Investments in Associated Companies

3 Months Ended

Dec. 27, 2015

Investments In Associated Companies [Abstract]

Equity Method Investments Disclosure [Text Block]

INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising, and subscription activities of the Arizona Daily Star as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspapers and other media.

Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen.

Summarized results of TNI are as follows:



	13 Weeks Ended
(Thousands of Dollars)	December 27 2015	December 28 2014

Operating revenue	14,782	15,600
Operating expenses, excluding workforce adjustments, depreciation and amortization	11,341	12,102
Workforce adjustments	—	—
Operating income	3,441	3,498
Company's 50% share of operating income	1,721	1,749
Less amortization of intangible assets	105	105
Equity in earnings of TNI	1,616	1,644

TNI makes weekly distributions of its earnings and for the 13 weeks ended December 27, 2015 and December 28, 2014 we received $1,479,000 and $1,194,000 in distributions, respectively.

Star Publishing's 50% share of TNI depreciation and certain general and administrative expenses (income) associated with its share of the operation and administration of TNI are reported as operating expenses (benefit) in our Consolidated Statements of Operations and Comprehensive Income. These amounts totaled $(119,000) and $(68,000) in the 13 weeks ended December 27, 2015 and December 28, 2014, respectively.

Annual amortization of intangible assets is estimated to be $418,000 for the periods ending December 2016, 2017, 2018, 2019, and $105,000 in 2020.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital platforms. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized results of MNI are as follows:



	13 Weeks Ended
(Thousands of Dollars)	December 27 2015	December 28 2014

Operating revenue	17,789	18,657
Operating expenses, excluding workforce adjustments, depreciation and amortization	13,612	14,631
Workforce adjustments	—	11
Depreciation and amortization	410	464
Operating income	3,767	3,551
Net income	2,358	2,224
Equity in earnings of MNI	1,183	1,112

MNI makes quarterly distributions of its earnings and in each of the 13 weeks ended December 27, 2015 and December 28, 2014, we received dividends of $1,750,000.