Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NEW YORK TIMES CO | d416029d8k.htm |
Exhibit 99.1
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA FINANCIAL STATEMENT INFORMATION
On September 24, 2012, The New York Times Company, a New York corporation (the “Company”), completed the sale (the “Transaction”) of the Company’s About Group, consisting of About.com, ConsumerSearch.com, CalorieCount.com and related businesses, to IAC/InterActiveCorp, a Delaware corporation (the “Purchaser”), pursuant to a stock purchase agreement (the “Agreement”) dated as of August 26, 2012, between the Company and the Purchaser.
The unaudited Pro Forma Condensed Consolidated Balance Sheet as of June 24, 2012 is based on the Company’s balance sheet as of June 24, 2012, after giving effect to the Transaction as if it had occurred as of June 24, 2012. The unaudited Pro Forma Condensed Consolidated Statements of Operations for the 2011, 2010 and 2009 fiscal years and for the six months ended June 24, 2012 and June 26, 2011, give effect to the Transaction as if it had occurred as of December 29, 2008, the first day of the 2009 fiscal year.
The unaudited Pro Forma Condensed Consolidated Statements of Operations for the 2011, 2010 and 2009 fiscal years have been derived from the audited Consolidated Financial Statements of the Company included in its Annual Report on Form 10-K for the fiscal year ended December 25, 2011. The unaudited Pro Forma Condensed Consolidated Statements of Operations for the six months ended June 24, 2012 and June 26, 2011, and the unaudited Pro Forma Condensed Consolidated Balance Sheet as of June 24, 2012 have been derived from the unaudited Condensed Consolidated Financial Statements of the Company included in its Quarterly Report on Form 10-Q for the quarter ended June 24, 2012. The unaudited pro forma financial statement information is based upon available information and assumptions that the Company believes are reasonable.
The unaudited pro forma financial statement information for the 2011, 2010 and 2009 fiscal years also gives effect to the Company’s January 6, 2012 sale of its Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, as if it had occurred as of December 29, 2008. The Company’s results of operations for the six months ended June 24, 2012 and June 26, 2011, as included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 24, 2012, classified the results for the Regional Media Group as discontinued operations for the periods prior to the sale. The sale of the Regional Media Group was previously reported by the Company on a current report on Form 8-K filed January 11, 2012, and the Form 8-K report contained unaudited pro forma financial statement information giving effect to such transaction.
The unaudited pro forma financial statement information has been provided for informational purposes only. The pro forma information is not necessarily indicative of what the Company’s financial position or results of operations actually would have been had the Transaction occurred as of the dates indicated. In addition, the unaudited pro forma financial statement information does not purport to project the future financial position or operating results of the Company. The unaudited pro forma financial statement information, including the notes thereto, should be read in conjunction with the historical financial statements of the Company included in its Annual Report on Form 10-K for the fiscal year ended December 25, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 24, 2012, that have been filed with the Securities and Exchange Commission.
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
($ in thousands, except share data)
| As of June 24, 2012 | ||||||||||||||||
| Historical | (1) | Pro forma adjustments for About Group |
Pro forma | |||||||||||||
| Assets |
||||||||||||||||
| Current assets |
||||||||||||||||
| Cash and cash equivalents |
$ | 290,292 | $ | 315,042 | (2) | $ | 605,334 | |||||||||
| Short-term investments |
279,858 | - | 279,858 | |||||||||||||
| Restricted cash |
24,341 | - | 24,341 | |||||||||||||
| Accounts receivable, net |
227,932 | (18,157) | (3) | 209,775 | ||||||||||||
| Inventories: |
||||||||||||||||
| Newsprint and magazine paper |
13,589 | - | 13,589 | |||||||||||||
| Other inventory |
2,817 | - | 2,817 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total inventories |
16,406 | - | 16,406 | |||||||||||||
| Deferred income taxes |
73,055 | - | 73,055 | |||||||||||||
| Other current assets |
50,556 | (3,230) | (3) | 47,326 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total current assets |
962,440 | 293,655 | 1,256,095 | |||||||||||||
| Other assets |
||||||||||||||||
| Investments in joint ventures |
43,541 | - | 43,541 | |||||||||||||
| Property, plant and equipment, net |
896,093 | (1,755) | (3) | 894,338 | ||||||||||||
| Intangible assets acquired: |
||||||||||||||||
| Goodwill, net |
291,294 | (172,544) | (3) | 118,750 | ||||||||||||
| Other intangible assets acquired, net |
14,793 | (14,718) | (3) | 75 | ||||||||||||
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|
|
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|
|||||||||||
| Total intangible assets acquired |
306,087 | (187,262) | 118,825 | |||||||||||||
| Deferred income taxes |
348,101 | (13,449) | (4) | 334,652 | ||||||||||||
| Miscellaneous assets |
160,544 | (10,594) | (3) | 149,950 | ||||||||||||
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|||||||||||
| Total assets |
$ | 2,716,806 | $ | 80,595 | $ | 2,797,401 | ||||||||||
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|
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|||||||||||
| Liabilities and stockholders’ equity |
||||||||||||||||
| Current liabilities |
||||||||||||||||
| Accounts payable |
$ | 90,616 | $ | (3,930) | (3) | $ | 86,686 | |||||||||
| Accrued payroll and other related liabilities |
81,920 | (1,715) | (3) | 80,205 | ||||||||||||
| Unexpired subscriptions |
65,776 | - | 65,776 | |||||||||||||
| Accrued expenses and other |
130,419 | 18,117 | (3),(4),(5) | 148,536 | ||||||||||||
| Current portion of long-term debt and capital lease obligations |
74,995 | - | 74,995 | |||||||||||||
|
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|
|
|
|
|||||||||||
| Total current liabilities |
443,726 | 12,472 | 456,198 | |||||||||||||
| Other liabilities |
||||||||||||||||
| Long-term debt and capital lease obligations |
700,820 | - | 700,820 | |||||||||||||
| Pension benefits obligation |
848,669 | - | 848,669 | |||||||||||||
| Postretirement benefits obligation |
101,397 | - | 101,397 | |||||||||||||
| Other |
155,353 | - | 155,353 | |||||||||||||
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|
|
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|
|
|||||||||||
| Total other liabilities |
1,806,239 | - | 1,806,239 | |||||||||||||
| Stockholders’ equity |
||||||||||||||||
| Common stock of $.10 par value: |
||||||||||||||||
| Class A – authorized 300,000,000 shares; issued 150,085,772 (including treasury shares 2,836,305) |
15,009 | - | 15,009 | |||||||||||||
| Class B – convertible – authorized and issued shares: 818,385 (including treasury shares: none) |
82 | - | 82 | |||||||||||||
| Additional paid-in capital |
34,278 | - | 34,278 | |||||||||||||
| Retained earnings |
1,040,606 | 68,123 | (3),(6) | 1,108,729 | ||||||||||||
| Common stock held in treasury, at cost |
(107,572) | - | (107,572) | |||||||||||||
| Accumulated other comprehensive loss, net of income taxes |
(518,631) | - | (518,631) | |||||||||||||
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|||||||||||
| Total New York Times Company stockholders’ equity |
463,772 | 68,123 | 531,895 | |||||||||||||
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|||||||||||
| Noncontrolling interest |
3,069 | - | 3,069 | |||||||||||||
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|
|||||||||||
| Total stockholders’ equity |
466,841 | 68,123 | 534,964 | |||||||||||||
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|||||||||||
| Total liabilities and stockholders’ equity |
$ | 2,716,806 | $ | 80,595 | $ | 2,797,401 | ||||||||||
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See accompanying notes to unaudited pro forma condensed financial statements.
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share data)
| For the Six Months Ended June 24, 2012 |
||||||||||||
| Historical |
(7) | Pro forma |
(8) | Pro forma | ||||||||
| Revenues |
||||||||||||
| Advertising |
$ 482,127 | $ 46,665 | $ | 435,462 | ||||||||
| Circulation |
460,285 | - | 460,285 | |||||||||
| Other |
72,176 | 2,689 | 69,487 | |||||||||
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|
|
|||||||||
| Total revenues |
1,014,588 | 49,354 | 965,234 | |||||||||
| Operating costs |
||||||||||||
| Production costs: |
||||||||||||
| Raw materials |
66,959 | - | 66,959 | |||||||||
| Wages and benefits |
221,990 | 4,948 | 217,042 | |||||||||
| Other |
136,941 | 14,401 | 122,540 | |||||||||
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|
|||||||||
| Total production costs |
425,890 | 19,349 | 406,541 | |||||||||
| Selling, general and administrative costs |
460,501 | 10,667 | 449,834 | |||||||||
| Depreciation and amortization |
57,473 | 4,437 | 53,036 | |||||||||
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| Total operating costs |
943,864 | 34,453 | 909,411 | |||||||||
| Impairment of assets |
194,732 | 194,732 | - | |||||||||
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|||||||||
| Operating (loss)/profit |
(124,008) | (179,831) | 55,823 | |||||||||
| Gain on sale of investment |
55,645 | - | 55,645 | |||||||||
| Impairment of investments |
4,900 | - | 4,900 | |||||||||
| Income from joint ventures |
1,050 | - | 1,050 | |||||||||
| Interest expense, net |
30,916 | - | 30,916 | |||||||||
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| (Loss)/income from continuing operations before income taxes |
(103,129) | (179,831) | 76,702 | |||||||||
| Income tax benefit/(expense) |
32,465 | 62,968 | (30,503) | |||||||||
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|||||||||
| (Loss)/income from continuing operations |
(70,664) | (116,863) | 46,199 | |||||||||
| Net loss attributable to the noncontrolling interest |
80 | - | 80 | |||||||||
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| Net (loss)/income attributable to The New York Times Company common stockholders |
$ (70,584) | $ (116,863) | $ | 46,279 | ||||||||
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| Average number of common shares outstanding: |
||||||||||||
| Basic |
147,936 | 147,936 | ||||||||||
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| Diluted |
147,936 | 150,669 | ||||||||||
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| Basic (loss)/earnings per share |
$ (0.48) | $ | 0.31 | |||||||||
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||||||||||
| Diluted (loss)/earnings per share |
$ (0.48) | $ | 0.31 | |||||||||
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|
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See accompanying notes to unaudited pro forma condensed financial statements.
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share data)
| For the Six Months Ended June 26, 2011 |
||||||||||||
| Historical |
(7) | Pro forma |
(8) | Pro forma | ||||||||
| Revenues |
||||||||||||
| Advertising |
$ 521,035 | $ 56,051 | $ | 464,984 | ||||||||
| Circulation |
422,316 | - | 422,316 | |||||||||
| Other |
69,301 | 2,935 | 66,366 | |||||||||
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|||||||||
| Total revenues |
1,012,652 | 58,986 | 953,666 | |||||||||
| Operating costs |
||||||||||||
| Production costs: |
||||||||||||
| Raw materials |
68,375 | - | 68,375 | |||||||||
| Wages and benefits |
219,914 | 5,478 | 214,436 | |||||||||
| Other |
136,565 | 13,231 | 123,334 | |||||||||
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|
|||||||||
| Total production costs |
424,854 | 18,709 | 406,145 | |||||||||
| Selling, general and administrative costs |
464,661 | 9,199 | 455,462 | |||||||||
| Depreciation and amortization |
52,273 | 5,456 | 46,817 | |||||||||
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|||||||||
| Total operating costs |
941,788 | 33,364 | 908,424 | |||||||||
| Impairment of assets |
9,225 | - | 9,225 | |||||||||
| Pension withdrawal expense |
4,228 | - | 4,228 | |||||||||
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|||||||||
| Operating profit |
57,411 | 25,622 | 31,789 | |||||||||
| Gain on sale of investment |
5,898 | - | 5,898 | |||||||||
| Loss from joint ventures |
2,958 | - | 2,958 | |||||||||
| Interest expense, net |
49,743 | - | 49,743 | |||||||||
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| Income/(loss) from continuing operations before income taxes |
10,608 | 25,622 | (15,014) | |||||||||
| Income tax expense/(benefit) |
909 | 9,840 | (8,931) | |||||||||
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| Income/(loss) from continuing operations |
9,699 | 15,782 | (6,083) | |||||||||
| Net loss attributable to the noncontrolling interest |
298 | - | 298 | |||||||||
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| Net income/(loss) attributable to The New York Times Company common stockholders |
$ 9,997 | $ 15,782 | $ | (5,785) | ||||||||
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| Average number of common shares outstanding: |
||||||||||||
| Basic |
146,976 | 146,976 | ||||||||||
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| Diluted |
152,945 | 146,976 | ||||||||||
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| Basic earnings/(loss) per share |
$ 0.07 | $ | (0.04) | |||||||||
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| Diluted earnings/(loss) per share |
$ 0.06 | $ | (0.04) | |||||||||
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See accompanying notes to unaudited pro forma condensed financial statements.
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share data)
| Year Ended December 25, 2011 |
||||||||||||||||
| Historical |
(9) | Pro
forma |
(10) | Pro forma |
(8) | Pro forma | ||||||||||
| Revenues |
||||||||||||||||
| Advertising |
$ 1,221,497 | $ 161,831 | $ 105,135 | $ | 954,531 | |||||||||||
| Circulation |
941,468 | 78,486 | - | 862,982 | ||||||||||||
| Other |
160,436 | 19,628 | 5,691 | 135,117 | ||||||||||||
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| Total revenues |
2,323,401 | 259,945 | 110,826 | 1,952,630 | ||||||||||||
| Operating costs |
||||||||||||||||
| Production costs: |
||||||||||||||||
| Raw materials |
161,691 | 23,069 | - | 138,622 | ||||||||||||
| Wages and benefits |
495,607 | 62,799 | 10,608 | 422,200 | ||||||||||||
| Other |
300,169 | 23,518 | 26,904 | 249,747 | ||||||||||||
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| Total production costs |
957,467 | 109,386 | 37,512 | 810,569 | ||||||||||||
| Selling, general and administrative costs |
1,019,611 | 113,981 | 19,398 | 886,232 | ||||||||||||
| Depreciation and amortization |
116,454 | 11,665 | 10,565 | 94,224 | ||||||||||||
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| Total operating costs |
2,093,532 | 235,032 | 67,475 | 1,791,025 | ||||||||||||
| Impairment of assets |
164,434 | 152,093 | 3,116 | 9,225 | ||||||||||||
| Pension withdrawal expense |
4,228 | - | - | 4,228 | ||||||||||||
| Other expenses |
4,500 | - | - | 4,500 | ||||||||||||
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| Operating profit/(loss) |
56,707 | (127,180) | 40,235 | 143,652 | ||||||||||||
| Gain on sale of investments |
71,171 | - | - | 71,171 | ||||||||||||
| Income from joint ventures |
28 | - | - | 28 | ||||||||||||
| Premium on debt redemption |
46,381 | - | - | 46,381 | ||||||||||||
| Interest expense, net |
85,243 | - | - | 85,243 | ||||||||||||
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| (Loss)/income from continuing operations before income taxes |
(3,718) | (127,180) | 40,235 | 83,227 | ||||||||||||
| Income tax expense/(benefit) |
36,506 | (10,879) | 15,453 | 31,932 | ||||||||||||
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||||||||||||
| (Loss)/income from continuing operations |
(40,224) | (116,301) | 24,782 | 51,295 | ||||||||||||
| Net loss attributable to the noncontrolling interest |
555 | - | - | 555 | ||||||||||||
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| Net (loss)/income attributable to The New York Times Company common stockholders |
$ (39,669) | $ (116,301) | $ 24,782 | $ | 51,850 | |||||||||||
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| Average number of common shares outstanding: |
||||||||||||||||
| Basic |
147,190 | 147,190 | ||||||||||||||
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||||||||||||||
| Diluted |
147,190 | 152,007 | ||||||||||||||
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| Basic (loss)/earnings per share |
$ (0.27) | $ | 0.35 | |||||||||||||
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| Diluted (loss)/earnings per share |
$ (0.27) | $ | 0.34 | |||||||||||||
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|
||||||||||||||
See accompanying notes to unaudited pro forma condensed financial statements.
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share data)
| Year Ended December 26, 2010 |
||||||||||||||||
| Historical |
(9) | Pro
forma |
(10) | Pro forma |
(8) | Pro forma | ||||||||||
| Revenues |
||||||||||||||||
| Advertising |
$ 1,300,361 | $ 177,056 | $ 129,161 | $ | 994,144 | |||||||||||
| Circulation |
931,493 | 80,416 | - | 851,077 | ||||||||||||
| Other |
161,609 | 19,187 | 6,916 | 135,506 | ||||||||||||
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||||||||||||
| Total revenues |
2,393,463 | 276,659 | 136,077 | 1,980,727 | ||||||||||||
| Operating costs |
||||||||||||||||
| Production costs: |
||||||||||||||||
| Raw materials |
160,422 | 23,783 | - | 136,639 | ||||||||||||
| Wages and benefits |
498,270 | 64,511 | 12,692 | 421,067 | ||||||||||||
| Other |
303,086 | 25,830 | 28,488 | 248,768 | ||||||||||||
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||||||||||||
| Total production costs |
961,778 | 114,124 | 41,180 | 806,474 | ||||||||||||
| Selling, general and administrative costs |
1,054,199 | 122,575 | 21,715 | 909,909 | ||||||||||||
| Depreciation and amortization |
120,950 | 12,655 | 11,675 | 96,620 | ||||||||||||
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||||||||||||
| Total operating costs |
2,136,927 | 249,354 | 74,570 | 1,813,003 | ||||||||||||
| Impairment of assets |
16,148 | - | - | 16,148 | ||||||||||||
| Pension withdrawal expense |
6,268 | - | - | 6,268 | ||||||||||||
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||||||||||||
| Operating profit |
234,120 | 27,305 | 61,507 | 145,308 | ||||||||||||
| Gain on sale of investment |
9,128 | - | - | 9,128 | ||||||||||||
| Income from joint ventures |
19,035 | - | - | 19,035 | ||||||||||||
| Interest expense, net |
85,062 | - | - | 85,062 | ||||||||||||
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||||||||||||
| Income from continuing operations before income taxes |
177,221 | 27,305 | 61,507 | 88,409 | ||||||||||||
| Income tax expense |
68,516 | 10,783 | 24,416 | 33,317 | ||||||||||||
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||||||||||||
| Income from continuing operations |
108,705 | 16,522 | 37,091 | 55,092 | ||||||||||||
| Net income attributable to the noncontrolling interest |
(1,014) | - | - | (1,014) | ||||||||||||
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||||||||||||
| Net income attributable to The New York Times Company common stockholders |
$ 107,691 | $ 16,522 | $ 37,091 | $ | 54,078 | |||||||||||
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||||||||||||
| Average number of common shares outstanding: |
||||||||||||||||
| Basic |
145,636 | 145,636 | ||||||||||||||
|
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|
|
||||||||||||||
| Diluted |
152,600 | 152,600 | ||||||||||||||
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||||||||||||||
| Basic earnings per share |
$ 0.74 | $ | 0.37 | |||||||||||||
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|
||||||||||||||
| Diluted earnings per share |
$ 0.71 | $ | 0.35 | |||||||||||||
|
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|
||||||||||||||
See accompanying notes to unaudited pro forma condensed financial statements.
THE NEW YORK TIMES COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share data)
| Year Ended December 27, 2009 |
||||||||||||||||
| Historical |
(9) | Pro
forma |
(10) | Pro forma |
(8) | Pro forma | ||||||||||
| Revenues |
||||||||||||||||
| Advertising |
$1,336,291 | $ 192,924 | $ 115,183 | $ | 1,028,184 | |||||||||||
| Circulation |
936,486 | 85,043 | - | 851,443 | ||||||||||||
| Other |
167,662 | 18,956 | 5,878 | 142,828 | ||||||||||||
|
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|
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|
||||||||||||
| Total revenues |
2,440,439 | 296,923 | 121,061 | 2,022,455 | ||||||||||||
| Operating costs |
||||||||||||||||
| Production costs: |
||||||||||||||||
| Raw materials |
166,387 | 25,126 | - | 141,261 | ||||||||||||
| Wages and benefits |
524,782 | 70,873 | 12,266 | 441,643 | ||||||||||||
| Other |
330,061 | 29,234 | 27,882 | 272,945 | ||||||||||||
|
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|
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|
||||||||||||
| Total production costs |
1,021,230 | 125,233 | 40,148 | 855,849 | ||||||||||||
| Selling, general and administrative costs |
1,152,874 | 132,477 | 19,474 | 1,000,923 | ||||||||||||
| Depreciation and amortization |
133,696 | 14,893 | 11,158 | 107,645 | ||||||||||||
|
|
|
|
|
|
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| Total operating costs |
2,307,800 | 272,603 | 70,780 | 1,964,417 | ||||||||||||
| Pension withdrawal expense |
78,931 | - | - | 78,931 | ||||||||||||
| Net pension curtailment gain |
53,965 | - | - | 53,965 | ||||||||||||
| Loss on leases and other expenses |
34,633 | - | - | 34,633 | ||||||||||||
| Impairment of assets |
4,179 | - | - | 4,179 | ||||||||||||
| Gain on sale of assets |
5,198 | 5,198 | - | - | ||||||||||||
|
|
|
|
|
|
||||||||||||
| Operating profit/(loss) |
74,059 | 29,518 | 50,281 | (5,740) | ||||||||||||
| Income from joint ventures |
20,667 | - | - | 20,667 | ||||||||||||
| Premium on debt redemption |
9,250 | - | - | 9,250 | ||||||||||||
| Interest expense, net |
81,701 | - | - | 81,701 | ||||||||||||
|
|
|
|
|
|
||||||||||||
| Income/(loss) from continuing operations before income taxes |
3,775 | 29,518 | 50,281 | (76,024) | ||||||||||||
| Income tax expense/(benefit) |
2,206 | 13,122 | 18,164 | (29,080) | ||||||||||||
|
|
|
|
|
|
||||||||||||
| Income/(loss) from continuing operations |
1,569 | 16,396 | 32,117 | (46,944) | ||||||||||||
| Net income attributable to the noncontrolling interest |
(10) | - | - | (10) | ||||||||||||
|
|
|
|
|
|
||||||||||||
| Net income/(loss) attributable to The New York Times Company common stockholders |
$ 1,559 | $ 16,396 | $ 32,117 | $ | (46,954) | |||||||||||
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|
|
|
|
|
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| Average number of common shares outstanding: |
||||||||||||||||
| Basic |
144,188 | 144,188 | ||||||||||||||
|
|
|
|
||||||||||||||
| Diluted |
146,367 | 144,188 | ||||||||||||||
|
|
|
|
||||||||||||||
| Basic earnings/(loss) per share |
$ 0.01 | $ | (0.33 | ) | ||||||||||||
|
|
|
|
||||||||||||||
| Diluted earnings/(loss) per share |
$ 0.01 | $ | (0.33 | ) | ||||||||||||
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|
|
|
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See accompanying notes to unaudited pro forma condensed financial statements.
THE NEW YORK TIMES COMPANY
NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| (1) | Represents balances as reported in the unaudited Condensed Consolidated Balance Sheet included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 24, 2012. |
| (2) | To record receipt of cash from the Purchaser of approximately $315 million (consisting of the $300 million purchase price and a $15 million net working capital adjustment), after giving effect to the Transaction as if it had occurred as of June 24, 2012. On September 24, 2012, when the closing of the Transaction occurred, the net working capital adjustment was approximately $16 million, subject to customary post-closing review and finalization. |
| (3) | To eliminate assets, liabilities and retained earnings related to the About Group. |
| (4) | Includes income tax expense of approximately $28 million resulting from the sale. |
| (5) | Includes estimated non-recurring sale and separation costs of approximately $4 million, related primarily to professional fees. |
| (6) | Represents the estimated gain on the sale to be recorded in the fourth quarter of 2012, computed as follows: |
| ($ in thousands) | ||||
| Purchase price |
$ | 300,000 | ||
| Closing adjustments |
15,042 | |||
|
|
|
|||
| Cash received |
$ | 315,042 | ||
| Net assets sold |
(214,652) | |||
| Sale and separation costs |
(3,832) | |||
|
|
|
|||
| Income before income taxes |
96,558 | |||
| Income tax expense |
(28,435) | |||
|
|
|
|||
| Estimated net gain |
$ | 68,123 | ||
|
|
|
|||
| (7) | Represents results of operations for the six months ended June 24, 2012 and June 26, 2011 as reported in the unaudited Condensed Consolidated Statements of Operations in the Company's Quarterly Report on Form 10-Q for the quarter ended June 24, 2012. On January 6, 2012, the Company completed the sale of its Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses. The Company’s results of operations for the six months ended June 24, 2012 and June 26, 2011, as included in such Form 10-Q, classified the results for the Regional Media Group as discontinued operations for the periods prior to the sale. |
| (8) | Represents results of operations of the About Group. Tax effects have been determined based on the effective tax rates for the About Group in effect during the periods presented. |
| (9) | Represents results of operations as reported in the audited Consolidated Statements of Operations in the Company's Annual Report on Form 10-K for the year ended December 25, 2011. |
| (10) | Represents results of operations for the fiscal years ended December 25, 2011, December 26, 2010 and December 27, 2009 of the Regional Media Group, which was sold by the Company on January 6, 2012. The sale of the Regional Media Group was previously reported in a current report on Form 8-K filed January 11, 2012, and the Form 8-K report included unaudited pro forma financial statement information giving effect to the sale. Tax effects have been determined based on the effective tax rates for the Regional Media Group in effect during the periods presented. |