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Note 3 - Investments in Associated Companies | 9 Months Ended
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Jun. 28, 2020
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
3 | 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 newspaper 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 |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
(Thousands of Dollars) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating revenue |  | 8,222 |  |  | 10,465 |  |  | 28,602 |  |  | 34,109 |
Operating expenses |  | 6,645 |  |  | 8,363 |  |  | 22,576 |  |  | 26,291 |
Operating income |  | 1,577 |  |  | 2,102 |  |  | 6,026 |  |  | 7,818 |
Company's 50% share of operating income |  | 789 |  |  | 1,051 |  |  | 3,013 |  |  | 3,909 |
Less amortization of intangible assets |  | — |  |  | 105 |  |  | 209 |  |  | 313 |
Equity in earnings of TNI |  | 789 |  |  | 946 |  |  | 2,804 |  |  | 3,596 |
TNI makes weekly distributions of its earnings and for the 13 weeks ended June 28, 2020 and June 30, 2019, we received $959,000 and $731,000 in distributions, respectively. In the 39 weeks ended June 28, 2020 and June 30, 2019, we received $2,650,000 and $3,328,000 in distributions, respectively. 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 |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
(Thousands of Dollars) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating revenue |  | 10,875 |  |  | 13,709 |  |  | 37,125 |  |  | 41,627 |
Operating expenses, excluding restructuring costs, depreciation and amortization |  | 10,542 |  |  | 12,132 |  |  | 34,222 |  |  | 36,338 |
Restructuring costs |  | — |  |  | 67 |  |  | — |  |  | 134 |
Depreciation and amortization |  | 172 |  |  | 280 |  |  | 514 |  |  | 839 |
Operating income |  | 161 |  |  | 1,230 |  |  | 2,389 |  |  | 4,316 |
Net income |  | 107 |  |  | 1,010 |  |  | 1,938 |  |  | 3,405 |
Equity in earnings of MNI |  | 54 |  |  | 505 |  |  | 969 |  |  | 1,702 |
MNI makes quarterly distributions of its earnings and in the 13 weeks ended June 28, 2020 and June 30, 2019, we received dividends of $0 and $850,000, respectively. In the 39 weeks ended June 28, 2020 and June 30, 2019, we received dividends of $1,000,000 and $2,350,000 respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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