80%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">I have reviewed this quarterly report on Form 10-Q ("Quarterly Report") of Lee Enterprises, Incorporated ("Registrant");</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="ov
erflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">2</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Based on my knowledge, this Quarterly Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statem
ents were made, not misleading with respect to the period covered by this Quarterly Report;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-si
ze:10pt;">Based on my knowledge, the Consolidated Financial Statements, and other financial information included in this Quarterly Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Quarterly Report;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-
size:10pt;">4</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;fo
nt-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2p
x;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;
padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="tex
t-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">b)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overf
low:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;
">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">c)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this Quarterly Report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this Quarterly Report based on such evaluation; and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-
left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style
="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">d)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">disclosed in this Quarterly Report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is
 reasonably likely to materially affect, the Registrant's internal control over financial reporting; and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:i
nherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">5</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the Audit Committee of Registrant's Board of Directors (or persons performing the equivalent functions):</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></
td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px
;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">a)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-f
amily:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom
;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">b)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;
font-size:10pt;">Date: </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">February&nbsp;4, 2011</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:left;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.40625%;border-collapse:collapse;"><tr><td width="23%"></td><td width="77%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;
font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/ Carl G. Schmidt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Carl G. Schmidt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Vice President, Chief Fina
ncial Officer and Treasurer</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></div>	</body>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>lee2011q1ex32.htm
<DESCRIPTION>CERTIFICATION OF CEO AND CFO
<TEXT>
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<a name="s899B2C19D3DD8A5185DB0EEEDC92D26C"></a><div style="vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Exhibit 32 </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The following statement is being furnished to the Securities and Exchange Commission solely for purposes of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), which carries with it certain criminal penalties in the event of a knowing or willful misrepresentation. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;tex
t-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Securities and Exchange Commission </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">450 Fifth Street, NW </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Washington, DC 20549 </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Re: Lee Enterprises, Incorporated </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Ladies and Gentlemen: </font></div><div style="line-height:120%;text-align:left;
font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In accordance with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), each of the undersigned hereby certifies that to our knowledge: </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;"><tr><td width="5%"></td><td width="3%"></td><td width="92%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(i)</
font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">this quarterly report on Form 10-Q for the period ended December 26, 2010 ("Quarterly Report"), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-ri
ght:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(ii)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">the
 information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of Lee Enterprises, Incorporated for the periods presented in the Quarterly Report.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Date: </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">February&nbsp;4, 2011</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&nbsp;</font></div><div style="line-height:120%;text-align:center;"><div style="padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:aut
o;width:100%;border-collapse:collapse;"><tr><td width="44%"></td><td width="1%"></td><td width="55%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/ Mary E. Junck</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">/s/ Carl G. Schmidt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10
pt;"><font style="font-family:Arial;font-size:10pt;">Mary E. Junck</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Carl G. Schmidt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Chairman, President and</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="verti
cal-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Vice President, Chief Financial Officer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Chief Executive Officer</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&nbsp;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">and Treasurer</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;
"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A signed original of this written statement required by Section 906 has been provided to Lee Enterprises, Incorporated and will be retained by Lee Enterprises, Incorporated and furnished to the Securities and Exchange Commission upon request. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div><br><div style="text-align:center;vertical-align:inherit;"><div style="line-height:120%;"><font style="font-family:inherit;font-size:10pt;">&nbsp;</font></div></div>	</body>
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