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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tribune Publishing Company | NASDAQ:TPCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.26 | 17.24 | 17.26 | 0 | 01:00:00 |
[ X ]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Delaware
|
|
38-3919441
|
(State or other jurisdiction
of incorporation or organization)
|
|
(I.R.S. employer
identification no.)
|
|
|
|
160 N. Stetson Avenue
|
|
|
Chicago Illinois
|
|
60601
|
(Address of principal executive offices)
|
|
(Zip code)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock, par value $.01 per share
|
TPCO
|
The NASDAQ Stock Market LLC
|
Large accelerated filer ____
|
|
Accelerated filer
X
|
Non-accelerated filer ____
|
|
Smaller reporting company ____
|
|
|
Emerging growth company ____
|
Class
|
|
Outstanding at August 5, 2019
|
Common Stock, $0.01 par value
|
|
35,747,365
|
|
|
TRIBUNE PUBLISHING COMPANY
|
|
|
|
|
FORM 10-Q
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
PART I
|
|
|
|
|
|
|
|
|
|
Item 1.
|
|
Financial Statements
(unaudited)
|
|
|
|
|
|
|
|
Item 2.
|
|
|
||
|
|
|
|
|
Item 3.
|
|
|
||
|
|
|
|
|
Item 4.
|
|
|
||
|
|
|
|
|
PART II
|
|
|
||
|
|
|
|
|
Item 1.
|
|
|
||
|
|
|
|
|
Item 1A.
|
|
|
||
|
|
|
|
|
Item 2.
|
|
|
||
|
|
|
|
|
Item 3.
|
|
|
||
|
|
|
|
|
Item 4.
|
|
|
||
|
|
|
|
|
Item 5.
|
|
|
||
|
|
|
|
|
Item 6.
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
||||||||
Operating revenues
|
|
$
|
250,327
|
|
|
$
|
253,037
|
|
|
$
|
494,852
|
|
|
$
|
491,576
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Compensation
|
|
95,808
|
|
|
106,455
|
|
|
193,517
|
|
|
217,293
|
|
||||
Newsprint and ink
|
|
15,118
|
|
|
16,770
|
|
|
31,221
|
|
|
31,368
|
|
||||
Outside services
|
|
80,425
|
|
|
81,818
|
|
|
164,238
|
|
|
180,803
|
|
||||
Other operating expenses
|
|
39,223
|
|
|
36,297
|
|
|
81,441
|
|
|
69,159
|
|
||||
Depreciation and amortization
|
|
11,648
|
|
|
12,942
|
|
|
23,732
|
|
|
25,959
|
|
||||
Total operating expenses
|
|
242,222
|
|
|
254,282
|
|
|
494,149
|
|
|
524,582
|
|
||||
Income (loss) from operations
|
|
8,105
|
|
|
(1,245
|
)
|
|
703
|
|
|
(33,006
|
)
|
||||
Interest income (expense), net
|
|
315
|
|
|
(5,412
|
)
|
|
535
|
|
|
(11,976
|
)
|
||||
Loss on early extinguishment of debt
|
|
—
|
|
|
(7,666
|
)
|
|
—
|
|
|
(7,666
|
)
|
||||
Loss on equity investments, net
|
|
(555
|
)
|
|
(665
|
)
|
|
(1,042
|
)
|
|
(1,394
|
)
|
||||
Other income (expense), net
|
|
(56
|
)
|
|
3,640
|
|
|
17
|
|
|
7,303
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
7,809
|
|
|
(11,348
|
)
|
|
213
|
|
|
(46,739
|
)
|
||||
Income tax expense (benefit)
|
|
2,465
|
|
|
3,753
|
|
|
(417
|
)
|
|
(2,926
|
)
|
||||
Net income (loss) from continuing operations
|
|
5,344
|
|
|
(15,101
|
)
|
|
630
|
|
|
(43,813
|
)
|
||||
Plus: Earnings (loss) from discontinued operations, net of taxes
|
|
(722
|
)
|
|
280,545
|
|
|
(722
|
)
|
|
294,745
|
|
||||
Net income (loss)
|
|
4,622
|
|
|
265,444
|
|
|
(92
|
)
|
|
250,932
|
|
||||
Less: Income attributable to noncontrolling interest
|
|
1,926
|
|
|
448
|
|
|
1,887
|
|
|
710
|
|
||||
Net income (loss) attributable to Tribune common stockholders
|
|
$
|
2,696
|
|
|
$
|
264,996
|
|
|
$
|
(1,979
|
)
|
|
$
|
250,222
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations, net of income attributable to noncontrolling interest, per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.10
|
|
|
$
|
(0.44
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(1.27
|
)
|
Diluted
|
|
$
|
0.10
|
|
|
$
|
(0.44
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(1.27
|
)
|
Net income (loss) attributable to Tribune per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.08
|
|
|
$
|
7.51
|
|
|
$
|
(0.06
|
)
|
|
$
|
7.14
|
|
Diluted
|
|
$
|
0.08
|
|
|
$
|
7.51
|
|
|
$
|
(0.06
|
)
|
|
$
|
7.14
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
35,711
|
|
|
35,288
|
|
|
35,669
|
|
|
35,045
|
|
||||
Diluted
|
|
35,866
|
|
|
35,288
|
|
|
35,669
|
|
|
35,045
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
||||||||
Net income (loss)
|
|
$
|
4,622
|
|
|
$
|
265,444
|
|
|
$
|
(92
|
)
|
|
$
|
250,932
|
|
Comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
|
||||||||
Amortization of items to periodic pension cost during the period, net of taxes of ($23), ($915), ($46) and ($1,830), respectively
|
|
(59
|
)
|
|
(2,376
|
)
|
|
(118
|
)
|
|
(4,752
|
)
|
||||
Foreign currency translation
|
|
(10
|
)
|
|
(5
|
)
|
|
(12
|
)
|
|
(5
|
)
|
||||
Comprehensive loss recognized in continuing operations, net of taxes
|
|
(69
|
)
|
|
(2,381
|
)
|
|
(130
|
)
|
|
(4,757
|
)
|
||||
Accumulated other comprehensive income recognized in discontinued operations, net of taxes of $9,702
|
|
—
|
|
|
25,397
|
|
|
—
|
|
|
25,397
|
|
||||
Comprehensive income (loss)
|
|
4,553
|
|
|
288,460
|
|
|
(222
|
)
|
|
271,572
|
|
||||
Less: Comprehensive income attributable to noncontrolling interest
|
|
1,926
|
|
|
448
|
|
|
1,887
|
|
|
710
|
|
||||
Comprehensive income (loss) attributable to Tribune common stockholders
|
|
$
|
2,627
|
|
|
$
|
288,012
|
|
|
$
|
(2,109
|
)
|
|
$
|
270,862
|
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash
|
|
$
|
102,632
|
|
|
$
|
97,560
|
|
Accounts receivable, (net of allowances of $10,831 and $11,458)
|
|
112,047
|
|
|
145,463
|
|
||
Inventories
|
|
6,516
|
|
|
9,587
|
|
||
Prepaid expenses and other
|
|
19,534
|
|
|
18,197
|
|
||
Total current assets
|
|
240,729
|
|
|
270,807
|
|
||
|
|
|
|
|
||||
Property, plant and equipment
|
|
|
|
|
||||
Machinery, equipment and furniture
|
|
126,650
|
|
|
124,243
|
|
||
Buildings and leasehold improvements
|
|
85,377
|
|
|
82,399
|
|
||
|
|
212,027
|
|
|
206,642
|
|
||
Accumulated depreciation
|
|
(84,141
|
)
|
|
(74,013
|
)
|
||
|
|
127,886
|
|
|
132,629
|
|
||
Advance payments on property, plant and equipment
|
|
3,997
|
|
|
12,334
|
|
||
Property, plant and equipment, net
|
|
131,883
|
|
|
144,963
|
|
||
|
|
|
|
|
||||
Other assets
|
|
|
|
|
||||
Goodwill
|
|
132,172
|
|
|
132,146
|
|
||
Intangible assets, net
|
|
72,896
|
|
|
77,229
|
|
||
Software, net
|
|
23,270
|
|
|
27,117
|
|
||
Lease right-of-use asset
|
|
106,851
|
|
|
—
|
|
||
Restricted cash
|
|
37,290
|
|
|
43,947
|
|
||
Deferred income taxes
|
|
1,364
|
|
|
2,414
|
|
||
Other long-term assets
|
|
14,145
|
|
|
28,004
|
|
||
Total other assets
|
|
387,988
|
|
|
310,857
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
760,600
|
|
|
$
|
726,627
|
|
|
|
|
|
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
45,129
|
|
|
$
|
70,555
|
|
Employee compensation and benefits
|
|
42,896
|
|
|
61,001
|
|
||
Deferred revenue
|
|
47,632
|
|
|
51,114
|
|
||
Dividends payable to stockholders
|
|
53,845
|
|
|
—
|
|
||
Current portion of long-term lease liability
|
|
21,558
|
|
|
—
|
|
||
Current portion of long-term debt
|
|
100
|
|
|
405
|
|
||
Other current liabilities
|
|
21,283
|
|
|
21,203
|
|
||
Tax liabilities associated with discontinued operations
|
|
—
|
|
|
6,249
|
|
||
Total current liabilities
|
|
232,443
|
|
|
210,527
|
|
||
|
|
|
|
|
||||
Non-current liabilities
|
|
|
|
|
||||
Long-term lease liability
|
|
108,416
|
|
|
—
|
|
||
Workers’ compensation, general liability and auto insurance payable
|
|
25,703
|
|
|
30,606
|
|
||
Pension and postretirement benefits payable
|
|
18,477
|
|
|
20,150
|
|
||
Deferred rent
|
|
—
|
|
|
25,424
|
|
||
Long-term debt
|
|
6,801
|
|
|
6,799
|
|
||
Other obligations
|
|
8,218
|
|
|
20,053
|
|
||
Total non-current liabilities
|
|
167,615
|
|
|
103,032
|
|
||
|
|
|
|
|
||||
Noncontrolling interest
|
|
38,243
|
|
|
39,756
|
|
||
|
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
|
||||
Preferred stock, $.01 par value. Authorized 30,000 shares; no shares issued or outstanding at June 30, 2019 and December 30, 2018
|
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value. Authorized 300,000 shares, 37,686 shares issued and 35,733 shares outstanding at June 30, 2019; 37,551 shares issued and 35,597 shares outstanding at December 30, 2018
|
|
377
|
|
|
376
|
|
||
Additional paid-in capital
|
|
175,305
|
|
|
166,668
|
|
||
Retained earnings
|
|
172,880
|
|
|
232,401
|
|
||
Accumulated other comprehensive income (loss)
|
|
(103
|
)
|
|
27
|
|
||
Treasury stock, at cost - 1,954 shares at June 30, 2019 and December 30, 2018
|
|
(26,160
|
)
|
|
(26,160
|
)
|
||
Total stockholders’ equity
|
|
322,299
|
|
|
373,312
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
|
$
|
760,600
|
|
|
$
|
726,627
|
|
|
|
Common Stock
|
|
Additional Paid in Capital
|
|
Retained Earnings
|
|
AOCI
|
|
Treasury Stock
|
|
Total Equity
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance at December 30, 2018
|
|
37,551
|
|
|
$
|
376
|
|
|
$
|
166,668
|
|
|
$
|
232,401
|
|
|
$
|
27
|
|
|
$
|
(26,160
|
)
|
|
$
|
373,312
|
|
Cumulative effect of adoption of leasing standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,787
|
)
|
|
—
|
|
|
—
|
|
|
(1,787
|
)
|
||||||
Adjusted balance at December 30, 2018
|
|
37,551
|
|
|
376
|
|
|
166,668
|
|
|
230,614
|
|
|
27
|
|
|
(26,160
|
)
|
|
371,525
|
|
||||||
Comprehensive loss attributable to controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,675
|
)
|
|
(61
|
)
|
|
—
|
|
|
(4,736
|
)
|
||||||
Issuance of stock from restricted stock and restricted stock unit (“RSU”) conversions
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
5,737
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,737
|
|
||||||
Withholding for taxes on RSU conversions
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
||||||
Balance at March 31, 2019
|
|
37,618
|
|
|
$
|
376
|
|
|
$
|
172,392
|
|
|
$
|
225,939
|
|
|
$
|
(34
|
)
|
|
$
|
(26,160
|
)
|
|
$
|
372,513
|
|
Comprehensive income (loss) attributable to controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,696
|
|
|
(69
|
)
|
|
—
|
|
|
2,627
|
|
||||||
Dividends to common stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,755
|
)
|
|
—
|
|
|
—
|
|
|
(55,755
|
)
|
||||||
Issuance of stock from restricted stock and RSU conversions
|
|
68
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
2,914
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,914
|
|
||||||
Balance at June 30, 2019
|
|
37,686
|
|
|
$
|
377
|
|
|
$
|
175,305
|
|
|
$
|
172,880
|
|
|
$
|
(103
|
)
|
|
$
|
(26,160
|
)
|
|
$
|
322,299
|
|
|
|
Common Stock
|
|
Additional Paid in Capital
|
|
Retained Earnings (Deficit)
|
|
AOCI
|
|
Treasury Stock
|
|
Total Equity
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2017
|
|
37,551
|
|
|
$
|
376
|
|
|
$
|
150,229
|
|
|
$
|
(16,390
|
)
|
|
$
|
(13,527
|
)
|
|
$
|
(51,526
|
)
|
|
$
|
69,162
|
|
Comprehensive loss attributable to controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,627
|
)
|
|
(2,377
|
)
|
|
—
|
|
|
(17,004
|
)
|
||||||
AOCI recognized in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
108
|
|
||||||
Issuance of stock from treasury for acquisition
|
|
—
|
|
|
—
|
|
|
9,229
|
|
|
—
|
|
|
—
|
|
|
25,366
|
|
|
34,595
|
|
||||||
Issuance of stock from restricted stock and RSU conversions
|
|
122
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercise of stock options
|
|
7
|
|
|
—
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
2,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,447
|
|
||||||
Withholding for taxes on RSU conversions
|
|
—
|
|
|
—
|
|
|
(943
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(943
|
)
|
||||||
Forfeited restricted stock
|
|
(450
|
)
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at April 1, 2018
|
|
37,230
|
|
|
372
|
|
|
161,099
|
|
|
(31,017
|
)
|
|
(15,796
|
)
|
|
(26,160
|
)
|
|
88,498
|
|
||||||
Comprehensive income (loss) attributable to controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
264,849
|
|
|
(2,380
|
)
|
|
—
|
|
|
262,469
|
|
||||||
AOCI recognized in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,289
|
|
|
—
|
|
|
25,289
|
|
||||||
Issuance of stock from restricted stock and RSU conversions
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
2,748
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,748
|
|
||||||
Withholding for taxes on RSU conversions
|
|
—
|
|
|
—
|
|
|
(119
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(119
|
)
|
||||||
Balance at July 1, 2018
|
|
37,242
|
|
|
$
|
372
|
|
|
$
|
163,729
|
|
|
$
|
233,832
|
|
|
$
|
7,113
|
|
|
$
|
(26,160
|
)
|
|
$
|
378,886
|
|
|
||||||||
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
||||
Operating Activities From Continuing Operations
|
|
|
|
|
||||
Net income (loss) from continuing operations
|
|
$
|
630
|
|
|
$
|
(43,813
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
23,732
|
|
|
25,959
|
|
||
Stock compensation expense
|
|
8,651
|
|
|
5,195
|
|
||
Loss on equity investments, net
|
|
1,042
|
|
|
1,394
|
|
||
Loss on early extinguishment of debt
|
|
—
|
|
|
7,666
|
|
||
Deferred income taxes
|
|
1,822
|
|
|
7,094
|
|
||
Defined benefit plan contribution
|
|
(1,054
|
)
|
|
(534
|
)
|
||
Postretirement medical, life and other benefits
|
|
(782
|
)
|
|
(2,369
|
)
|
||
Changes in working capital items, excluding acquisitions:
|
|
|
|
|
||||
Accounts receivable, net
|
|
33,417
|
|
|
15,801
|
|
||
Prepaid expenses, inventories and other current assets
|
|
(7,088
|
)
|
|
16,934
|
|
||
Accounts payable, employee compensation and benefits, deferred revenue and other current liabilities
|
|
(42,527
|
)
|
|
9,898
|
|
||
Other, net
|
|
(274
|
)
|
|
(2,046
|
)
|
||
Net cash provided by operating activities
|
|
17,569
|
|
|
41,179
|
|
||
|
|
|
|
|
||||
Investing Activities From Continuing Operations
|
|
|
|
|
||||
Capital expenditures
|
|
(9,288
|
)
|
|
(30,435
|
)
|
||
Acquisition of business, net of cash acquired
|
|
—
|
|
|
(67,952
|
)
|
||
Other, net
|
|
(179
|
)
|
|
(2,371
|
)
|
||
Net cash used for investing activities
|
|
(9,467
|
)
|
|
(100,758
|
)
|
||
|
|
|
|
|
||||
Financing Activities From Continuing Operations
|
|
|
|
|
||||
Repayments of capital lease obligations
|
|
(303
|
)
|
|
—
|
|
||
Repayment of long-term debt
|
|
—
|
|
|
(353,253
|
)
|
||
Dividends paid to noncontrolling interest
|
|
(3,400
|
)
|
|
—
|
|
||
Withholding for taxes on RSU vesting
|
|
(13
|
)
|
|
(1,062
|
)
|
||
Other
|
|
—
|
|
|
170
|
|
||
Net cash used for financing activities
|
|
(3,716
|
)
|
|
(354,145
|
)
|
||
|
|
|
|
|
||||
Increase (decrease) in cash attributable to continuing operations
|
|
$
|
4,386
|
|
|
$
|
(413,724
|
)
|
TRIBUNE PUBLISHING COMPANY.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In thousands)
(Unaudited)
|
||||||||
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
||||
|
|
|
|
|
||||
Cash flows provided by (used for) operating activities from discontinued operations, net
|
|
$
|
(5,971
|
)
|
|
$
|
2,387
|
|
Cash flows provided by investing activities from discontinued operations, net
|
|
—
|
|
|
483,320
|
|
||
Cash flows used for financing activities from discontinued operations, net
|
|
—
|
|
|
(190
|
)
|
||
Increase (decrease) in cash attributable to discontinued operations
|
|
(5,971
|
)
|
|
485,517
|
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash
|
|
(1,585
|
)
|
|
71,793
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
|
141,507
|
|
|
185,351
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
139,922
|
|
|
$
|
257,144
|
|
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Lease cost:
|
|
|
|
|
||||
Finance lease cost
|
|
$
|
79
|
|
|
$
|
157
|
|
Operating lease cost
|
|
7,329
|
|
|
14,825
|
|
||
Variable lease cost
|
|
1,945
|
|
|
3,570
|
|
||
Sublease income
|
|
(443
|
)
|
|
(1,572
|
)
|
||
Total lease cost
|
|
$
|
8,910
|
|
|
$
|
16,980
|
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
20,431
|
|
Operating cash flows from finance leases
|
|
$
|
60
|
|
Financing cash flows from finance leases
|
|
$
|
303
|
|
Right of use assets obtained in exchange for new operating lease liabilities
|
|
$
|
2,159
|
|
Weighted average remaining lease term - finance leases (in years)
|
|
2.3
|
|
|
Weighted average remaining lease term - operating leases (in years)
|
|
6.3
|
|
|
Weighted average discount rate - finance leases
|
|
5.75
|
%
|
|
Weighted average discount rate - operating leases
|
|
4.74
|
%
|
|
|
Operating Leases
|
|
Finance Leases
|
|
Subleases
|
||||||
7/1/2019 - 6/28/2020
|
|
$
|
31,149
|
|
|
$
|
100
|
|
|
$
|
3,037
|
|
6/29/2020 - 6/27/2021
|
|
28,668
|
|
|
50
|
|
|
2,471
|
|
|||
6/28/2021 - 6/26/2022
|
|
26,002
|
|
|
6,892
|
|
|
1,707
|
|
|||
6/27/2022 - 6/25/2023
|
|
23,331
|
|
|
—
|
|
|
1,625
|
|
|||
6/26/2023 - 6/30/2024
|
|
9,916
|
|
|
—
|
|
|
793
|
|
|||
Thereafter
|
|
33,544
|
|
|
—
|
|
|
—
|
|
|||
Total future lease payments
|
|
152,610
|
|
|
7,042
|
|
|
9,633
|
|
|||
Less imputed interest
|
|
22,636
|
|
|
141
|
|
|
—
|
|
|||
Net future minimum lease payments
|
|
$
|
129,974
|
|
|
$
|
6,901
|
|
|
$
|
9,633
|
|
Balance at December 30, 2018
|
|
$
|
28,845
|
|
Provision
|
|
6,667
|
|
|
Payments
|
|
(25,788
|
)
|
|
Balance at June 30, 2019
|
|
$
|
9,724
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
||||||||
Accounts receivable from NantMedia beginning balance
|
|
$
|
10,775
|
|
|
$
|
—
|
|
|
$
|
17,909
|
|
|
$
|
—
|
|
Revenue for TSA services
|
|
5,948
|
|
|
1,181
|
|
|
12,954
|
|
|
1,181
|
|
||||
Reimbursable costs
|
|
13,332
|
|
|
12,028
|
|
|
29,677
|
|
|
12,028
|
|
||||
Amounts received for TSA services
|
|
(6,537
|
)
|
|
—
|
|
|
(12,403
|
)
|
|
—
|
|
||||
Amounts received for reimbursable costs
|
|
(14,775
|
)
|
|
—
|
|
|
(40,013
|
)
|
|
—
|
|
||||
Amounts reimbursed to Nant for amounts collected from third parties under commingled revenue contracts
|
|
7,011
|
|
|
—
|
|
|
13,076
|
|
|
—
|
|
||||
Amounts collected from third parties under commingled revenue contracts
|
|
(6,787
|
)
|
|
(688
|
)
|
|
(12,233
|
)
|
|
(688
|
)
|
||||
Accounts receivable from NantMedia balance as of June 30, 2019
(i)
|
|
$
|
8,967
|
|
|
$
|
12,521
|
|
|
$
|
8,967
|
|
|
$
|
12,521
|
|
Consideration
|
|
|
||
Cash consideration for acquisition
|
|
$
|
33,912
|
|
Total consideration
|
|
33,912
|
|
|
|
|
|
||
Allocated Fair Value of Acquired Assets and Assumed Liabilities
|
|
|
||
Accounts receivable and other current assets
|
|
8,257
|
|
|
Property, plant and equipment
|
|
29,843
|
|
|
Mastheads
|
|
4,700
|
|
|
Intangible assets subject to amortization
|
|
1,300
|
|
|
Accounts payable and other current liabilities
|
|
(10,749
|
)
|
|
Other long term obligations
|
|
(68
|
)
|
|
Total identifiable assets, net
|
|
33,283
|
|
|
Goodwill
|
|
629
|
|
|
Total net assets acquired
|
|
$
|
33,912
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
||||||||
Operating revenues
|
|
$
|
—
|
|
|
$
|
94,251
|
|
|
$
|
—
|
|
|
$
|
211,327
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Compensation
|
|
—
|
|
|
25,065
|
|
|
—
|
|
|
58,763
|
|
||||
Newsprint and ink
|
|
—
|
|
|
6,938
|
|
|
—
|
|
|
14,373
|
|
||||
Outside services
|
|
—
|
|
|
30,075
|
|
|
—
|
|
|
61,650
|
|
||||
Other operating expenses
|
|
1,000
|
|
|
26,804
|
|
|
1,000
|
|
|
56,541
|
|
||||
Depreciation and amortization
|
|
—
|
|
|
1,328
|
|
|
—
|
|
|
2,960
|
|
||||
Total operating expenses
|
|
1,000
|
|
|
90,210
|
|
|
1,000
|
|
|
194,287
|
|
||||
Income (loss) from operations
|
|
(1,000
|
)
|
|
4,041
|
|
|
(1,000
|
)
|
|
17,040
|
|
||||
Gain on sale
|
|
—
|
|
|
409,334
|
|
|
—
|
|
|
409,334
|
|
||||
Interest expense, net
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(53
|
)
|
||||
Other income, net
|
|
—
|
|
|
613
|
|
|
—
|
|
|
1,338
|
|
||||
Income tax benefit (expense)
|
|
278
|
|
|
(133,420
|
)
|
|
278
|
|
|
(132,914
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
|
$
|
(722
|
)
|
|
$
|
280,545
|
|
|
$
|
(722
|
)
|
|
$
|
294,745
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
||||||||
M
|
|
$
|
—
|
|
|
$
|
81,631
|
|
|
$
|
—
|
|
|
$
|
185,836
|
|
X
|
|
—
|
|
|
12,570
|
|
|
—
|
|
|
25,429
|
|
||||
Corporate and eliminations
|
|
—
|
|
|
50
|
|
|
—
|
|
|
62
|
|
||||
|
|
$
|
—
|
|
|
$
|
94,251
|
|
|
$
|
—
|
|
|
$
|
211,327
|
|
Income (loss) from Operations
|
|
|
|
|
|
|
|
|
||||||||
M
|
|
$
|
(1,000
|
)
|
|
$
|
(75
|
)
|
|
$
|
(1,000
|
)
|
|
$
|
10,918
|
|
X
|
|
—
|
|
|
4,065
|
|
|
—
|
|
|
6,079
|
|
||||
Corporate and eliminations
|
|
—
|
|
|
51
|
|
|
—
|
|
|
43
|
|
||||
|
|
$
|
(1,000
|
)
|
|
$
|
4,041
|
|
|
$
|
(1,000
|
)
|
|
$
|
17,040
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
||||||||
M
|
|
$
|
—
|
|
|
$
|
1,289
|
|
|
$
|
—
|
|
|
$
|
2,856
|
|
X
|
|
—
|
|
|
39
|
|
|
—
|
|
|
104
|
|
||||
|
|
$
|
—
|
|
|
$
|
1,328
|
|
|
$
|
—
|
|
|
$
|
2,960
|
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Carrying amount of liabilities associated with discontinued operations:
|
|
|
|
|
||||
Income tax payable
|
|
$
|
—
|
|
|
$
|
6,249
|
|
Total liabilities associated with discontinued operations
|
|
$
|
—
|
|
|
$
|
6,249
|
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Newsprint
|
|
$
|
6,242
|
|
|
$
|
9,273
|
|
Supplies and other
|
|
274
|
|
|
314
|
|
||
Total inventories
|
|
$
|
6,516
|
|
|
$
|
9,587
|
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||||||||||||||||||
|
|
Gross Amount
|
|
Accumulated Amortization
|
|
Net Amount
|
|
Gross Amount
|
|
Accumulated Amortization
|
|
Net Amount
|
||||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Subscribers (useful life of 2 to 10 years)
|
|
$
|
7,312
|
|
|
$
|
(5,243
|
)
|
|
$
|
2,069
|
|
|
$
|
7,312
|
|
|
$
|
(4,730
|
)
|
|
$
|
2,582
|
|
Advertiser relationships (useful life of 2 to 13 years)
|
|
27,648
|
|
|
(13,806
|
)
|
|
13,842
|
|
|
27,648
|
|
|
(12,497
|
)
|
|
15,151
|
|
||||||
Tradenames (useful life of 20 years)
|
|
15,100
|
|
|
(3,733
|
)
|
|
11,367
|
|
|
15,100
|
|
|
(3,343
|
)
|
|
11,757
|
|
||||||
Other (useful life of 1 to 20 years)
|
|
16,181
|
|
|
(5,389
|
)
|
|
10,792
|
|
|
17,744
|
|
|
(4,831
|
)
|
|
12,913
|
|
||||||
Total intangible assets subject to amortization
|
|
$
|
66,241
|
|
|
$
|
(28,171
|
)
|
|
38,070
|
|
|
$
|
67,804
|
|
|
$
|
(25,401
|
)
|
|
42,403
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Software (useful life of 2 to 10 years)
|
|
$
|
140,055
|
|
|
$
|
(116,785
|
)
|
|
23,270
|
|
|
$
|
136,005
|
|
|
$
|
(108,888
|
)
|
|
27,117
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill and other intangible assets not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
|
|
|
|
132,172
|
|
|
|
|
|
|
132,146
|
|
||||||||||
Newspaper mastheads
|
|
|
|
|
|
34,826
|
|
|
|
|
|
|
34,826
|
|
||||||||||
Total goodwill and other intangible assets
|
|
|
|
|
|
$
|
228,338
|
|
|
|
|
|
|
$
|
236,492
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Affected Line Items in the Consolidated Statements of Income (Loss)
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
|
|||||||||
Service cost
|
|
$
|
(80
|
)
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
72
|
|
|
Compensation
|
Interest cost
|
|
947
|
|
|
825
|
|
|
1,759
|
|
|
1,636
|
|
|
Other income, net
|
||||
Expected return on assets
|
|
(938
|
)
|
|
(1,165
|
)
|
|
(2,107
|
)
|
|
(2,333
|
)
|
|
Other income, net
|
||||
Net periodic benefit
|
|
$
|
(71
|
)
|
|
$
|
(348
|
)
|
|
$
|
(348
|
)
|
|
$
|
(625
|
)
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Affected Line Items in the Consolidated Statements of Income (Loss)
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
|
|||||||||
Service cost
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
Compensation
|
Interest cost
|
|
9
|
|
|
8
|
|
|
19
|
|
|
17
|
|
|
Other income, net
|
||||
Amortization of prior service credits
|
|
(82
|
)
|
|
(2,634
|
)
|
|
(164
|
)
|
|
(5,267
|
)
|
|
Other income, net
|
||||
Amortization of actuarial gains
|
|
—
|
|
|
(657
|
)
|
|
—
|
|
|
(1,315
|
)
|
|
Other income, net
|
||||
Net periodic benefit
|
|
$
|
(69
|
)
|
|
$
|
(3,279
|
)
|
|
$
|
(137
|
)
|
|
$
|
(6,558
|
)
|
|
|
Balance at December 30, 2018
|
|
$
|
39,756
|
|
Dividends declared
|
|
(3,400
|
)
|
|
Income attributable to noncontrolling interest
|
|
1,887
|
|
|
Balance at June 30, 2019
|
|
$
|
38,243
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
||||||||
Income (loss) - Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
|
$
|
5,344
|
|
|
$
|
(15,101
|
)
|
|
$
|
630
|
|
|
$
|
(43,813
|
)
|
Less: Income attributable to noncontrolling interest
|
|
1,926
|
|
|
448
|
|
|
1,887
|
|
|
710
|
|
||||
Net income (loss) from continuing operations available to Tribune common stockholders, before discontinued operations
|
|
3,418
|
|
|
(15,549
|
)
|
|
(1,257
|
)
|
|
(44,523
|
)
|
||||
Income (loss) from discontinued operations
|
|
(722
|
)
|
|
280,545
|
|
|
(722
|
)
|
|
294,745
|
|
||||
Net income (loss) attributable to Tribune common stockholders
|
|
$
|
2,696
|
|
|
$
|
264,996
|
|
|
$
|
(1,979
|
)
|
|
$
|
250,222
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shares - Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding (basic)
|
|
35,711
|
|
|
35,288
|
|
|
35,669
|
|
|
35,045
|
|
||||
Dilutive effect of employee stock options and RSUs
|
|
155
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted weighted average shares outstanding (diluted)
|
|
35,866
|
|
|
35,288
|
|
|
35,669
|
|
|
35,045
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Tribune per common share - Basic
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
0.10
|
|
|
$
|
(0.44
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(1.27
|
)
|
Discontinued operations
|
|
(0.02
|
)
|
|
7.95
|
|
|
(0.02
|
)
|
|
8.41
|
|
||||
Net income (loss) attributable to Tribune per common share - Basic
|
|
$
|
0.08
|
|
|
$
|
7.51
|
|
|
$
|
(0.06
|
)
|
|
$
|
7.14
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Tribune per common share - Diluted
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
0.10
|
|
|
$
|
(0.44
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(1.27
|
)
|
Discontinued operations
|
|
(0.02
|
)
|
|
7.95
|
|
|
(0.02
|
)
|
|
8.41
|
|
||||
Net income (loss) attributable to Tribune per common share - Diluted
|
|
$
|
0.08
|
|
|
$
|
7.51
|
|
|
$
|
(0.06
|
)
|
|
$
|
7.14
|
|
|
|
Foreign Currency
|
|
OPEB
|
|
Pension
|
|
Total
|
||||||||
Balance at December 30, 2018
|
|
$
|
(39
|
)
|
|
$
|
303
|
|
|
$
|
(237
|
)
|
|
$
|
27
|
|
Amounts reclassified from AOCI
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
||||
Foreign currency translation adjustments
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
||||
Balance at June 30, 2019
|
|
$
|
(51
|
)
|
|
$
|
185
|
|
|
$
|
(237
|
)
|
|
$
|
(103
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Affected Line Items in the Consolidated Statements of Income (Loss)
|
||||||||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
|
June 30, 2019
|
|
July 1, 2018
|
|
|||||||||
Accumulated Other Comprehensive Income Components
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pension and postretirement benefit adjustments:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service credits
|
|
$
|
(82
|
)
|
|
$
|
(2,634
|
)
|
|
$
|
(164
|
)
|
|
$
|
(5,267
|
)
|
|
Other income, net
|
Amortization of actuarial gains
|
|
—
|
|
|
(657
|
)
|
|
—
|
|
|
(1,315
|
)
|
|
Other income, net
|
||||
Total before taxes
|
|
(82
|
)
|
|
(3,291
|
)
|
|
(164
|
)
|
|
(6,582
|
)
|
|
|
||||
Tax effect
|
|
(23
|
)
|
|
(915
|
)
|
|
(46
|
)
|
|
(1,830
|
)
|
|
Income tax benefit
|
||||
Total reclassifications for the period
|
|
$
|
(59
|
)
|
|
$
|
(2,376
|
)
|
|
$
|
(118
|
)
|
|
$
|
(4,752
|
)
|
|
|
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
M
|
|
X
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
(Print)
|
|
(Digital)
|
|
|
||||||||||||||||||||||||||
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
||||||||||||||||
Advertising
|
$
|
155,759
|
|
|
$
|
170,542
|
|
|
$
|
44,556
|
|
|
$
|
46,037
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
200,320
|
|
|
$
|
216,579
|
|
Circulation
|
171,479
|
|
|
173,242
|
|
|
12,967
|
|
|
7,681
|
|
|
—
|
|
|
—
|
|
|
184,446
|
|
|
180,923
|
|
||||||||
Commercial print and delivery
|
48,361
|
|
|
52,789
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,361
|
|
|
52,789
|
|
||||||||
Direct mail
|
17,578
|
|
|
15,628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,578
|
|
|
15,628
|
|
||||||||
Content syndication and other
|
4,648
|
|
|
4,307
|
|
|
27,126
|
|
|
21,567
|
|
|
12,373
|
|
|
(217
|
)
|
|
44,147
|
|
|
25,657
|
|
||||||||
Other
|
70,587
|
|
|
72,724
|
|
|
27,126
|
|
|
21,567
|
|
|
12,373
|
|
|
(217
|
)
|
|
110,086
|
|
|
94,074
|
|
||||||||
Operating revenues
|
397,825
|
|
|
416,508
|
|
|
84,649
|
|
|
75,285
|
|
|
12,378
|
|
|
(217
|
)
|
|
494,852
|
|
|
491,576
|
|
||||||||
Operating expenses
|
372,374
|
|
|
408,821
|
|
|
80,413
|
|
|
72,453
|
|
|
41,362
|
|
|
43,308
|
|
|
494,149
|
|
|
524,582
|
|
||||||||
Income (loss) from operations
|
$
|
25,451
|
|
|
$
|
7,687
|
|
|
$
|
4,236
|
|
|
$
|
2,832
|
|
|
$
|
(28,984
|
)
|
|
$
|
(43,525
|
)
|
|
703
|
|
|
(33,006
|
)
|
||
Interest income (expense), net
|
|
|
|
|
|
|
|
|
|
|
|
|
535
|
|
|
(11,976
|
)
|
||||||||||||||
Loss on early extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(7,666
|
)
|
||||||||||||||
Loss on investments, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,042
|
)
|
|
(1,394
|
)
|
||||||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
17
|
|
|
7,303
|
|
||||||||||||||
Income (loss) from continuing operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
213
|
|
|
$
|
(46,739
|
)
|
||||||||||||
Depreciation and amortization
|
$
|
11,227
|
|
|
$
|
7,962
|
|
|
$
|
4,565
|
|
|
$
|
9,054
|
|
|
$
|
7,940
|
|
|
$
|
8,943
|
|
|
$
|
23,732
|
|
|
$
|
25,959
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest
|
|
$
|
—
|
|
|
$
|
10,489
|
|
Income taxes, net of refunds
|
|
7,957
|
|
|
3,967
|
|
||
Non-cash items in investing activities:
|
|
|
|
|
||||
Issuance of stock from treasury for acquisition
|
|
—
|
|
|
34,595
|
|
|
|
June 30, 2019
|
|
December 30, 2018
|
||||
Cash and cash equivalents
|
|
$
|
102,632
|
|
|
$
|
97,560
|
|
Restricted cash included in other assets
|
|
37,290
|
|
|
43,947
|
|
||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
|
$
|
139,922
|
|
|
$
|
141,507
|
|
|
|
Daily Newspapers
|
|
Weekly Newspapers
|
|
Niche Publications
|
Cost:
|
|
Paid
|
|
Paid and free
|
|
Paid and free
|
Distribution:
|
|
Distributed four to seven days per week
|
|
Distributed one to three days per week
|
|
Distributed weekly, monthly or on an annual basis
|
Income:
|
|
Revenue from advertisers, subscribers, rack/box sales
|
|
Paid:
Revenue from advertising, subscribers, rack/box sales
|
|
Paid:
Revenue from advertising, rack/box sales
|
|
|
|
|
Free:
Advertising revenue only
|
|
Free:
Advertising revenue only
|
Media Group
|
|
City
|
|
Masthead
|
|
Circulation Type
|
|
Paid or Free
|
Chicago Tribune Media Group
|
|
|
|
|
||||
|
|
Chicago, IL
|
|
Chicago Tribune
|
|
Daily
|
|
Paid
|
|
|
Chicago, IL
|
|
Chicago Magazine
|
|
Monthly
|
|
Paid
|
|
|
Chicago, IL
|
|
Hoy
|
|
Weekly
|
|
Free
|
|
|
Chicago, IL
|
|
RedEye
|
|
Weekly
|
|
Free
|
The New York Daily News Group
|
|
|
|
|
||||
|
|
New York, NY
|
|
New York Daily News
|
|
Daily
|
|
Paid
|
Sun Sentinel Media Group
|
|
|
|
|
||||
|
|
Broward County, FL, Palm Beach County, FL
|
|
Sun Sentinel
|
|
Daily
|
|
Paid
|
|
|
Broward County, FL, Palm Beach County, FL
|
|
el Sentinel
|
|
Weekly
|
|
Free
|
Orlando Sentinel Media Group
|
|
|
|
|
||||
|
|
Orlando, FL
|
|
Orlando Sentinel
|
|
Daily
|
|
Paid
|
|
|
Orlando, FL
|
|
el Sentinel
|
|
Weekly
|
|
Free
|
The Baltimore Sun Media Group
|
|
|
|
|
||||
|
|
Baltimore, MD
|
|
The Baltimore Sun
|
|
Daily
|
|
Paid
|
|
|
Annapolis, MD
|
|
The Capital
|
|
Daily
|
|
Paid
|
|
|
Westminster, MD
|
|
Carroll County Times
|
|
Daily
|
|
Paid
|
Hartford Courant Media Group
|
|
|
|
|
||||
|
|
Hartford County, CT, Middlesex County, CT, Tolland County, CT
|
|
The Hartford Courant
|
|
Daily
|
|
Paid
|
Virginia Media Group
|
|
|
|
|
||||
|
|
Newport News, VA (Peninsula)
|
|
Daily Press
|
|
Daily
|
|
Paid
|
|
|
Norfolk, VA
|
|
The Virginian-Pilot
|
|
Daily
|
|
Paid
|
The Morning Call Media Group
|
|
|
|
|
||||
|
|
Lehigh Valley, PA
|
|
The Morning Call
|
|
Daily
|
|
Paid
|
Websites
|
||
www.tribpub.com
|
www.orlandosentinel.com
|
www.thedailymeal.com
|
www.chicagotribune.com
|
www.orlandosentinel/elsentinel.com
|
www.theactivetimes.com
|
www.chicagomag.com
|
www.baltimoresun.com
|
www.dailypress.com
|
www.sun-sentinel.com
|
www.capitalgazette.com
|
www.pilotonline.com
|
www.sun-sentinel/elsentinel.com
|
www.carrollcountytimes.com
|
www.vivelohoy.com
|
www.bestreviews.com
|
www.courant.com
|
www.redeyechicago.com
|
www.nydailynews.com
|
www.themorningcall.com
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
% Change
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
% Change
|
||||||||||
Operating revenues
|
|
$
|
250,327
|
|
|
$
|
253,037
|
|
|
(1.1
|
%)
|
|
$
|
494,852
|
|
|
$
|
491,576
|
|
|
0.7
|
%
|
Compensation
|
|
95,808
|
|
|
106,455
|
|
|
(10.0
|
%)
|
|
193,517
|
|
|
217,293
|
|
|
(10.9
|
%)
|
||||
Newsprint and ink
|
|
15,118
|
|
|
16,770
|
|
|
(9.9
|
%)
|
|
31,221
|
|
|
31,368
|
|
|
(0.5
|
%)
|
||||
Outside services
|
|
80,425
|
|
|
81,818
|
|
|
(1.7
|
%)
|
|
164,238
|
|
|
180,803
|
|
|
(9.2
|
%)
|
||||
Other operating expenses
|
|
39,223
|
|
|
36,297
|
|
|
8.1
|
%
|
|
81,441
|
|
|
69,159
|
|
|
17.8
|
%
|
||||
Depreciation and amortization
|
|
11,648
|
|
|
12,942
|
|
|
(10.0
|
%)
|
|
23,732
|
|
|
25,959
|
|
|
(8.6
|
%)
|
||||
Total operating expenses
|
|
242,222
|
|
|
254,282
|
|
|
(4.7
|
%)
|
|
494,149
|
|
|
524,582
|
|
|
(5.8
|
%)
|
||||
Income (loss) from operations
|
|
8,105
|
|
|
(1,245
|
)
|
|
*
|
|
703
|
|
|
(33,006
|
)
|
|
*
|
||||||
Interest income (expense), net
|
|
315
|
|
|
(5,412
|
)
|
|
*
|
|
535
|
|
|
(11,976
|
)
|
|
*
|
||||||
Loss on extinguishment of debt
|
|
—
|
|
|
(7,666
|
)
|
|
*
|
|
—
|
|
|
(7,666
|
)
|
|
*
|
||||||
Loss on equity investments, net
|
|
(555
|
)
|
|
(665
|
)
|
|
(16.5
|
%)
|
|
(1,042
|
)
|
|
(1,394
|
)
|
|
(25.3
|
%)
|
||||
Other income (expense), net
|
|
(56
|
)
|
|
3,640
|
|
|
*
|
|
17
|
|
|
7,303
|
|
|
(99.8
|
%)
|
|||||
Income tax expense (benefit)
|
|
2,465
|
|
|
3,753
|
|
|
(34.3
|
%)
|
|
(417
|
)
|
|
(2,926
|
)
|
|
(85.7
|
%)
|
||||
Net income (loss) from continuing operations
|
|
5,344
|
|
|
(15,101
|
)
|
|
*
|
|
630
|
|
|
(43,813
|
)
|
|
*
|
||||||
Plus: Earnings (loss) from discontinued operations, net of taxes
|
|
(722
|
)
|
|
280,545
|
|
|
*
|
|
(722
|
)
|
|
294,745
|
|
|
*
|
||||||
Net income (loss)
|
|
4,622
|
|
|
265,444
|
|
|
(98.3
|
%)
|
|
(92
|
)
|
|
250,932
|
|
|
*
|
|||||
Less: Income attributable to noncontrolling interest
|
|
1,926
|
|
|
448
|
|
|
*
|
|
1,887
|
|
|
710
|
|
|
*
|
||||||
Net income (loss) attributable to Tribune common stockholders
|
|
$
|
2,696
|
|
|
$
|
264,996
|
|
|
(99.0
|
%)
|
|
$
|
(1,979
|
)
|
|
$
|
250,222
|
|
|
*
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
M
|
|
X
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
||||||||||||||||
Total revenues
|
$
|
199,800
|
|
|
$
|
212,297
|
|
|
$
|
45,066
|
|
|
$
|
40,141
|
|
|
$
|
5,461
|
|
|
$
|
599
|
|
|
$
|
250,327
|
|
|
$
|
253,037
|
|
Operating expenses
|
188,030
|
|
|
204,410
|
|
|
35,520
|
|
|
36,691
|
|
|
18,672
|
|
|
13,181
|
|
|
242,222
|
|
|
254,282
|
|
||||||||
Income (loss) from operations
|
11,770
|
|
|
7,887
|
|
|
9,546
|
|
|
3,450
|
|
|
(13,211
|
)
|
|
(12,582
|
)
|
|
8,105
|
|
|
(1,245
|
)
|
||||||||
Depreciation and amortization
|
4,941
|
|
|
3,990
|
|
|
2,388
|
|
|
4,505
|
|
|
4,319
|
|
|
4,447
|
|
|
11,648
|
|
|
12,942
|
|
||||||||
Adjustments
(1)
|
(125
|
)
|
|
3,865
|
|
|
312
|
|
|
3,312
|
|
|
4,488
|
|
|
3,344
|
|
|
4,675
|
|
|
10,521
|
|
||||||||
Adjusted EBITDA
|
$
|
16,586
|
|
|
$
|
15,742
|
|
|
$
|
12,246
|
|
|
$
|
11,267
|
|
|
$
|
(4,404
|
)
|
|
$
|
(4,791
|
)
|
|
$
|
24,428
|
|
|
$
|
22,218
|
|
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
M
|
|
X
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
||||||||||||||||
Total revenues
|
$
|
397,825
|
|
|
$
|
416,508
|
|
|
$
|
84,649
|
|
|
$
|
75,285
|
|
|
$
|
12,378
|
|
|
$
|
(217
|
)
|
|
$
|
494,852
|
|
|
$
|
491,576
|
|
Operating expenses
|
372,374
|
|
|
408,821
|
|
|
80,413
|
|
|
72,453
|
|
|
41,362
|
|
|
43,308
|
|
|
494,149
|
|
|
524,582
|
|
||||||||
Income (loss) from operations
|
25,451
|
|
|
7,687
|
|
|
4,236
|
|
|
2,832
|
|
|
(28,984
|
)
|
|
(43,525
|
)
|
|
703
|
|
|
(33,006
|
)
|
||||||||
Depreciation and amortization
|
11,227
|
|
|
7,962
|
|
|
4,565
|
|
|
9,054
|
|
|
7,940
|
|
|
8,943
|
|
|
23,732
|
|
|
25,959
|
|
||||||||
Adjustments
(1)
|
3,561
|
|
|
8,744
|
|
|
5,867
|
|
|
5,262
|
|
|
11,857
|
|
|
23,687
|
|
|
21,285
|
|
|
37,693
|
|
||||||||
Adjusted EBITDA
|
$
|
40,239
|
|
|
$
|
24,393
|
|
|
$
|
14,668
|
|
|
$
|
17,148
|
|
|
$
|
(9,187
|
)
|
|
$
|
(10,895
|
)
|
|
$
|
45,720
|
|
|
$
|
30,646
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
% Change
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
% Change
|
||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advertising
|
$
|
79,827
|
|
|
$
|
87,800
|
|
|
(9.1
|
%)
|
|
$
|
155,759
|
|
|
$
|
170,542
|
|
|
(8.7
|
%)
|
Circulation
|
84,809
|
|
|
88,616
|
|
|
(4.3
|
%)
|
|
171,479
|
|
|
173,242
|
|
|
(1.0
|
%)
|
||||
Other
|
35,164
|
|
|
35,881
|
|
|
(2.0
|
%)
|
|
70,587
|
|
|
72,724
|
|
|
(2.9
|
%)
|
||||
Total revenues
|
199,800
|
|
|
212,297
|
|
|
(5.9
|
%)
|
|
397,825
|
|
|
416,508
|
|
|
(4.5
|
%)
|
||||
Operating expenses
|
188,030
|
|
|
204,410
|
|
|
(8.0
|
%)
|
|
372,374
|
|
|
408,821
|
|
|
(8.9
|
%)
|
||||
Income from operations
|
11,770
|
|
|
7,887
|
|
|
49.2
|
%
|
|
25,451
|
|
|
7,687
|
|
|
*
|
|||||
Depreciation and amortization
|
4,941
|
|
|
3,990
|
|
|
23.8
|
%
|
|
11,227
|
|
|
7,962
|
|
|
41.0
|
%
|
||||
Adjustments
(1)
|
(125
|
)
|
|
3,865
|
|
|
*
|
|
3,561
|
|
|
8,744
|
|
|
(59.3
|
%)
|
|||||
Adjusted EBITDA
|
$
|
16,586
|
|
|
$
|
15,742
|
|
|
5.4
|
%
|
|
$
|
40,239
|
|
|
$
|
24,393
|
|
|
65.0
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
% Change
|
|
Jun 30, 2019
|
|
Jul 1, 2018
|
|
% Change
|
||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advertising
|
$
|
23,720
|
|
|
$
|
23,987
|
|
|
(1.1
|
%)
|
|
$
|
44,556
|
|
|
$
|
46,037
|
|
|
(3.2
|
%)
|
Content
|
21,346
|
|
|
16,154
|
|
|
32.1
|
%
|
|
40,093
|
|
|
29,248
|
|
|
37.1
|
%
|
||||
Total revenues
|
45,066
|
|
|
40,141
|
|
|
12.3
|
%
|
|
84,649
|
|
|
75,285
|
|
|
12.4
|
%
|
||||
Operating expenses
|
35,520
|
|
|
36,691
|
|
|
(3.2
|
%)
|
|
80,413
|
|
|
72,453
|
|
|
11.0
|
%
|
||||
Income from operations
|
9,546
|
|
|
3,450
|
|
|
*
|
|
4,236
|
|
|
2,832
|
|
|
49.6
|
%
|
|||||
Depreciation and amortization
|
2,388
|
|
|
4,505
|
|
|
(47.0
|
%)
|
|
4,565
|
|
|
9,054
|
|
|
(49.6
|
%)
|
||||
Adjustments
(1)
|
312
|
|
|
3,312
|
|
|
(90.6
|
%)
|
|
5,867
|
|
|
5,262
|
|
|
11.5
|
%
|
||||
Adjusted EBITDA
|
$
|
12,246
|
|
|
$
|
11,267
|
|
|
8.7
|
%
|
|
$
|
14,668
|
|
|
$
|
17,148
|
|
|
(14.5
|
%)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
|
June 30, 2019
|
|
July 1, 2018
|
|
% Change
|
|
June 30, 2019
|
|
July 1, 2018
|
|
% Change
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
5,344
|
|
|
$
|
(15,101
|
)
|
|
*
|
|
$
|
630
|
|
|
$
|
(43,813
|
)
|
|
*
|
||
Income tax expense (benefit) from continuing operations
|
|
2,465
|
|
|
3,753
|
|
|
(34.3
|
%)
|
|
(417
|
)
|
|
(2,926
|
)
|
|
(85.7
|
%)
|
||||
Interest expense (income), net
|
|
(315
|
)
|
|
5,412
|
|
|
*
|
|
(535
|
)
|
|
11,976
|
|
|
*
|
||||||
Loss on the early extinguishment of debt
|
|
—
|
|
|
7,666
|
|
|
*
|
|
—
|
|
|
7,666
|
|
|
*
|
||||||
Loss on equity investments, net
|
|
555
|
|
|
665
|
|
|
(16.5
|
%)
|
|
1,042
|
|
|
1,394
|
|
|
(25.3
|
%)
|
||||
Other (income) expense, net
|
|
56
|
|
|
(3,640
|
)
|
|
*
|
|
(17
|
)
|
|
(7,303
|
)
|
|
(99.8
|
%)
|
|||||
Income (loss) from operations
|
|
8,105
|
|
|
(1,245
|
)
|
|
*
|
|
703
|
|
|
(33,006
|
)
|
|
*
|
||||||
Depreciation and amortization
|
|
11,648
|
|
|
12,942
|
|
|
(10.0
|
%)
|
|
23,732
|
|
|
25,959
|
|
|
(8.6
|
%)
|
||||
Restructuring and transaction costs
(1)
|
|
1,796
|
|
|
7,578
|
|
|
(76.3
|
%)
|
|
12,669
|
|
|
33,163
|
|
|
(61.8
|
%)
|
||||
Stock-based compensation
|
|
2,879
|
|
|
2,943
|
|
|
(2.2
|
%)
|
|
8,616
|
|
|
4,530
|
|
|
90.2
|
%
|
||||
Adjusted EBITDA from continuing operations
|
|
$
|
24,428
|
|
|
$
|
22,218
|
|
|
9.9
|
%
|
|
$
|
45,720
|
|
|
$
|
30,646
|
|
|
49.2
|
%
|
(1) -
|
Restructuring and transaction costs include costs related to Tribune's internal restructuring, such as severance, charges associated with vacated space, costs related to completed and potential acquisitions and a one-time charge related to the Consulting Agreement.
|
•
|
they do not reflect the Company’s interest income and expense, or the requirements necessary to service interest or principal payments on the Company’s debt;
|
•
|
they do not reflect future requirements for capital expenditures or contractual commitments; and
|
•
|
although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and non-GAAP measures do not reflect any cash requirements for such replacements.
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
July 1, 2018
|
||||
Net cash provided by operating activities
|
|
$
|
17,569
|
|
|
$
|
41,179
|
|
Net cash used for investing activities
|
|
(9,467
|
)
|
|
(100,758
|
)
|
||
Net cash used for financing activities
|
|
(3,716
|
)
|
|
(354,145
|
)
|
||
Increase (decrease) in cash attributable to continuing operations
|
|
$
|
4,386
|
|
|
$
|
(413,724
|
)
|
2.1*
|
2.2*
|
2.3*
|
2.4*
|
3.1*
|
3.2*
|
31.1
|
31.2
|
32
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Scheme Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
TRIBUNE PUBLISHING COMPANY
|
|
|
|
|
August 7, 2019
|
|
By:
|
/s/ Terry Jimenez
|
|
|
|
Terry Jimenez
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
August 7, 2019
|
|
By:
|
/s/ Michael N. Lavey
|
|
|
|
Michael N. Lavey
|
|
|
|
Chief Accounting Officer and Controller
|
1 Year Tribune Publishing Chart |
1 Month Tribune Publishing Chart |
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