SEC Filings

10-Q
TEGNA INC filed this Form 10-Q on 11/08/2018
Entire Document
 


TEGNA Inc.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited, in thousands of dollars, except per share amounts
 
Quarter ended
Sept. 30,
 
Nine months ended Sept. 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Revenues
$
538,976

 
$
464,264

 
$
1,565,146

 
$
1,412,703

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Cost of revenues, exclusive of depreciation
271,156


235,474

 
793,943


696,565

Business units - Selling, general and administrative expenses, exclusive of depreciation
76,639


70,914

 
229,193


214,645

Corporate - General and administrative expenses, exclusive of depreciation
17,593

 
12,881

 
41,522

 
42,462

Depreciation
14,262


15,186

 
41,594


41,721

Amortization of intangible assets
8,047


5,395

 
22,791


16,172

Asset impairment and other (gains) charges
(3,005
)

7,553

 
(9,331
)

11,086

Total
384,692

 
347,403

 
1,119,712

 
1,022,651

Operating income
154,284

 
116,861

 
445,434

 
390,052

 
 
 
 
 
 
 
 
Non-operating income (expense):
 
 
 
 
 
 
 
Equity income (loss) in unconsolidated investments, net
771

 
866

 
15,080

 
(1,549
)
Interest expense
(48,226
)
 
(51,855
)
 
(145,055
)
 
(162,113
)
Other non-operating items, net
(214
)
 
(3,671
)
 
(13,005
)
 
(26,853
)
Total
(47,669
)

(54,660
)
 
(142,980
)

(190,515
)
 
 
 
 
 
 
 
 
Income before income taxes
106,615

 
62,201

 
302,454

 
199,537

Provision for income taxes
13,789


11,447

 
61,929


54,855

Net Income from continuing operations
92,826

 
50,754

 
240,525

 
144,682

Income (loss) from discontinued operations, net of tax
4,325

 
(10,803
)
 
4,325

 
(233,261
)
Net income (loss)
97,151

 
39,951

 
244,850

 
(88,579
)
Net loss attributable to noncontrolling interests from discontinued operations

 
2,806

 


58,698

Net income (loss) attributable to TEGNA Inc.
$
97,151

 
$
42,757

 
$
244,850

 
$
(29,881
)
 
 
 
 
 
 
 
 
Earnings from continuing operations per share - basic
$
0.43

 
$
0.24

 
$
1.11


$
0.67

Earnings (loss) from discontinued operations per share - basic
0.02

 
(0.04
)
 
0.02

 
(0.81
)
Net income (loss) per share – basic
$
0.45

 
$
0.20

 
$
1.13

 
$
(0.14
)
 
 
 
 
 
 
 
 
Earnings from continuing operations per share - diluted
$
0.43

 
$
0.23

 
$
1.11


$
0.66

Earnings (loss) from discontinued operations per share - diluted
0.02

 
(0.04
)
 
0.02

 
(0.80
)
Net income (loss) per share – diluted
$
0.45

 
$
0.19

 
$
1.13

 
$
(0.14
)
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
Basic shares
216,015

 
215,863

 
216,210

 
215,558

Diluted shares
216,348

 
218,095

 
216,617

 
217,827

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.07

 
$
0.07

 
$
0.21

 
$
0.28

The accompanying notes are an integral part of these condensed consolidated financial statements.

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