Tribune Publishing Co

CIK:0001593195|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Income Statement [Abstract]
Operating revenues	$ 173,554	$ 206,441
Operating expenses:
Compensation	61,759	96,268
Newsprint and ink	6,624	10,720
Outside services	63,200	74,585
Other operating expenses	28,284	30,154
Depreciation and amortization	5,242	8,813
Impairment	0	51,049
Total operating expenses	165,109	271,589
Income (loss) from operations	8,445	(65,148)
Interest expense, net	(144)	(30)
Other income, net	403	387
Income (loss) from continuing operations before income taxes	8,704	(64,791)
Income tax expense (benefit)	2,582	(15,811)
Net income (loss) from continuing operations	6,122	(48,980)
Plus: Income from discontinued operations, net of taxes	20,500	4,974
Net income (loss)	26,622	(44,006)
Less: Income (loss) attributable to noncontrolling interest ("NCI")	(413)	1,330
Net income (loss) attributable to Tribune common stockholders	$ 27,035	$ (45,336)
Net income (loss) from continuing operations, per common share:
Basic (in dollars per share)	$ 0.17	$ (1.35)
Diluted (in dollars per share)	0.17	(1.35)
Net income (loss) available to Tribune common stockholders, per common share:
Basic (in dollars per share)	1.44	(1.26)
Diluted (in dollars per share)	$ 1.43	$ (1.26)
Weighted average shares outstanding:
Basic (in shares)	36,687	36,294
Diluted (in shares)	37,023	36,294

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Operating Activities From Continuing Operations
Net income (loss) available to Tribune common stockholders, before discontinued operations	$ 6,122	$ (48,980)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,242	8,813
Impairment	0	51,049
Stock compensation expense	1,116	1,592
Gain on sale of property	0	(5,159)
Deferred income taxes	453	(6,704)
Pension contribution	(476)	(555)
Postretirement benefits expense	(401)	(326)
Changes in working capital items:
Accounts receivable, net	14,365	17,346
Prepaid expenses, inventories and other current assets	1,905	(2,864)
Accounts payable, employee compensation and benefits, deferred revenue and other current liabilities	(6,846)	(23,194)
Other, net	1,261	(141)
Net cash provided by (used for) operating activities	22,741	(9,123)
Investing Activities From Continuing Operations
Capital expenditures	(2,271)	(3,483)
Proceeds from the sale of property, plant and equipment	0	8,983
Net cash provided by (used for) investing activities	(2,271)	5,500
Financing Activities From Continuing Operations
Exercise of stock options	2,225	0
Repayments of capital lease obligations	0	(50)
Dividends paid to common stockholders	0	(9,091)
Withholding for taxes on restricted stock unit vesting	(628)	(533)
Net cash used for financing activities	1,597	(9,674)
Increase (decrease) in cash attributable to continuing operations	22,067	(13,297)
Cash Flows From Discontinued Operations
Cash flows provided by operating activities from discontinued operations, net	442	10,123
Cash flows provided by (used for) investing activities from discontinued operations, net	99,383	(16)
Cash flows used for financing activities from discontinued operations, net	0	(5,200)
Increase in cash attributable to discontinued operations	99,825	4,907
Net increase (decrease) in cash	121,892	(8,390)
Cash, cash equivalents and restricted cash, beginning of period	128,787	92,130
Cash, cash equivalents and restricted cash, end of period	$ 250,679	$ 83,740

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 28, 2021	Dec. 27, 2020
Current assets
Cash	$ 222,409	$ 98,862
Accounts receivable, net	59,548	73,866
Inventories	5,331	4,055
Prepaid expenses and other current assets	16,107	18,344
Current assets related to discontinued operations	234	111,239
Total current assets	303,629	306,366
Property, plant and equipment
Machinery, equipment and furniture	93,326	100,625
Buildings and leasehold improvements	42,410	42,361
Property, plant and equipment, gross	135,736	142,986
Accumulated depreciation	(92,027)	(96,527)
Property, plant and equipment, net, excluding advance payments	43,709	46,459
Advance payments on property, plant and equipment	1,211	1,866
Property, plant and equipment, net	44,920	48,325
Other assets
Goodwill	28,146	28,146
Intangible assets, net	49,079	50,148
Software, net	16,471	17,503
Lease right-of-use asset	32,992	36,705
Restricted cash	28,270	29,925
Deferred income taxes	10,840	11,294
Equity investments	11,354	11,354
Other long-term assets	8,526	8,388
Total other assets	185,678	193,463
Total assets	534,227	548,154
Current liabilities
Accounts payable	34,018	28,022
Employee compensation and benefits	23,906	33,495
Deferred revenue	33,688	34,620
Current portion of long-term lease liability	24,645	23,914
Other current liabilities	25,621	23,329
Current liabilities associated with discontinued operations	7,930	4,759
Total current liabilities	149,808	148,139
Non-current liabilities
Long term lease liability	44,786	49,182
Workers’ compensation, general liability and auto insurance payable	19,921	20,120
Pension and postretirement benefits payable	15,926	16,803
Deferred revenue	1,786	1,921
Other obligations	6,443	10,587
Total non-current liabilities	88,862	98,613
Stockholders’ equity
Preferred stock, $0.01 par value. Authorized 30,000 shares; no shares issued or outstanding at March 28, 2021 and December 27, 2020	0	0
Common stock, $0.01 par value. Authorized 300,000 shares; 38,787 shares issued and 36,833 shares outstanding at March 28, 2021; 38,524 shares issued and 36,570 shares outstanding at December 27, 2020	388	385
Additional paid-in capital	184,549	181,839
Retained earnings	139,420	86,491
Noncontrolling interest	0	61,539
Accumulated other comprehensive income (loss)	(2,640)	(2,692)
Treasury stock, at cost - 1,954 shares at March 28, 2021 and December 27, 2020	(26,160)	(26,160)
Total stockholders’ equity	295,557	301,402
Total liabilities and stockholders’ equity	$ 534,227	$ 548,154