Investments in Associated Companies

9 Months Ended

Jun. 26, 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		39 Weeks Ended
(Thousands of Dollars)	June 26 2016	June 28 2015	June 26 2016	June 28 2015

Operating revenue	12,231	13,063	41,053	43,035
Operating expenses	10,073	10,936	32,515	34,783
Operating income	2,158	2,127	8,538	8,252
Company's 50% share of operating income	1,080	1,064	4,269	4,127
Less amortization of intangible assets	105	105	314	314
Equity in earnings of TNI	975	959	3,955	3,813

TNI makes weekly distributions of its earnings and for the 13 weeks ended June 26, 2016 and June 28, 2015 we received $1,501,000 and $1,041,000 in distributions, respectively. In the 39 weeks ended June 26, 2016 and June 28, 2015 we received $5,230,000 and $4,113,000 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 $162,000 and $45,000 in the 13 weeks ended June 26, 2016 and June 28, 2015, respectively and $(1,000) and $(153,000) in the 39 weeks ended June 26, 2016 and June 28, 2015, respectively.

Annual amortization of intangible assets is estimated to be $418,000 for the periods ending June 2017, 2018, and 2019. Annual amortization of intangible assets is estimated to be $314,000 for June 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		39 Weeks Ended
(Thousands of Dollars)	June 26 2016	June 28 2015	June 26 2016	June 28 2015

Operating revenue	16,263	16,685	49,602	51,580
Operating expenses, excluding workforce adjustments, depreciation and amortization	13,160	13,623	39,819	42,650
Workforce adjustments	13	261	32	318
Depreciation and amortization	410	463	1,303	1,390
Operating income	2,680	2,338	8,448	7,222
Net income	1,699	1,491	5,347	4,603
Equity in earnings of MNI	850	746	2,678	2,301

MNI makes quarterly distributions of its earnings and in the 13 weeks ended June 26, 2016 and June 28, 2015 we received dividends of $1,750,000 and $1,000,000, respectively. In the 39 weeks ended June 26, 2016 and June 28, 2015 we received dividends of $5,750,000 and $4,000,000, respectively.