We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tribune Pubg Co. New (delisted) | NASDAQ:TRNC | 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% | 16.11 | 15.93 | 16.35 | 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 July 1, 2018
|
[ ]
|
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)
|
Large accelerated filer ____
|
|
Accelerated filer
X
|
Non-accelerated filer ____
|
|
Smaller reporting company ____
|
|
|
Emerging growth company ____
|
Class
|
|
Outstanding at August 8, 2018
|
Common Stock, $0.01 par value
|
|
35,460,739
|
|
|
TRONC INC.
|
|
|
|
|
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
|
||||||||||||
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
|
$
|
253,037
|
|
|
$
|
243,435
|
|
|
$
|
491,576
|
|
|
$
|
483,410
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Compensation
|
|
106,455
|
|
|
92,609
|
|
|
217,293
|
|
|
189,003
|
|
||||
Newsprint and ink
|
|
16,770
|
|
|
14,091
|
|
|
31,368
|
|
|
28,425
|
|
||||
Outside services
|
|
81,818
|
|
|
80,526
|
|
|
180,803
|
|
|
161,021
|
|
||||
Other operating expenses
|
|
36,297
|
|
|
38,760
|
|
|
69,159
|
|
|
76,526
|
|
||||
Depreciation and amortization
|
|
12,942
|
|
|
12,987
|
|
|
25,959
|
|
|
23,682
|
|
||||
Total operating expenses
|
|
254,282
|
|
|
238,973
|
|
|
524,582
|
|
|
478,657
|
|
||||
Income (loss) from operations
|
|
(1,245
|
)
|
|
4,462
|
|
|
(33,006
|
)
|
|
4,753
|
|
||||
Interest expense, net
|
|
(5,412
|
)
|
|
(6,365
|
)
|
|
(11,976
|
)
|
|
(12,800
|
)
|
||||
Loss on early extinguishment of debt
|
|
(7,666
|
)
|
|
—
|
|
|
(7,666
|
)
|
|
—
|
|
||||
Premium on stock buyback
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,031
|
)
|
||||
Loss on equity investments, net
|
|
(665
|
)
|
|
(723
|
)
|
|
(1,394
|
)
|
|
(1,621
|
)
|
||||
Other income, net
|
|
3,640
|
|
|
284
|
|
|
7,303
|
|
|
567
|
|
||||
Loss from continuing operations before income taxes
|
|
(11,348
|
)
|
|
(2,342
|
)
|
|
(46,739
|
)
|
|
(15,132
|
)
|
||||
Income tax expense (benefit)
|
|
3,753
|
|
|
(402
|
)
|
|
(2,926
|
)
|
|
(2,280
|
)
|
||||
Loss from continuing operations
|
|
(15,101
|
)
|
|
(1,940
|
)
|
|
(43,813
|
)
|
|
(12,852
|
)
|
||||
Plus: Earnings from discontinued operations, net of taxes
|
|
280,545
|
|
|
8,781
|
|
|
294,745
|
|
|
16,704
|
|
||||
Net income
|
|
265,444
|
|
|
6,841
|
|
|
250,932
|
|
|
3,852
|
|
||||
Less: Income attributable to noncontrolling interest
|
|
448
|
|
|
—
|
|
|
710
|
|
|
—
|
|
||||
Net income attributable to tronc common stockholders
|
|
$
|
264,996
|
|
|
$
|
6,841
|
|
|
$
|
250,222
|
|
|
$
|
3,852
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.44
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.27
|
)
|
|
$
|
(0.37
|
)
|
Diluted
|
|
$
|
(0.44
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.27
|
)
|
|
$
|
(0.37
|
)
|
Net income attributable to tronc per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
7.51
|
|
|
$
|
0.21
|
|
|
$
|
7.14
|
|
|
$
|
0.11
|
|
Diluted
|
|
$
|
7.51
|
|
|
$
|
0.21
|
|
|
$
|
7.14
|
|
|
$
|
0.11
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
35,288
|
|
|
32,825
|
|
|
35,045
|
|
|
34,566
|
|
||||
Diluted
|
|
35,288
|
|
|
32,825
|
|
|
35,045
|
|
|
34,566
|
|
||||
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1,
2018 |
|
June 25,
2017 |
||||||||
Net income
|
$
|
265,444
|
|
|
$
|
6,841
|
|
|
$
|
250,932
|
|
|
$
|
3,852
|
|
Other comprehensive income, net of taxes:
|
|
|
|
|
|
|
|
||||||||
Amortization of items to periodic pension cost during the period, net of taxes of ($915), ($133), ($1,830) and ($267), respectively
|
(2,376
|
)
|
|
(206
|
)
|
|
(4,752
|
)
|
|
(410
|
)
|
||||
Foreign currency translation
|
(5
|
)
|
|
1
|
|
|
(5
|
)
|
|
1
|
|
||||
Other comprehensive loss, net of taxes
|
(2,381
|
)
|
|
(205
|
)
|
|
(4,757
|
)
|
|
(409
|
)
|
||||
Accumulated other comprehensive income recognized in discontinued operations, net of taxes of $9,702
|
25,397
|
|
|
—
|
|
|
25,397
|
|
|
—
|
|
||||
Comprehensive income
|
288,460
|
|
|
6,636
|
|
|
271,572
|
|
|
3,443
|
|
||||
Comprehensive income attributable to noncontrolling interest
|
448
|
|
|
—
|
|
|
710
|
|
|
—
|
|
||||
Comprehensive income attributable to tronc common stockholders
|
$
|
288,012
|
|
|
$
|
6,636
|
|
|
$
|
270,862
|
|
|
$
|
3,443
|
|
|
|
July 1, 2018
|
|
December 31,
2017 |
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash
|
|
$
|
214,544
|
|
|
$
|
185,351
|
|
Accounts receivable, (net of allowances of $10,613 and $7,388)
|
|
133,103
|
|
|
129,480
|
|
||
Inventories
|
|
11,017
|
|
|
7,412
|
|
||
Prepaid expenses and other
|
|
22,859
|
|
|
22,685
|
|
||
Assets related to discontinued operations
|
|
—
|
|
|
61,777
|
|
||
Total current assets
|
|
381,523
|
|
|
406,705
|
|
||
|
|
|
|
|
||||
Property, plant and equipment
|
|
|
|
|
||||
Machinery, equipment and furniture
|
|
145,905
|
|
|
110,598
|
|
||
Buildings and leasehold improvements
|
|
55,473
|
|
|
36,987
|
|
||
|
|
201,378
|
|
|
147,585
|
|
||
Accumulated depreciation
|
|
(68,314
|
)
|
|
(61,481
|
)
|
||
|
|
133,064
|
|
|
86,104
|
|
||
Advance payments on property, plant and equipment
|
|
11,616
|
|
|
8,386
|
|
||
Property, plant and equipment, net
|
|
144,680
|
|
|
94,490
|
|
||
|
|
|
|
|
||||
Other assets
|
|
|
|
|
||||
Goodwill
|
|
138,201
|
|
|
48,700
|
|
||
Intangible assets, net
|
|
80,525
|
|
|
64,996
|
|
||
Software, net
|
|
33,238
|
|
|
39,577
|
|
||
Restricted cash
|
|
42,600
|
|
|
—
|
|
||
Deferred income taxes
|
|
—
|
|
|
1,124
|
|
||
Other long-term assets
|
|
29,502
|
|
|
31,163
|
|
||
Assets related to discontinued operations
|
|
—
|
|
|
178,378
|
|
||
Total other assets
|
|
324,066
|
|
|
363,938
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
850,269
|
|
|
$
|
865,133
|
|
|
|
|
|
|
|
|
July 1, 2018
|
|
December 31,
2017 |
||||
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
85,625
|
|
|
$
|
65,724
|
|
Employee compensation and benefits
|
|
48,989
|
|
|
49,109
|
|
||
Deferred revenue
|
|
62,675
|
|
|
50,314
|
|
||
Current portion of long-term debt
|
|
702
|
|
|
21,487
|
|
||
Other current liabilities
|
|
22,701
|
|
|
13,876
|
|
||
Liabilities associated with discontinued operations
|
|
107,624
|
|
|
60,394
|
|
||
Total current liabilities
|
|
328,316
|
|
|
260,904
|
|
||
|
|
|
|
|
||||
Non-current liabilities
|
|
|
|
|
||||
Pension and postretirement benefits payable
|
|
21,069
|
|
|
23,438
|
|
||
Deferred income taxes payable
|
|
5,970
|
|
|
—
|
|
||
Deferred revenue
|
|
3,207
|
|
|
4,818
|
|
||
Long-term debt
|
|
6,797
|
|
|
331,065
|
|
||
Workers’ compensation, general liability and auto insurance payable
|
|
31,604
|
|
|
37,869
|
|
||
Other obligations
|
|
32,810
|
|
|
21,522
|
|
||
Liabilities associated with discontinued operations
|
|
—
|
|
|
116,355
|
|
||
Total non-current liabilities
|
|
101,457
|
|
|
535,067
|
|
||
|
|
|
|
|
||||
Noncontrolling interest
|
|
41,610
|
|
|
—
|
|
||
|
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
|
||||
Preferred stock, $.01 par value. Authorized 30,000 shares; no shares issued or outstanding at July 1, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value. Authorized 300,000 shares, 37,243 shares issued and 35,289 shares outstanding at July 1, 2018; 37,551 shares issued and 33,684 shares outstanding at December 31, 2017
|
|
372
|
|
|
376
|
|
||
Additional paid-in capital
|
|
163,729
|
|
|
150,229
|
|
||
Retained earnings (accumulated deficit)
|
|
233,832
|
|
|
(16,390
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
7,113
|
|
|
(13,527
|
)
|
||
Treasury stock, at cost - 1,954 shares at July 1, 2018 and 3,867 shares at December 31, 2017
|
|
(26,160
|
)
|
|
(51,526
|
)
|
||
Total stockholders’ equity
|
|
378,886
|
|
|
69,162
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
|
$
|
850,269
|
|
|
$
|
865,133
|
|
|
|
Common Stock
|
|
Additional Paid in Capital
|
|
Retained earnings
|
|
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 income (loss) recognized in continuing operations, attributable to controlling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,222
|
|
|
(4,757
|
)
|
|
—
|
|
|
245,465
|
|
||||||
AOCI recognized in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,397
|
|
|
—
|
|
|
25,397
|
|
||||||
Issuance of stock from treasury for acquisition
|
|
—
|
|
|
—
|
|
|
9,229
|
|
|
—
|
|
|
—
|
|
|
25,366
|
|
|
34,595
|
|
||||||
Issuance of stock from restricted stock and restricted stock unit conversions
|
|
134
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Exercise of stock options
|
|
7
|
|
|
—
|
|
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
5,195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,195
|
|
||||||
Withholding for taxes on restricted stock unit conversions
|
|
—
|
|
|
—
|
|
|
(1,062
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,062
|
)
|
||||||
Forfeited restricted stock
|
|
(450
|
)
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at July 1, 2018
|
|
37,242
|
|
|
$
|
372
|
|
|
$
|
163,729
|
|
|
$
|
233,832
|
|
|
$
|
7,113
|
|
|
$
|
(26,160
|
)
|
|
$
|
378,886
|
|
|
||||||||
|
|
Six Months Ended
|
||||||
|
|
July 1, 2018
|
|
June 25, 2017
|
||||
Operating Activities From Continuing Operations
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(43,813
|
)
|
|
$
|
(12,852
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
25,959
|
|
|
23,682
|
|
||
Stock compensation expense
|
|
5,195
|
|
|
4,069
|
|
||
Loss on equity investments, net
|
|
1,394
|
|
|
1,261
|
|
||
Loss on early extinguishment of debt
|
|
7,666
|
|
|
—
|
|
||
Deferred income taxes
|
|
7,094
|
|
|
3,228
|
|
||
Non-current deferred revenue
|
|
(3,722
|
)
|
|
(711
|
)
|
||
Premium on stock buyback
|
|
—
|
|
|
6,031
|
|
||
Pension contribution
|
|
(534
|
)
|
|
—
|
|
||
Postretirement medical, life and other benefits
|
|
(2,369
|
)
|
|
(934
|
)
|
||
Changes in working capital items, excluding acquisitions:
|
|
|
|
|
||||
Accounts receivable, net
|
|
15,801
|
|
|
22,715
|
|
||
Prepaid expenses, inventories and other current assets
|
|
16,934
|
|
|
(1,190
|
)
|
||
Accounts payable, employee compensation and benefits, deferred revenue and other current liabilities
|
|
9,898
|
|
|
(41,258
|
)
|
||
Other, net
|
|
1,676
|
|
|
2,675
|
|
||
Net cash provided by operating activities
|
|
41,179
|
|
|
6,716
|
|
||
|
|
|
|
|
||||
Investing Activities From Continuing Operations
|
|
|
|
|
||||
Capital expenditures
|
|
(30,435
|
)
|
|
(9,240
|
)
|
||
Acquisition of business, net of cash acquired
|
|
(67,952
|
)
|
|
—
|
|
||
Other, net
|
|
(2,371
|
)
|
|
(1,481
|
)
|
||
Net cash used for investing activities
|
|
(100,758
|
)
|
|
(10,721
|
)
|
||
|
|
|
|
|
||||
Financing Activities From Continuing Operations
|
|
|
|
|
||||
Repayment of long-term debt
|
|
(353,253
|
)
|
|
(10,545
|
)
|
||
Purchase of treasury stock
|
|
—
|
|
|
(56,189
|
)
|
||
Withholding for taxes on RSU vesting
|
|
(1,062
|
)
|
|
(896
|
)
|
||
Dividends paid to common stockholders
|
|
—
|
|
|
(145
|
)
|
||
Proceeds from exercise of stock options
|
|
134
|
|
|
95
|
|
||
Other
|
|
36
|
|
|
—
|
|
||
Net cash used for financing activities
|
|
(354,145
|
)
|
|
(67,680
|
)
|
||
|
|
|
|
|
||||
Decrease in cash attributable to continuing operations
|
|
$
|
(413,724
|
)
|
|
$
|
(71,685
|
)
|
TRONC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In thousands)
(Unaudited)
|
||||||||
|
|
Six Months Ended
|
||||||
|
|
July 1, 2018
|
|
June 25, 2017
|
||||
|
|
|
|
|
||||
Cash Flows From Discontinued Operations
|
|
|
|
|
||||
Cash flows provided by operating activities of discontinued operations, net
|
|
$
|
2,387
|
|
|
$
|
48,183
|
|
Cash flows provided by (used for) investing activities of discontinued operations, net
|
|
483,320
|
|
|
(388
|
)
|
||
Cash flows used for financing activities of discontinued operations, net
|
|
(190
|
)
|
|
(259
|
)
|
||
Increase in cash attributable to discontinued operations
|
|
485,517
|
|
|
47,536
|
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash
|
|
71,793
|
|
|
(24,149
|
)
|
||
Cash, cash equivalents and restricted cash beginning of period
|
|
185,351
|
|
|
198,349
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
257,144
|
|
|
$
|
174,200
|
|
Consideration
|
|
|
||
Cash consideration for acquisition
|
|
$
|
34,004
|
|
Total consideration
|
|
$
|
34,004
|
|
|
|
|
||
Allocated Fair Value of Acquired Assets and Assumed Liabilities
|
|
|
||
Accounts receivable and other current assets
|
|
$
|
7,028
|
|
Property, plant and equipment
|
|
30,485
|
|
|
Mastheads
|
|
4,700
|
|
|
Accounts payable and other current liabilities
|
|
(9,918
|
)
|
|
Other long term obligations
|
|
(68
|
)
|
|
Total identifiable assets (liabilities), net
|
|
32,227
|
|
|
Goodwill
|
|
1,777
|
|
|
Total net assets acquired
|
|
$
|
34,004
|
|
Consideration
|
|
|
||
Cash consideration for acquisition
|
|
$
|
33,693
|
|
Fair value of noncontrolling interest
|
|
40,900
|
|
|
Value of shares issued for acquisition
|
|
34,595
|
|
|
Total consideration
|
|
$
|
109,188
|
|
|
|
|
||
Allocated Fair Value of Acquired Assets and Assumed Liabilities
|
|
|
||
Accounts receivable and other current assets
|
|
$
|
9,966
|
|
Property, plant and equipment
|
|
36
|
|
|
Intangible assets
|
|
12,540
|
|
|
Accounts payable and other current liabilities
|
|
(993
|
)
|
|
Total identifiable assets (liabilities), net
|
|
21,549
|
|
|
Goodwill
|
|
87,639
|
|
|
Total net assets acquired
|
|
$
|
109,188
|
|
Allocated Fair Value of Acquired Assets and Assumed Liabilities
|
|
|
||
Cash acquired as part of the purchase
|
|
$
|
2,555
|
|
Accounts receivable and other current assets
|
|
18,532
|
|
|
Property, plant and equipment, including assets under capital leases
|
|
47,972
|
|
|
Mastheads
|
|
3,400
|
|
|
Other long-term assets
|
|
10,448
|
|
|
Accounts payable and other current liabilities
|
|
(20,973
|
)
|
|
Pension and postemployment benefits liability
|
|
(25,446
|
)
|
|
Workers compensation and auto insurance liability
|
|
(25,999
|
)
|
|
Other long-term liabilities
|
|
(10,489
|
)
|
|
Total net assets acquired
|
|
$
|
—
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
July 1,
2018
|
|
June 25, 2017
|
|
July 1,
2018 |
|
June 25,
2017 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
|
$
|
94,251
|
|
|
$
|
126,355
|
|
|
$
|
211,327
|
|
|
$
|
252,497
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Compensation
|
|
25,065
|
|
|
34,722
|
|
|
58,763
|
|
|
71,479
|
|
||||
Newsprint and ink
|
|
6,938
|
|
|
8,756
|
|
|
14,373
|
|
|
17,947
|
|
||||
Outside services
|
|
30,075
|
|
|
34,353
|
|
|
61,650
|
|
|
68,168
|
|
||||
Other operating expenses
|
|
26,804
|
|
|
33,280
|
|
|
56,541
|
|
|
65,401
|
|
||||
Depreciation and amortization
|
|
1,328
|
|
|
1,674
|
|
|
2,960
|
|
|
4,156
|
|
||||
Total operating expenses
|
|
90,210
|
|
|
112,785
|
|
|
194,287
|
|
|
227,151
|
|
||||
Income from operations
|
|
4,041
|
|
|
13,570
|
|
|
17,040
|
|
|
25,346
|
|
||||
Gain on sale
|
|
409,334
|
|
|
—
|
|
|
409,334
|
|
|
—
|
|
||||
Interest expense, net
|
|
(23
|
)
|
|
(39
|
)
|
|
(53
|
)
|
|
(81
|
)
|
||||
Loss on equity investments, net
|
|
—
|
|
|
139
|
|
|
—
|
|
|
349
|
|
||||
Other income, net
|
|
613
|
|
|
150
|
|
|
1,338
|
|
|
300
|
|
||||
Income tax expense
|
|
(133,420
|
)
|
|
(5,039
|
)
|
|
(132,914
|
)
|
|
(9,210
|
)
|
||||
Income from discontinued operations, net of tax
|
|
$
|
280,545
|
|
|
$
|
8,781
|
|
|
$
|
294,745
|
|
|
$
|
16,704
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
July 1,
2018
|
|
June 25, 2017
|
|
July 1,
2018 |
|
June 25,
2017 |
||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
||||||||
troncM
|
|
$
|
81,631
|
|
|
$
|
107,559
|
|
|
$
|
185,836
|
|
|
$
|
215,149
|
|
troncX
|
|
12,570
|
|
|
18,762
|
|
|
25,429
|
|
|
37,274
|
|
||||
Corporate and eliminations
|
|
50
|
|
|
34
|
|
|
62
|
|
|
74
|
|
||||
|
|
$
|
94,251
|
|
|
$
|
126,355
|
|
|
$
|
211,327
|
|
|
$
|
252,497
|
|
Income from Operations
|
|
|
|
|
|
|
|
|
||||||||
troncM
|
|
$
|
(75
|
)
|
|
$
|
8,249
|
|
|
$
|
10,918
|
|
|
$
|
15,460
|
|
troncX
|
|
4,065
|
|
|
5,328
|
|
|
6,079
|
|
|
9,902
|
|
||||
Corporate and eliminations
|
|
51
|
|
|
(7
|
)
|
|
43
|
|
|
(16
|
)
|
||||
|
|
$
|
4,041
|
|
|
$
|
13,570
|
|
|
$
|
17,040
|
|
|
$
|
25,346
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
|
||||||||
troncM
|
|
$
|
1,289
|
|
|
$
|
1,607
|
|
|
$
|
2,856
|
|
|
$
|
4,029
|
|
troncX
|
|
39
|
|
|
67
|
|
|
104
|
|
|
127
|
|
||||
|
|
$
|
1,328
|
|
|
$
|
1,674
|
|
|
$
|
2,960
|
|
|
$
|
4,156
|
|
|
|
July 1,
2018 |
|
December 31,
2017 |
||||
Carrying amount of assets related to discontinued operations:
|
|
|
|
|
||||
Accounts receivable, (net of allowances of $0 and $7,388)
|
|
$
|
—
|
|
|
$
|
51,200
|
|
All other current assets
|
|
—
|
|
|
10,576
|
|
||
Goodwill
|
|
—
|
|
|
73,207
|
|
||
Intangibles
|
|
—
|
|
|
63,397
|
|
||
Property, plant and equipment, net
|
|
—
|
|
|
12,550
|
|
||
Deferred income taxes
|
|
—
|
|
|
28,787
|
|
||
All other long term assets
|
|
—
|
|
|
438
|
|
||
Total assets related to discontinued operations
|
|
$
|
—
|
|
|
$
|
240,155
|
|
|
|
|
|
|
||||
Carrying amount of liabilities associated with discontinued operations:
|
|
|
|
|
||||
Accounts payable and employee compensation and benefits
|
|
$
|
—
|
|
|
$
|
27,293
|
|
Deferred revenue
|
|
—
|
|
|
26,039
|
|
||
Other current liabilities
|
|
—
|
|
|
7,062
|
|
||
Pensions and postretirement benefits payable
|
|
—
|
|
|
90,155
|
|
||
Insurance
|
|
—
|
|
|
26,200
|
|
||
Income taxes payable
|
|
107,624
|
|
|
—
|
|
||
Total liabilities associated with discontinued operations
|
|
$
|
107,624
|
|
|
$
|
176,749
|
|
|
|
As of
|
||||||
|
|
July 1, 2018
|
|
December 31, 2017
|
||||
Newsprint
|
|
$
|
10,692
|
|
|
$
|
7,072
|
|
Supplies and other
|
|
325
|
|
|
340
|
|
||
Total inventories
|
|
$
|
11,017
|
|
|
$
|
7,412
|
|
|
|
July 1, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
|
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
|
|
|
$
|
(4,231
|
)
|
|
$
|
3,081
|
|
|
$
|
7,312
|
|
|
$
|
(3,762
|
)
|
|
$
|
3,550
|
|
Advertiser relationships (useful life of 2 to 13 years)
|
|
26,348
|
|
|
(11,204
|
)
|
|
15,144
|
|
|
26,348
|
|
|
(10,013
|
)
|
|
16,335
|
|
||||||
Tradenames (useful life of 20 years)
|
|
15,100
|
|
|
(2,962
|
)
|
|
12,138
|
|
|
15,100
|
|
|
(2,583
|
)
|
|
12,517
|
|
||||||
Other (useful life of 1 to 20 years)
|
|
15,862
|
|
|
(2,406
|
)
|
|
13,456
|
|
|
5,379
|
|
|
(2,243
|
)
|
|
3,136
|
|
||||||
Total intangible assets subject to amortization
|
|
$
|
64,622
|
|
|
$
|
(20,803
|
)
|
|
43,819
|
|
|
$
|
54,139
|
|
|
$
|
(18,601
|
)
|
|
35,538
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Software (useful life of 2 to 10 years)
|
|
$
|
133,670
|
|
|
$
|
(100,432
|
)
|
|
33,238
|
|
|
$
|
129,795
|
|
|
$
|
(90,218
|
)
|
|
39,577
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill and other intangible assets not subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
|
|
|
|
138,201
|
|
|
|
|
|
|
48,700
|
|
||||||||||
Newspaper mastheads
|
|
|
|
|
|
36,706
|
|
|
|
|
|
|
29,458
|
|
||||||||||
Total goodwill and other intangible assets
|
|
|
|
|
|
$
|
251,964
|
|
|
|
|
|
|
$
|
153,273
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Affected Line Items in the Consolidated Statements of Income (Loss)
|
||||||||||||
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
|||||||||
Service cost
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
Compensation
|
Interest cost
|
|
825
|
|
|
—
|
|
|
1,636
|
|
|
—
|
|
|
Other income, net
|
||||
Expected return on assets
|
|
(1,165
|
)
|
|
—
|
|
|
(2,333
|
)
|
|
—
|
|
|
Other income, net
|
||||
Net periodic benefit
|
|
$
|
(348
|
)
|
|
$
|
—
|
|
|
$
|
(625
|
)
|
|
$
|
—
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Affected Line Items in the Consolidated Statements of Income (Loss)
|
||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
|||||||||
Service cost
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
Compensation
|
Interest cost
|
8
|
|
|
55
|
|
|
17
|
|
|
110
|
|
|
Other income, net
|
||||
Amortization of prior service credits
|
(2,634
|
)
|
|
(292
|
)
|
|
(5,267
|
)
|
|
(584
|
)
|
|
Other income, net
|
||||
Amortization of actuarial gains
|
(657
|
)
|
|
(47
|
)
|
|
(1,315
|
)
|
|
(93
|
)
|
|
Other income, net
|
||||
Net periodic benefit
|
$
|
(3,279
|
)
|
|
$
|
(281
|
)
|
|
$
|
(6,558
|
)
|
|
$
|
(561
|
)
|
|
|
Balance at December 31, 2017
|
|
$
|
—
|
|
Acquisition of BestReviews
|
|
40,900
|
|
|
Income attributable to noncontrolling interest
|
|
710
|
|
|
Balance at July 1, 2018
|
|
$
|
41,610
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
||||||||
Income (Loss) - Numerator:
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
$
|
(15,101
|
)
|
|
$
|
(1,940
|
)
|
|
$
|
(43,813
|
)
|
|
$
|
(12,852
|
)
|
Less: Net income from continuing operations attributable to noncontrolling interest
|
448
|
|
|
—
|
|
|
710
|
|
|
—
|
|
||||
Income available to common shareholders, before discontinued operations
|
(15,549
|
)
|
|
(1,940
|
)
|
|
(44,523
|
)
|
|
(12,852
|
)
|
||||
Income from discontinued operations
|
280,545
|
|
|
8,781
|
|
|
294,745
|
|
|
16,704
|
|
||||
Net income available to tronc stockholders
|
$
|
264,996
|
|
|
$
|
6,841
|
|
|
$
|
250,222
|
|
|
$
|
3,852
|
|
|
|
|
|
|
|
|
|
||||||||
Shares - Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding (basic)
|
35,288
|
|
|
32,825
|
|
|
35,045
|
|
|
34,566
|
|
||||
Dilutive effect of employee stock options and RSUs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted weighted average shares outstanding (diluted)
|
35,288
|
|
|
32,825
|
|
|
35,045
|
|
|
34,566
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to tronc per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.44
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.27
|
)
|
|
$
|
(0.37
|
)
|
Discontinued operations
|
7.95
|
|
|
0.27
|
|
|
8.41
|
|
|
0.48
|
|
||||
Net income per common share
|
$
|
7.51
|
|
|
$
|
0.21
|
|
|
$
|
7.14
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.44
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.27
|
)
|
|
$
|
(0.37
|
)
|
Discontinued operations
|
7.95
|
|
|
0.27
|
|
|
8.41
|
|
|
0.48
|
|
||||
Net income per common share-diluted
|
$
|
7.51
|
|
|
$
|
0.21
|
|
|
$
|
7.14
|
|
|
$
|
0.11
|
|
|
|
Foreign Currency
|
|
OPEB
|
|
Pension
|
|
Total
|
||||||||
Balance at December 31, 2017
|
|
$
|
(31
|
)
|
|
$
|
9,932
|
|
|
$
|
(23,428
|
)
|
|
$
|
(13,527
|
)
|
Amounts reclassified from AOCI
|
|
—
|
|
|
(4,752
|
)
|
|
—
|
|
|
(4,752
|
)
|
||||
Foreign currency translation adjustments
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||
AOCI recognized in discontinued operations
|
|
—
|
|
|
—
|
|
|
25,397
|
|
|
25,397
|
|
||||
Balance at July 1, 2018
|
|
$
|
(36
|
)
|
|
$
|
5,180
|
|
|
$
|
1,969
|
|
|
$
|
7,113
|
|
|
Three Months Ended
|
|
Six months ended
|
|
|
||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
Affected Line Items in the Consolidated Statements of Income (Loss)
|
||||||||
Accumulated Other Comprehensive Income (Loss) Components
|
|
|
|
|
|
|
|
|
|
||||||||
Pension and postretirement benefit adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service credits
|
$
|
(2,634
|
)
|
|
$
|
(292
|
)
|
|
$
|
(5,267
|
)
|
|
$
|
(584
|
)
|
|
Other income, net
|
Amortization of actuarial gains
|
(657
|
)
|
|
(47
|
)
|
|
(1,315
|
)
|
|
(93
|
)
|
|
Other income, net
|
||||
Total before taxes
|
(3,291
|
)
|
|
(339
|
)
|
|
(6,582
|
)
|
|
(677
|
)
|
|
|
||||
Tax effect
|
(915
|
)
|
|
(133
|
)
|
|
(1,830
|
)
|
|
(267
|
)
|
|
Income tax expense (benefit)
|
||||
Total reclassifications for the period
|
$
|
(2,376
|
)
|
|
$
|
(206
|
)
|
|
$
|
(4,752
|
)
|
|
$
|
(410
|
)
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
tronc M
|
|
troncX
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
(Print)
|
|
(Digital)
|
|
|
||||||||||||||||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Advertising
|
$
|
87,800
|
|
|
$
|
93,285
|
|
|
$
|
23,987
|
|
|
$
|
31,577
|
|
|
$
|
—
|
|
|
$
|
(37
|
)
|
|
$
|
111,787
|
|
|
$
|
124,825
|
|
Circulation
|
88,616
|
|
|
73,978
|
|
|
4,172
|
|
|
2,230
|
|
|
—
|
|
|
—
|
|
|
92,788
|
|
|
76,208
|
|
||||||||
Commercial print and delivery
|
25,784
|
|
|
24,600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,784
|
|
|
24,600
|
|
||||||||
Direct mail
|
8,025
|
|
|
9,214
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,025
|
|
|
9,214
|
|
||||||||
Content syndication and other
|
2,072
|
|
|
3,801
|
|
|
11,982
|
|
|
5,673
|
|
|
599
|
|
|
(886
|
)
|
|
14,653
|
|
|
8,588
|
|
||||||||
Other
|
35,881
|
|
|
37,615
|
|
|
11,982
|
|
|
5,673
|
|
|
599
|
|
|
(886
|
)
|
|
48,462
|
|
|
42,402
|
|
||||||||
Operating revenues
|
212,297
|
|
|
204,878
|
|
|
40,141
|
|
|
39,480
|
|
|
599
|
|
|
(923
|
)
|
|
253,037
|
|
|
243,435
|
|
||||||||
Operating expenses
|
204,410
|
|
|
191,803
|
|
|
36,691
|
|
|
36,403
|
|
|
13,181
|
|
|
10,767
|
|
|
254,282
|
|
|
238,973
|
|
||||||||
Income (loss) from operations
|
$
|
7,887
|
|
|
$
|
13,075
|
|
|
$
|
3,450
|
|
|
$
|
3,077
|
|
|
$
|
(12,582
|
)
|
|
$
|
(11,690
|
)
|
|
(1,245
|
)
|
|
4,462
|
|
||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,412
|
)
|
|
(6,365
|
)
|
||||||||||||||
Loss on early extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,666
|
)
|
|
—
|
|
||||||||||||||
Loss on investments, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(665
|
)
|
|
(723
|
)
|
||||||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
3,640
|
|
|
284
|
|
||||||||||||||
Loss from continuing operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(11,348
|
)
|
|
$
|
(2,342
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Depreciation and amortization
|
$
|
3,990
|
|
|
$
|
5,281
|
|
|
$
|
4,505
|
|
|
$
|
3,512
|
|
|
$
|
4,447
|
|
|
$
|
4,194
|
|
|
$
|
12,942
|
|
|
$
|
12,987
|
|
|
Six Months Ended
|
||||||||||||||||||||||||||||||
|
tronc M
|
|
troncX
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
(Print)
|
|
(Digital)
|
|
|
||||||||||||||||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Advertising
|
$
|
170,542
|
|
|
$
|
184,084
|
|
|
$
|
46,037
|
|
|
$
|
60,493
|
|
|
$
|
—
|
|
|
$
|
(131
|
)
|
|
$
|
216,579
|
|
|
$
|
244,446
|
|
Circulation
|
173,242
|
|
|
149,011
|
|
|
7,681
|
|
|
4,283
|
|
|
—
|
|
|
—
|
|
|
180,923
|
|
|
153,294
|
|
||||||||
Commercial print and delivery
|
52,789
|
|
|
51,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,789
|
|
|
51,173
|
|
||||||||
Direct mail
|
15,628
|
|
|
17,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,628
|
|
|
17,800
|
|
||||||||
Content syndication and other
|
4,307
|
|
|
6,733
|
|
|
21,567
|
|
|
11,631
|
|
|
(217
|
)
|
|
(1,667
|
)
|
|
25,657
|
|
|
16,697
|
|
||||||||
Other
|
72,724
|
|
|
75,706
|
|
|
21,567
|
|
|
11,631
|
|
|
(217
|
)
|
|
(1,667
|
)
|
|
94,074
|
|
|
85,670
|
|
||||||||
Operating revenues
|
416,508
|
|
|
408,801
|
|
|
75,285
|
|
|
76,407
|
|
|
(217
|
)
|
|
(1,798
|
)
|
|
491,576
|
|
|
483,410
|
|
||||||||
Operating expenses
|
408,821
|
|
|
383,618
|
|
|
72,453
|
|
|
73,755
|
|
|
43,308
|
|
|
21,284
|
|
|
524,582
|
|
|
478,657
|
|
||||||||
Income (loss) from operations
|
$
|
7,687
|
|
|
$
|
25,183
|
|
|
$
|
2,832
|
|
|
$
|
2,652
|
|
|
$
|
(43,525
|
)
|
|
$
|
(23,082
|
)
|
|
(33,006
|
)
|
|
4,753
|
|
||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,976
|
)
|
|
(12,800
|
)
|
||||||||||||||
Loss on early extinguishment of debt
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,666
|
)
|
|
—
|
|
||||||||||||||
Premium on stock buyback
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(6,031
|
)
|
||||||||||||||
Loss on investments, net
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,394
|
)
|
|
(1,621
|
)
|
||||||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
7,303
|
|
|
567
|
|
||||||||||||||
Loss from continuing operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(46,739
|
)
|
|
$
|
(15,132
|
)
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Depreciation and amortization
|
$
|
7,962
|
|
|
$
|
8,565
|
|
|
$
|
9,120
|
|
|
$
|
6,689
|
|
|
$
|
8,943
|
|
|
$
|
8,428
|
|
|
$
|
25,959
|
|
|
$
|
23,682
|
|
|
|
Six months ended
|
||||||
|
|
July 1, 2018
|
|
June 25, 2017
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest
|
|
$
|
10,489
|
|
|
$
|
11,325
|
|
Income taxes, net of refunds
|
|
3,967
|
|
|
113
|
|
||
Non-cash items in financing activities:
|
|
|
|
|
||||
Issuance of stock from treasury for acquisition
|
|
34,595
|
|
|
—
|
|
|
|
As of
|
|
As of
|
||||
|
|
July 1,
2018 |
|
December 31,
2017 |
||||
Cash and cash equivalents
|
|
$
|
214,544
|
|
|
$
|
185,351
|
|
Restricted cash included in other assets
|
|
42,600
|
|
|
—
|
|
||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
|
$
|
257,144
|
|
|
$
|
185,351
|
|
|
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.tronc.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
|
|
|
||||||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
% Change
|
|
July 1, 2018
|
|
June 25, 2017
|
|
% Change
|
||||||||||
Operating revenues
|
$
|
253,037
|
|
|
$
|
243,435
|
|
|
3.9
|
%
|
|
$
|
491,576
|
|
|
$
|
483,410
|
|
|
1.7
|
%
|
Compensation
|
106,455
|
|
|
92,609
|
|
|
15.0
|
%
|
|
217,293
|
|
|
189,003
|
|
|
15.0
|
%
|
||||
Newsprint and ink
|
16,770
|
|
|
14,091
|
|
|
19.0
|
%
|
|
31,368
|
|
|
28,425
|
|
|
10.4
|
%
|
||||
Outside services
|
81,818
|
|
|
80,526
|
|
|
1.6
|
%
|
|
180,803
|
|
|
161,021
|
|
|
12.3
|
%
|
||||
Other operating expenses
|
36,297
|
|
|
38,760
|
|
|
(6.4
|
%)
|
|
69,159
|
|
|
76,526
|
|
|
(9.6
|
%)
|
||||
Depreciation and amortization
|
12,942
|
|
|
12,987
|
|
|
(0.3
|
%)
|
|
25,959
|
|
|
23,682
|
|
|
9.6
|
%
|
||||
Total operating expenses
|
254,282
|
|
|
238,973
|
|
|
6.4
|
%
|
|
524,582
|
|
|
478,657
|
|
|
9.6
|
%
|
||||
Income (loss) from operations
|
(1,245
|
)
|
|
4,462
|
|
|
*
|
|
(33,006
|
)
|
|
4,753
|
|
|
*
|
||||||
Interest expense, net
|
(5,412
|
)
|
|
(6,365
|
)
|
|
(15.0
|
%)
|
|
(11,976
|
)
|
|
(12,800
|
)
|
|
(6.4
|
%)
|
||||
Loss on early extinguishment of debt
|
(7,666
|
)
|
|
—
|
|
|
*
|
|
$
|
(7,666
|
)
|
|
$
|
—
|
|
|
*
|
||||
Premium on stock buyback
|
—
|
|
|
—
|
|
|
*
|
|
—
|
|
|
(6,031
|
)
|
|
*
|
||||||
Loss on equity investments, net
|
(665
|
)
|
|
(723
|
)
|
|
(8.0
|
%)
|
|
(1,394
|
)
|
|
(1,621
|
)
|
|
(14.0
|
%)
|
||||
Other income, net
|
3,640
|
|
|
284
|
|
|
*
|
|
7,303
|
|
|
567
|
|
|
*
|
||||||
Income tax expense (benefit)
|
3,753
|
|
|
(402
|
)
|
|
*
|
|
(2,926
|
)
|
|
(2,280
|
)
|
|
28.3%
|
||||||
Loss from continuing operations
|
(15,101
|
)
|
|
(1,940
|
)
|
|
*
|
|
(43,813
|
)
|
|
(12,852
|
)
|
|
*
|
||||||
Income from discontinued operations, net of taxes
|
280,545
|
|
|
8,781
|
|
|
*
|
|
294,745
|
|
|
16,704
|
|
|
*
|
||||||
Net Income
|
265,444
|
|
|
6,841
|
|
|
*
|
|
250,932
|
|
|
3,852
|
|
|
*
|
||||||
Income attributable to noncontrolling interest
|
448
|
|
|
—
|
|
|
*
|
|
710
|
|
|
—
|
|
|
*
|
||||||
Net income attributable to tronc
|
$
|
264,996
|
|
|
$
|
6,841
|
|
|
*
|
|
$
|
250,222
|
|
|
$
|
3,852
|
|
|
*
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
troncM
|
|
troncX
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
||||||||||||||||
Total revenues
|
$
|
212,297
|
|
|
$
|
204,878
|
|
|
$
|
40,141
|
|
|
$
|
39,480
|
|
|
$
|
599
|
|
|
$
|
(923
|
)
|
|
$
|
253,037
|
|
|
$
|
243,435
|
|
Operating expenses
|
204,410
|
|
|
191,803
|
|
|
36,691
|
|
|
36,403
|
|
|
13,181
|
|
|
10,767
|
|
|
254,282
|
|
|
238,973
|
|
||||||||
Income (loss) from operations
|
7,887
|
|
|
13,075
|
|
|
3,450
|
|
|
3,077
|
|
|
(12,582
|
)
|
|
(11,690
|
)
|
|
(1,245
|
)
|
|
4,462
|
|
||||||||
Depreciation and amortization
|
3,990
|
|
|
5,281
|
|
|
4,505
|
|
|
3,512
|
|
|
4,447
|
|
|
4,194
|
|
|
12,942
|
|
|
12,987
|
|
||||||||
Adjustments
(1)
|
3,865
|
|
|
5,422
|
|
|
3,312
|
|
|
785
|
|
|
3,344
|
|
|
3,935
|
|
|
10,521
|
|
|
10,142
|
|
||||||||
Adjusted EBITDA
|
$
|
15,742
|
|
|
$
|
23,778
|
|
|
$
|
11,267
|
|
|
$
|
7,374
|
|
|
$
|
(4,791
|
)
|
|
$
|
(3,561
|
)
|
|
$
|
22,218
|
|
|
$
|
27,591
|
|
|
Six months ended
|
||||||||||||||||||||||||||||||
|
troncM
|
|
troncX
|
|
Corporate and Eliminations
|
|
Consolidated
|
||||||||||||||||||||||||
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
|
July 1, 2018
|
|
June 25, 2017
|
||||||||||||||||
Total revenues
|
$
|
416,508
|
|
|
$
|
408,801
|
|
|
$
|
75,285
|
|
|
$
|
76,407
|
|
|
$
|
(217
|
)
|
|
$
|
(1,798
|
)
|
|
$
|
491,576
|
|
|
$
|
483,410
|
|
Operating expenses
|
408,821
|
|
|
383,618
|
|
|
72,453
|
|
|
73,755
|
|
|
43,308
|
|
|
21,284
|
|
|
524,582
|
|
|
478,657
|
|
||||||||
Income (loss) from operations
|
7,687
|
|
|
25,183
|
|
|
2,832
|
|
|
2,652
|
|
|
(43,525
|
)
|
|
(23,082
|
)
|
|
(33,006
|
)
|
|
4,753
|
|
||||||||
Depreciation and amortization
|
7,962
|
|
|
8,565
|
|
|
9,054
|
|
|
6,689
|
|
|
8,943
|
|
|
8,428
|
|
|
25,959
|
|
|
23,682
|
|
||||||||
Adjustments (1)
|
8,744
|
|
|
6,373
|
|
|
5,262
|
|
|
1,934
|
|
|
23,687
|
|
|
7,749
|
|
|
37,693
|
|
|
16,056
|
|
||||||||
Adjusted EBITDA
|
$
|
24,393
|
|
|
$
|
40,121
|
|
|
$
|
17,148
|
|
|
$
|
11,275
|
|
|
$
|
(10,895
|
)
|
|
$
|
(6,905
|
)
|
|
$
|
30,646
|
|
|
$
|
44,491
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
July 1, 2018
|
|
June 25,
2017 |
|
% Change
|
|
July 1,
2018 |
|
June 25,
2017 |
|
% Change
|
||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advertising
|
$
|
87,800
|
|
|
$
|
93,285
|
|
|
(5.9
|
%)
|
|
$
|
170,542
|
|
|
$
|
184,084
|
|
|
(7.4
|
%)
|
Circulation
|
88,616
|
|
|
73,978
|
|
|
19.8
|
%
|
|
173,242
|
|
|
149,011
|
|
|
16.3
|
%
|
||||
Other
|
35,881
|
|
|
37,615
|
|
|
(4.6
|
%)
|
|
72,724
|
|
|
75,706
|
|
|
(3.9
|
%)
|
||||
Total revenues
|
212,297
|
|
|
204,878
|
|
|
3.6
|
%
|
|
416,508
|
|
|
408,801
|
|
|
1.9
|
%
|
||||
Operating expenses
|
204,410
|
|
|
191,803
|
|
|
6.6
|
%
|
|
408,821
|
|
|
383,618
|
|
|
6.6
|
%
|
||||
Income from operations
|
7,887
|
|
|
13,075
|
|
|
(39.7
|
%)
|
|
7,687
|
|
|
25,183
|
|
|
(69.5
|
%)
|
||||
Depreciation and amortization
|
3,990
|
|
|
5,281
|
|
|
(24.4
|
%)
|
|
7,962
|
|
|
8,565
|
|
|
(7.0
|
%)
|
||||
Adjustments
(1)
|
3,865
|
|
|
5,422
|
|
|
(28.7
|
%)
|
|
8,744
|
|
|
6,373
|
|
|
37.2
|
%
|
||||
Adjusted EBITDA
|
$
|
15,742
|
|
|
$
|
23,778
|
|
|
(33.8
|
%)
|
|
$
|
24,393
|
|
|
$
|
40,121
|
|
|
(39.2
|
%)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
July 1, 2018
|
|
June 25, 2017
|
|
% Change
|
|
July 1,
2018 |
|
June 25,
2017 |
|
% Change
|
||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Advertising
|
$
|
23,987
|
|
|
$
|
31,577
|
|
|
(24.0
|
%)
|
|
$
|
46,037
|
|
|
$
|
60,493
|
|
|
(23.9
|
%)
|
Content
|
16,154
|
|
|
7,903
|
|
|
*
|
|
29,248
|
|
|
15,914
|
|
|
83.8
|
%
|
|||||
Total revenues
|
40,141
|
|
|
39,480
|
|
|
1.7
|
%
|
|
75,285
|
|
|
76,407
|
|
|
(1.5
|
%)
|
||||
Operating expenses
|
36,691
|
|
|
36,403
|
|
|
0.8
|
%
|
|
72,453
|
|
|
73,755
|
|
|
(1.8
|
%)
|
||||
Income from operations
|
3,450
|
|
|
3,077
|
|
|
12.1
|
%
|
|
2,832
|
|
|
2,652
|
|
|
6.8
|
%
|
||||
Depreciation and amortization
|
4,505
|
|
|
3,512
|
|
|
28.3
|
%
|
|
9,054
|
|
|
6,689
|
|
|
35.4
|
%
|
||||
Adjustments
(1)
|
3,312
|
|
|
785
|
|
|
*
|
|
5,262
|
|
|
1,934
|
|
|
*
|
||||||
Adjusted EBITDA
|
$
|
11,267
|
|
|
$
|
7,374
|
|
|
52.8
|
%
|
|
$
|
17,148
|
|
|
$
|
11,275
|
|
|
52.1
|
%
|
|
Three Months Ende
d
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
July 1, 2018
|
|
June 25, 2017
|
|
% Change
|
|
July 1, 2018
|
|
June 25, 2017
|
|
% Change
|
||||||||||
Net loss from continuing operations
|
$
|
(15,101
|
)
|
|
$
|
(1,940
|
)
|
|
*
|
|
$
|
(43,813
|
)
|
|
$
|
(12,852
|
)
|
|
*
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense (benefit) from continuing operations
|
3,753
|
|
|
(402
|
)
|
|
*
|
|
(2,926
|
)
|
|
(2,280
|
)
|
|
28.3
|
%
|
|||||
Interest expense, net
|
5,412
|
|
|
6,365
|
|
|
(15.0
|
%)
|
|
11,976
|
|
|
12,800
|
|
|
(6.4
|
%)
|
||||
Loss on early extinguishment of debt
|
7,666
|
|
|
—
|
|
|
*
|
|
7,666
|
|
|
—
|
|
|
*
|
||||||
Premium on stock buyback
|
—
|
|
|
—
|
|
|
*
|
|
—
|
|
|
6,031
|
|
|
*
|
||||||
Loss on equity investments, net
|
665
|
|
|
723
|
|
|
(8.0
|
%)
|
|
1,394
|
|
|
1,621
|
|
|
(14.0
|
%)
|
||||
Other income, net
(1)
|
(3,640
|
)
|
|
(284
|
)
|
|
*
|
|
(7,303
|
)
|
|
(567
|
)
|
|
*
|
||||||
Income (loss) from continuing operations
|
(1,245
|
)
|
|
4,462
|
|
|
*
|
|
(33,006
|
)
|
|
4,753
|
|
|
*
|
||||||
Depreciation and amortization
|
12,942
|
|
|
12,987
|
|
|
(0.3
|
%)
|
|
25,959
|
|
|
23,682
|
|
|
9.6
|
%
|
||||
Restructuring and transaction costs
(2)
|
7,578
|
|
|
7,609
|
|
|
(0.4
|
%)
|
|
33,163
|
|
|
11,606
|
|
|
*
|
|||||
Stock-based compensation
|
2,943
|
|
|
2,401
|
|
|
22.6
|
%
|
|
4,530
|
|
|
4,069
|
|
|
11.3
|
%
|
||||
Employee voluntary separation program
|
—
|
|
|
132
|
|
|
*
|
|
—
|
|
|
381
|
|
|
*
|
||||||
Adjusted EBITDA from continuing operations
|
$
|
22,218
|
|
|
$
|
27,591
|
|
|
(19.5
|
%)
|
|
$
|
30,646
|
|
|
$
|
44,491
|
|
|
(31.1
|
%)
|
(1) -
|
Effective January 1, 2018, the Company adopted ASU 2017-07, which requires certain components of net benefit costs to be presented outside of income from operations. The standard required retrospective application. Accordingly, amounts presented in the prior period have been adjusted to conform with the standard.
|
(2) -
|
Restructuring and transaction costs include costs related to tronc'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
|
||||||
|
|
July 1, 2018
|
|
June 25, 2017
|
||||
Net cash provided by operating activities
|
|
$
|
41,179
|
|
|
$
|
6,716
|
|
Net cash used for investing activities
|
|
(100,758
|
)
|
|
(10,721
|
)
|
||
Net cash used for financing activities
|
|
(354,145
|
)
|
|
(67,680
|
)
|
||
Decrease in cash attributable to continuing operations
|
|
$
|
(413,724
|
)
|
|
$
|
(71,685
|
)
|
2.1*
|
2.2*
|
2.3*
|
2.4*
|
2.5*
|
3.1*
|
3.2*
|
10.1
|
10.2~
|
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
|
|
|
|
TRONC, INC.
|
|
|
|
|
August 10, 2018
|
|
By:
|
/s/ Terry Jimenez
|
|
|
|
Terry Jimenez
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
August 10, 2018
|
|
By:
|
/s/ Michael N. Lavey
|
|
|
|
Michael N. Lavey
|
|
|
|
Chief Accounting Officer and Controller
|
1 Year tronc, Inc. Chart |
1 Month tronc, Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions