Investments in Associated Companies

6 Months Ended

Mar. 27, 2016

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		26 Weeks Ended
(Thousands of Dollars)	March 27 2016	March 29 2015	March 27 2016	March 29 2015

Operating revenue	14,039	14,373	28,821	29,973
Operating expenses	11,102	11,745	22,443	23,847
Operating income	2,937	2,628	6,378	6,126
Company's 50% share of operating income	1,468	1,314	3,189	3,063
Less amortization of intangible assets	104	105	209	209
Equity in earnings of TNI	1,364	1,209	2,980	2,854

TNI makes weekly distributions of its earnings and for the 13 weeks ended March 27, 2016 and March 29, 2015 we received $2,251,000 and $1,879,000 in distributions, respectively. In the 26 weeks ended March 27, 2016 and March 29, 2015 we received $3,729,000 and $3,072,000 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 Income and Comprehensive Income. These amounts totaled $(43,000) and $(130,000) in the 13 weeks ended March 27, 2016 and March 29, 2015, respectively and $(162,000) and $(198,000) in the 26 weeks ended March 27, 2016 and March 29, 2015, respectively.

Annual amortization of intangible assets is estimated to be $418,000 for the periods ending March 2017, 2018, 2019, and 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		26 Weeks Ended
(Thousands of Dollars)	March 27 2016	March 29 2015	March 27 2016	March 29 2015

Operating revenue	15,550	16,122	33,339	34,678
Operating expenses, excluding workforce adjustments, depreciation and amortization	13,047	14,278	26,660	28,810
Workforce adjustments	19	47	19	57
Depreciation and amortization	483	463	893	927
Operating income	2,001	1,334	5,767	4,884
Net income	1,290	888	3,648	3,112
Equity in earnings of MNI	645	444	1,828	1,556

MNI makes quarterly distributions of its earnings and in the 13 weeks ended March 27, 2016 and March 29, 2015 we received dividends of $2,250,000 and $1,250,000, respectively. In the 26 weeks ended March 27, 2016 and March 29, 2015 we received dividends of $4,000,000 and $3,000,000, respectively,