BUREAU OF NATIONAL AFFAIRS INC

CIK:0000015393|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 18, 2011	Jun. 19, 2010	Jun. 18, 2011	Jun. 19, 2010
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
OPERATING REVENUES	$ 74,520	$ 73,896	$ 147,679	$ 148,653
OPERATING EXPENSES:
Editorial, production, and distribution	35,097	35,306	69,437	72,990
Selling	9,792	9,517	19,459	20,389
General and administrative	16,322	15,167	32,919	32,414
TOTAL OPERATING EXPENSES	61,211	59,990	121,815	125,793
OPERATING PROFIT	13,309	13,906	25,864	22,860
INVESTMENT INCOME	689	789	1,433	1,604
INTEREST EXPENSE	(82)	(394)	(362)	(875)
INCOME BEFORE INCOME TAXES	13,916	14,301	26,935	23,589
PROVISION FOR INCOME TAXES	5,273	5,506	10,074	8,627
NET INCOME	8,643	8,795	16,861	14,962
OTHER COMPREHENSIVE (LOSS) INCOME	(457)	(1,306)	(447)	64,900
COMPREHENSIVE INCOME	$ 8,186	$ 7,489	$ 16,414	$ 79,862
EARNINGS PER SHARE	$ 0.34	$ 0.34	$ 0.66	$ 0.57
WEIGHTED AVERAGE SHARES OUTSTANDING	25,379,523	25,947,079	25,393,431	26,051,981

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands	6 Months Ended
	Jun. 18, 2011	Jun. 19, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 16,861	$ 14,962
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization	4,606	4,518
Deferred income taxes	67	(1,589)
Gain on sales of securities	(31)	(91)
Others	(519)	301
Changes in operating assets and liabilities-
Receivables	11,357	5,957
Deferred revenues	(2,319)	6,489
Payables and accrued liabilities	(7,407)	(4,978)
Postretirement benefits	2,930	3,107
Inventories	(273)	638
Other assets and liabilities-net	949	(535)
Net cash provided by operating activities	26,221	28,779
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of assets	80	0
Purchase of property and equipment	(846)	(361)
Acquisition of business (net of $56 cash acquired in 2010)	0	(565)
Capitalized software	(817)	(903)
Investment securities sales and maturities	19,438	18,562
Investment securities purchases	(30,190)	(20,355)
Net cash used in investing activities	(12,335)	(3,622)
CASH FLOWS FROM FINANCING ACTIVITIES:
Receipts for capital stock sales to employees	4,714	4,700
Purchases of treasury stock	(7,602)	(13,001)
Payment of long-term debt	(13,000)	(3,000)
Dividends paid	(5,868)	(5,512)
Net cash used in financing activities	(21,756)	(16,813)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(7,870)	8,344
CASH AND CASH EQUIVALENTS, beginning of period	16,464	9,757
CASH AND CASH EQUIVALENTS, end of period	8,594	18,101
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	499	903
Income taxes paid	$ 12,328	$ 10,676

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands	Jun. 18, 2011	Dec. 31, 2010
CURRENT ASSETS:
Cash and cash equivalents	$ 8,594	$ 16,464
Short-term investments	20,909	15,259
Receivables (net of allowance for doubtful accounts of $934 at June 18, 2011 and $1,676 at Dec. 31, 2010)	26,306	36,826
Inventories	1,730	1,457
Prepaid expenses	3,707	4,609
Deferred income taxes	4,434	4,666
Total current assets	65,680	79,281
MARKETABLE SECURITIES	105,474	99,258
PROPERTY AND EQUIPMENT:
Land	23,198	23,198
Building and improvements	91,001	91,013
Furniture, fixtures and equipment	47,379	47,714
Property and equipment, gross	161,578	161,925
Less-Accumulated depreciation	54,539	52,725
Net property and equipment	107,039	109,200
DEFERRED INCOME TAXES	10,876	10,308
GOODWILL	37,098	37,098
INTANGIBLE AND OTHER ASSETS	11,626	12,550
Total assets	337,793	347,695
CURRENT LIABILITIES:
Current portion of long-term debt	0	13,000
Payables and accrued liabilities	11,786	16,653
Employee compensation and benefits payable	18,603	18,852
Income taxes payable	1,547	3,872
Deferred revenues	128,092	130,411
Total current liabilities	160,028	182,788
POSTRETIREMENT BENEFITS, less current portion	118,678	113,488
OTHER LIABILITIES	836	860
Total liabilities	279,542	297,136
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Additional paid-in capital	55,261	52,635
Retained earnings	251,553	240,560
Treasury stock, at cost - 31,880,820 shares at June 18, 2011 and 31,709,269 at Dec. 31, 2010	(301,114)	(295,634)
Accumulated other comprehensive loss:
Net unrealized gain on marketable securities	2,912	2,000
Foreign currency translation adjustment	(135)	(123)
Postretirement benefits adjustment	(7,393)	(6,046)
Total stockholders' equity	58,251	50,559
Total liabilities and stockholders' equity	337,793	347,695
Common Class A [Member]
STOCKHOLDERS' EQUITY:
Common Stock	30,000	30,000
Common Class B [Member]
STOCKHOLDERS' EQUITY:
Common Stock	24,635	24,635
Common Class C [Member]
STOCKHOLDERS' EQUITY:
Common Stock	$ 2,532	$ 2,532