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Note 3 - Investments in Associated Companies

3 Months Ended

Dec. 26, 2021

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:


		December 26,				December 27,
(Thousands of Dollars)		2021				2020

Operating revenue			8,981				9,400
Operating expenses			6,465				7,005
Operating income			2,516				2,395
Company's 50% share of operating income			1,258				1,198
Less amortization of intangible assets			—				—
Equity in earnings of TNI			1,258				1,198

TNI makes periodic distributions of its earnings and for the quarter ended December 26, 2021 and December 27, 2020 we received $859,000 and $1,056,000 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:


		December 26,				December 27,
(Thousands of Dollars)		2021				2020

Operating revenue			12,195				11,922
Operating expenses, excluding restructuring costs, depreciation and amortization			10,834				10,430
Restructuring costs			—				106
Depreciation and amortization			170				110
Operating income			1,191				1,276
Net income			991				1,089
Equity in earnings of MNI			496				545

MNI makes periodic distributions of its earnings and in the quarter ended December 26, 2021 we received dividends of $300,000. No dividends were received in the quarter ended December 27, 2020.