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UNITED STATES

FORM 10-K

(Mark One)

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

For the fiscal year ended December 26, 1999

or

[   ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

For the transition period from                to

Commission File Number 1-10333

CENTRAL NEWSPAPERS, INC.

(602) 444-1100

Securities registered pursuant to Section 12(b) of the Act:

      Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  [X]  No  [   ]

      Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [   ]

      The aggregate market value of the voting stock held by non-affiliates on March 14, 2000, based on the closing price for the Company’s Class A Common Stock on the New York Stock Exchange on such date, and assuming the conversion of all outstanding shares of Class B Common Stock into shares of Class A Common Stock at a ratio of one-tenth (.10) of a share of Class A Common Stock for each share of Class B Common Stock: approximately $914,763,000. For purposes of the foregoing calculation only, required by Form 10-K, the Registrant has included as shares owned by affiliates, the shares of Class A Common Stock and Class B Common Stock beneficially owned by officers and directors of the Registrant and by holders of 10% or more of either class. Such inclusion shall not be construed as an admission that any such person is an affiliate for any other purpose.

Shares outstanding at March 14, 2000:

Documents Incorporated by Reference

      Portions of our 1999 definitive Proxy Statement for our 2000 Annual Meeting of Shareholders (to be held May 16, 2000) (incorporated in part III to the extent provided in items 10, 11, 12 and 13).

TABLE OF CONTENTS

PART I

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PART I

Item 1.  Business.

      We are an Indiana corporation and were incorporated in 1934. We publish the following newspapers, which had average circulation, as set forth below for the fiscal year ended December 26, 1999:

	•	The Arizona Republic, average daily circulation of 465,073 and 586,177 Sunday;
	•	The Indianapolis Star, average daily circulation of 266,794 and 371,712 Sunday;
	•	The Alexandria Daily Town Talk, serving central Louisiana, average circulation of 35,673 daily and 42,749 Sunday;
	•	The Star Press, in Muncie, Indiana, average circulation of 34,144 daily and 37,551 Sunday;
	•	The Vincennes Sun-Commercial, in Vincennes, Indiana, average circulation of 12,373 daily and 14,468 Sunday;
	•	The Daily Ledger, average daily circulation of 11,800; and
	•	nine controlled circulation newspapers which are home-delivered and free to readers serving the northern and southern suburbs of Indianapolis, average weekly circulation of 107,800.

      We also own:

	•	Carantin & Co., a direct marketing services company;
	•	CNT Corp., a centralized shared services center that delivers technology services to internal and external customers;
	•	CNI Ventures, a company that manages our investment activities in the Internet and technology sectors;
	•	a 23.2% interest in BrassRing, Inc., a leading provider of recruiting services to businesses;
	•	a 13.5% interest in Ponderay newsprint company, a partnership that owns a newsprint mill in the state of Washington; and
	•	McCormick Graphics, a commercial printer.

      We seek to maintain our position as both the primary source of news and information for our readers as well as the most effective way for advertisers to reach their target markets. To this end, we manage our newspapers with a commitment to the highest standards of product quality and journalistic excellence. For example, The Arizona Republic was the first major daily newspaper in the country to have its pages fully composed by computer generation, enabling us to deliver higher quality products. Since 1990, our newspapers have won Pulitzer prizes for investigative reporting and political cartooning, as well as numerous other awards from industry organizations such as the American Association of Sunday and Feature Editors, the Society for Newspaper Design and the National Press Photographers’ Association, among others.

      The following is a list of Internet addresses for CNI and its subsidiaries:

	•	Central Newspapers, Inc.: http://www.centralnews.com;
	•	Phoenix Newspapers, which includes The Arizona Republic and The Arizona Business Gazette: http://www.azcentral.com;
	•	Indianapolis Newspapers, which includes The Indianapolis Star : http://www.starnews.com;
	•	Alexandria Newspapers, which includes The Alexandria Daily Town Talk, McCormick Graphics and Press Works: http://www.thetowntalk.com;
	•	Muncie Newspapers, which includes The Muncie Star Press and The Advertiser Group: http://www.thestarpress.com;

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      •  Topics Newspapers, which includes The Daily Ledger: http://www.topics.com; and

	•	Carantin & Co., Inc.: http://www.carantin.com.

The Arizona Republic

      In Phoenix, we currently publish The Arizona Republic, together with The Arizona Business Gazette, a weekly newspaper. We originally acquired a 30% interest in The Arizona Republic and The Phoenix Gazette in 1946. We have owned 100% of these newspapers since 1977. On January 18, 1997, we stopped publishing The Phoenix Gazette. We were able to convert approximately 85% of the subscribers of The Phoenix Gazette to The Arizona Republic.

Circulation

      Approximately 86% of the daily and 72% of the Sunday circulation of The Arizona Republic was home delivered as of December 26, 1999, with the remainder being single copy sales. The circulation level of The Arizona Republic is seasonal due to the large number of part-year residents in the Phoenix area. Typically, circulation for The Arizona Republic achieves its highest levels in February and March and decreases during the late spring and summer months. During 1999, the seasonal variation was approximately 98,774 daily and 99,932 Sunday. The following table shows the average paid daily circulation for The Arizona Republic and The Phoenix Gazette for the periods shown. The figures for fiscal years ended 1996 and 1997 are based upon reports issued by the ABC, an independent agency that audits the circulation of daily and Sunday newspapers, and include circulation outside the Phoenix metropolitan statistical area (“MSA”). The figures for the fiscal year ended December 26, 1999 are based upon our records. Net circulation revenue for the periods shown is based upon our records.

      The home-delivered pricing structure for seven day subscriptions is based on length of subscription. The home-delivered price for The Arizona Republic (seven days) in the Phoenix MSA, ranges from $3.55 per week for a fifty-two week subscription to $3.85 per week for an eight-week subscription. There is also a four-week direct bank debit option of $3.55 per week. The home-delivered price for The Arizona Republic (six days) is $2.50 per week for all subscription terms. A weekend package comprising the Sunday paper and the Friday and Saturday edition is offered at $3.00 per week. The single copy price of the morning paper is $0.50 and $2.00 for the Sunday paper.

      The Arizona Business Gazette contains business news and legal notices relating to the Phoenix metropolitan area. The average paid circulation of The Arizona Business Gazette was 10,561, 7,348 and 4,734 for 1997, 1998 and 1999, respectively.

Advertising

      The newspapers generate revenue from two primary types of advertisements: “run-of-paper,” which are printed in the body of the newspaper, and “preprinted,” which are furnished by the advertiser and inserted into the newspaper. We derive the majority of our advertising revenue for our Arizona newspapers from run-of-paper advertisements. However, like other major newspapers, The Arizona Republic has experienced an increase in advertisers’ use of preprinted advertisements in recent years. Because preprinted advertisements

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      We also structure our advertising format to accommodate the numerous communities that comprise the Phoenix metropolitan area. The Arizona Republic publishes “Community” sections that are inserted in up to twelve zoned editions on certain days of the week. Zoned editions, which include news stories and advertisements targeted to specific communities or geographic areas, provide an important means of competing with news coverage of local newspapers and thereby promote circulation. Other part-run sections are also provided to accommodate the needs of advertisers for more targeted distribution.

      The combined run-of-paper advertising linage for our Arizona newspapers for the periods shown and the combined advertising revenues of the newspapers for such periods are set forth in the following table:

Distribution

      We distribute The Arizona Republic primarily by home delivery through a network of independent contractors. We have implemented a centralized billing system that removes the responsibility for billing and collection from the independent contractors. Newspapers are distributed to the independent contractor network by an outside company which has been under contract for over forty years.

Production

      The Arizona Republic’s editing and composing functions are performed primarily at our facility in downtown Phoenix. The Arizona Republic was the first major daily newspaper in the country to have its pages fully composed by computer generation, enabling us to produce a higher quality product. Electronic pagination allows entire pages of the newspaper to be formatted at a computer terminal. Composed pages are electronically transmitted from the newspaper’s downtown facility to its two satellite production facilities.

      The Arizona Republic’s two satellite production facilities are located in Deer Valley, which is north of downtown Phoenix, and in Mesa, Arizona. The Deer Valley facility includes four offset presses and related production equipment, as well as circulation, advertising and editorial offices. This facility began production during the first quarter of 1992, with full operation commencing in the third quarter of 1992. The Mesa facility began operation in 1982 and has been subsequently expanded and upgraded. It has three offset presses and related production equipment. We own an additional undeveloped site in western Maricopa County for a possible satellite production facility to meet future growth.

Indianapolis Newspapers

      We formed Indianapolis Newspapers, a division of Indiana Newspapers, Inc. (“INI”) in 1948, through which we currently publish The Indianapolis Star. At the end of 1996, we owned 90.2% of the voting equity of

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Circulation

      Approximately 81% of the daily and 79% of the Sunday circulation of The Indianapolis Star was home-delivered as of December 26, 1999, with the remainder being single copy sales.

      The following table shows the average paid daily circulation for The Indianapolis Star and The Indianapolis News for the last three fiscal years. The figures for 1997 and 1998 are based upon reports issued by the ABC and include circulation outside the Indianapolis metropolitan statistical area. The figures for the fiscal year ended December 26, 1999 are based upon our records. Net circulation revenue is based upon our records.

      The home-delivered price for The Indianapolis Star (seven days) in the Indianapolis metropolitan statistical area ranges from $3.60 to $3.80 per week based on the subscription term and type. The single copy price is $0.50 for the daily paper. The home-delivered price of the Sunday newspaper is $1.80, and the single copy price is $1.75.

Advertising

      As is the case for The Arizona Republic, The Indianapolis Star derives the majority of its advertising revenues from run-of-paper advertisements. The Indianapolis Star has also experienced an increase in advertisers’ use of preprinted advertisements in recent years. To encourage use of run-of-paper advertisements, we structure our advertising rates to provide more favorable rates to high volume and frequent run-of-paper advertisers. The combined run-of-paper advertising linage for The Indianapolis Star for the past three fiscal years and the advertising revenue for such periods are set forth in the following table:

Distribution

      In 1997, our Indianapolis newspapers converted from a carrier-based delivery system to an agency-based distribution system for the Indianapolis metropolitan area and its eight surrounding counties. We replaced approximately 1,350 carriers with 79 independent delivery agents, who are paid on a commission basis.

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      In 1998, we converted the home-delivered system in the State area of Indiana to an agency-based distribution system. We replaced approximately 250 carriers with 14 delivery agents, who are paid on a commission basis. We believe the conversions have:

	•	allowed for uniform pricing;
	•	resulted in higher levels of customer satisfaction; and
	•	helped facilitate the creation of customer databases.

      We have implemented a centralized billing system that removes the responsibility for billing and collection from the agents.

      In October 1999, we outsourced the transportation function of The Indianapolis Star to Penske Logistics, Inc. who primarily provide for the transportation of newspapers from the dock to the agents.

Production

      All editorial and production functions are currently handled from our facility in downtown Indianapolis, which is equipped with six offset presses and related production and distribution equipment.

      In September 1999, the Board of Directors approved a $70.8 million press project for The Indianapolis Star . The new presses will be located in a facility adjacent to our Pulliam Production Center. This plan will be executed over a three year period beginning in fiscal 2000. The project is expected to afford The Indianapolis Star the ability to more than double its color advertising capacity, provide increased flexibility in creating additional zoned editions, and improve operating efficiency by reducing headcount.

Smaller Newspapers

      In March 1996, we purchased 100% of the outstanding common stock of McCormick & Company, Inc., now Alexandria Newspapers, Inc., the parent company of The Alexandria Daily Town Talk newspaper and McCormick Graphics, Inc., a commercial printing subsidiary. The Alexandria Daily Town Talk serves Rapides Parish in Central Louisiana and the outlying areas within a 50 mile radius, with a population base of approximately 282,000. For the fiscal year ended December 26, 1999, the average paid circulation of The Alexandria Daily Town Talk was 35,673 daily and 42,749 Sunday.

      We also publish The Star Press (mornings and Sundays) in Muncie, Indiana — we formerly published two newspapers in the Muncie market, The Muncie Star and The Muncie Evening Press, but merged the two newspapers into The Star Press in May 1996 to improve product quality and cost efficiency. The Star Press serves Muncie and east central Indiana, which has a population base of just over 370,000. For the fiscal year ended December 26, 1999, the average paid circulation of The Star Press was 34,144 daily and 37,551 Sunday.

      We publish The Daily Ledger (which for 1999 had an average daily circulation of 11,800) and nine controlled circulation newspapers (which for 1999 had an average weekly circulation of 107,800) that serve the northern suburbs of Indianapolis, the fastest growing area of metropolitan Indianapolis.

      We publish The Vincennes Sun-Commercial, a daily newspaper that serves the city of Vincennes, Indiana, with a population of approximately 24,700. For the fiscal year ended December 26, 1999, the average paid circulation of The Vincennes Sun-Commercial was 12,373 (five days) and 14,468 Sunday.

      The revenues earned by these smaller publications represented approximately 6.0%, 6.0% and 6.1% in 1997, 1998 and 1999, respectively, of our total revenues.

CNT Corp.

      On December 28, 1998, we formed CNT Corp., a centralized shared services center that delivers technology services to internal and external customers. In 1999, we completed the transition of services for several of our subsidiaries, including our two largest newspapers, to the center.

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CNI Ventures, Inc.

      In March 2000, we incorporated CNI Ventures, Inc. and contributed investments from CNI to the new subsidiary. CNI Ventures will identify and invest in emerging technology businesses which offer information products and services and will target companies that are developing new methods of communication and delivery methods for news and information.

BrassRing, Inc.

      In March 2000, we sold Career Services, Inc. by merging our wholly-owned subsidiary into BrassRing, Inc., a venture of Kaplan, Inc. (a wholly-owned subsidiary of The Washington Post Company), Tribune Company, and the venture capital firm, Accel Partners, for 23.2% of BrassRing, Inc. We believe this alliance will:

	•	combine a group of online and offline assets that will reach employees at virtually every stage of their careers while offering employers solutions for managing their hiring efforts;
	•	provide us with a stake in a fast growing business uniquely positioned in the business-to-business hiring management and recruitment industry; and
	•	provide employers with more options to meet the strong demand for top information technology professionals.

Homebuyer’s Fair

      In October 1999, we sold our 80% interest in Homebuyer’s Fair to Homestore.com, Inc. Our 80% interest was purchased in October 1997. Homebuyer’s Fair is a Phoenix-based Internet company which provides services and information for people who are moving and for corporations that are relocating their employees. In September, 1998, we acquired National School Reporting Services, Inc., a leading provider of information about schools and school systems across the nation.

Carantin & Co., Inc.

      In December, 1998, we acquired Carantin & Co., Inc., a Phoenix-based company that provides direct mail and other direct marketing support services to its clients. This acquisition will enhance the direct marketing and database marketing capabilities of CNI.

Classified Ventures

      We own a 3% interest in Classified Ventures, an independent company owned by a consortium of newspaper companies whose mission is to be the preeminent online national classified advertising service in the automotive, apartments and new homes classified categories. Classified Ventures utilizes both national sales personnel and sales representatives from our newspapers to sell advertising and services. Investment in this business fits with our strategy of new business development and protection of our classified advertising business.

Raw Materials — Ponderay Newsprint Company

      We consumed approximately 189,000 metric tons of newsprint in fiscal year 1999 and expect that consumption will increase in 2000 due primarily to anticipated linage gains. We currently obtain newsprint from a number of suppliers, both foreign and domestic, under long-term contracts, standard in the industry, which offer dependable sources of newsprint at current market rates.

      To provide us with an additional source of newsprint for a portion of our needs, we joined with four other newspaper publishing companies and a major newsprint manufacturer in forming a general partnership, Ponderay Newsprint Company (“Ponderay”), to own and operate a newsprint mill in Usk, Washington. The

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Competition

      We face competition for advertising revenue from television, radio, the Internet and direct mail programs, as well as competition for advertising and circulation from suburban neighborhood and national newspapers and other publications. Competition for advertising is based upon:

	•	circulation levels;
	•	readership demographics;
	•	advertising rates; and
	•	advertiser results.

      Competition for circulation is generally based upon:

	•	content;
	•	journalistic quality; and
	•	the price of the newspaper.

      In Phoenix, several suburban newspapers owned by major media corporations operate in cities that are part of the Phoenix metropolitan area and compete with The Arizona Republic for advertising and circulation. The most significant of these competitors is Thomson Corporation, which owns five daily newspapers in the East Valley region. These newspapers had a combined paid daily circulation of 93,407, compared to 186,003 for The Arizona Republic in this region in 1998, the period for which the latest ABC audit figures are available. In 1997, The Arizona Republic introduced four new “Community” sections to maintain its position as the leading source of news and information in this region. In Indianapolis, our newspapers do not experience significant direct competition from suburban newspapers. In February 2000, Thomson corporation announced its intention to sell its U.S. newspapers, including the East Valley publications.

Employees — Labor

      As of December 26, 1999, we had approximately 5,000 employees (including 1,117 part-time employees), 35% of whom were covered by a total of 23 collective bargaining agreements. Given the large number of collective bargaining agreements, we are frequently involved in labor negotiations. As of March 14, 2000, we were involved in ongoing negotiations with respect to five different bargaining agreements, involving approximately 413 employees engaged in various trades at our facilities. No assurance can be given as to the outcome of these negotiations or as to their impact on us. We have never had a significant strike or work stoppage at our operations and we consider our labor relationships with our employees to be satisfactory.

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Our Executive Officers

      Our executive officers are:

      Louis A. Weil III has been Chairman of the Board of Directors since December 31, 1998 and President and Chief Executive Officer since January 1996. He served as Publisher and Chief Executive Officer of The Arizona Republic and The Phoenix Gazette and Executive Vice President of Phoenix Newspapers, Inc. between July 1991 and January 1996. Mr. Weil served as Publisher of Time from May 1989 to July 1991 and President and Publisher of The Detroit News from May 1987 to May 1989. Mr. Weil serves as an independent director of Prudential’s Domestic Equity, Domestic Fixed Income, Global Fixed Income and Municipal Bond mutual funds. He has been a Director since 1991.

      Thomas K. MacGillivray has been Senior Vice President since September 1999 and Chief Financial Officer since January 1996. He was Vice President from January 1996 to August 1999. Previously, he was Director of Investments from April 1993 to December 1995. He was Vice President and Equity Portfolio Manager for Sovran Capital Management from January 1989 until March 1993.

      Eric S. Tooker has been Vice President since April 1997 and General Counsel and Secretary since June 1996. From November 1989 through May 1996, he was Associate General Counsel at Conseco, Inc.

      Kevin J. Salcido has been Vice President of Human Resources since October 1999 and Corporate Director of Human Resources since November 1996. He was Human Resources Manager for Pepsi-Cola from October 1994 to November 1996.

      Bill Toner has been Vice President and Chief Information Officer since September 1999. He served as Chief Information Officer from January 1997 to August 1999. He held various positions with Gannett from December 1975 to December 1996.

      John F. Oppedahl has been President and Publisher and Chief Executive Officer of Phoenix Newspapers, Inc. since January 1996. Previously, he was Executive Editor of Phoenix Newspapers, Inc. from 1993 to January 1996 and Managing Editor of The Arizona Republic from 1989 to 1993.

      Dale A. Duncan has been Publisher since January 1999, and President and General Manager of Indianapolis Newspapers since January 1998. From 1995 until assuming his current positions, Mr. Duncan was Vice President, ABC Publishing Group, where he directed the operations of The Oakland Press, Pontiac, MI; The Belleville News-Democrat, Illinois; and the Times Leader, Wilkes-Barre, PA. Mr. Duncan also served as President and Publisher of the Oakland Press from 1995 to 1997 and was President and Publisher of the Times Leader from 1986 to 1994.

      Each executive officer will serve as such until his successor is chosen and qualified. No family relationships exist among executive officers.

Item 2.  Properties.

      Our corporate headquarters is located at 200 East Van Buren Street, Phoenix, Arizona, 85004. The general character, location and approximate size of the principal physical properties we owned at the end of

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      We believe that our current facilities are adequate to meet our present needs.

Item 3.  Legal Proceedings.

      We become involved from time to time in various claims and lawsuits in the ordinary course of our business that are incidental to our business. These claims include libel and invasion of privacy actions and involve from time to time various governmental and administrative proceedings. We believe that the outcome of any pending claims or proceedings will not have a material adverse effect on us.

Item 4.  Submission of Matters to a Vote of Security Holders.

      No matters were submitted to a vote of shareholders during the quarter ended December 26, 1999 through the solicitation of proxies or otherwise.

PART II

Item 5.  Markets for Registrant’s Common Equity and Related Stockholder Matters.

      Since an initial public offering on September 21, 1989, shares of Class A Common Stock have traded on the New York Stock Exchange under the symbol “ECP”. No established trading market currently exists for the Company’s Class B Common Stock. Shares of Class B Common Stock are convertible into Class A Common Stock at a ratio of ten B shares for one A share. As of March 14, 2000, there were approximately 335 shareholders of record of Class A Common Stock and 21 shareholders of record of Class B Common Stock.

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      THE FOLLOWING TABLE SETS FORTH THE QUARTERLY DIVIDENDS DECLARED PER SHARE OF CLASS A COMMON STOCK:

      THE FOLLOWING TABLE SETS FORTH THE QUARTERLY HIGH AND LOW SALES PRICES OF THE CLASS A COMMON STOCK AS REPORTED ON THE NEW YORK STOCK EXCHANGE:

Item 6.  Selected Financial Data.

      The following table sets forth selected financial information regarding our financial position and operating results which has been extracted from the financial statements. This information should be read in conjunction with Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8 “Financial Statements and Supplemental Data”.

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TEN-YEAR FINANCIAL HIGHLIGHTS

Data excludes special charges(a)

		Growth Rates
		Compounded								Annual				Dec. 26				Dec. 27				Dec. 28				Dec. 29				Dec. 31				Dec. 25
		10-Year				5-Year				1-Year				1999				1998				1997				1996				1995				1994
		1989-99				1994-99				1998-99				52 Weeks				52 Weeks				52 Weeks				52 Weeks				53 Weeks				52 Weeks
		(In thousands, except share data)
Summary of Operations:
Operating revenues			6.3	%			9.1	%			6.8	%		$	804,090			$	752,690			$	716,137			$	620,315			$	579,901			$	519,702
Operating expenses			5.3	%			7.6	%			5.1	%			629,570				598,738				565,101				514,890				490,682				436,908
Operating income			11.3	%			16.1	%			13.4	%			174,520				153,952				151,036				105,425				89,219				82,794
Other income — net															(7,250	)			428				2,152				4,009				8,154				4,965
Income before income taxes			9.4	%			13.8	%			8.4	%		$	167,270			$	154,380			$	153,188			$	109,434			$	97,373			$	87,759
Income before minority interest and equity in Affiliate			9.5	%			14.0	%			10.7	%		$	100,362			$	90,685			$	90,281			$	64,732			$	57,977			$	52,037
Income before cumulative effect of accounting change			9.8	%			16.7	%			10.0	%		$	98,287			$	89,351			$	87,384			$	64,829			$	55,978			$	45,510
Cumulative effect of accounting change
Net income (loss)			9.8	%			16.7	%			10.0	%		$	98,287			$	89,351			$	87,384			$	64,829			$	55,978			$	45,510
CASH FLOW DATA(b)
Provided by operating activities(e)			9.8	%			29.5	%			25.0	%		$	167,903			$	138,045			$	159,712			$	125,310			$	64,263			$	46,086
Effect of trading securities															(12,690	)			1,454				(11,631	)			(40,671	)			17,630				45,682
Capital spending			1.2	%			5.7	%			(16.8	)%			(30,731	)			(36,922	)			(25,135	)			(46,530	)			(58,676	)			(23,256	)
Operating free cash flow			12.4	%			12.7	%			26.0	%		$	124,482			$	102,577			$	122,946			$	38,109			$	23,217			$	68,512
Dividends paid			4.5	%			8.2	%			(9.3	)%		$	19,747			$	21,760			$	20,111			$	18,647			$	15,724			$	13,308
Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)(c)			11.7	%			15.6	%			13.2	%		$	225,690			$	199,370			$	193,058			$	140,953			$	117,706			$	109,433
Class A Share Data and Other Share Information:
Basic income per share before cumulative effect of accounting changes			13.0	%			23.5	%			33.2	%		$	2.45			$	1.84			$	1.70			$	1.22			$	1.05			$	0.85
Cumulative effect of accounting changes
Basic income (loss)  per share			13.0	%			23.5	%			33.2	%		$	2.45			$	1.84			$	1.70			$	1.22			$	1.05			$	0.85
Diluted income per share before cumulative effect of accounting changes			12.6	%			22.8	%			32.4	%		$	2.37			$	1.79			$	1.65			$	1.20			$	1.04			$	0.85
Cumulative effect of accounting changes
Diluted income (loss) per share			12.6	%			22.8	%			32.4	%		$	2.37			$	1.79			$	1.65			$	1.20			$	1.04			$	0.85
Dividends declared			11.9	%			14.0	%			11.1	%		$	0.50			$	0.45			$	0.40			$	0.36			$	0.31			$	0.26
Book value per share at year-end(f)			(2.1	)%			(8.4	)%			(53.7	)%		$	3.84			$	3.52			$	7.60			$	7.34			$	6.72			$	6.00
Market price per share at year-end			12.7	%			22.6	%			9.4	%		$	37.500			$	34.281			$	35.032			$	21.438			$	15.688			$	13.563
Class A common equivalent shares at year-end			(3.1	)%			(6.2	)%			(5.0	)%			38,681,632				40,715,280				50,304,352				52,786,022				53,351,822				53,276,600
Average shares outstanding used to calculate basic income (loss) per share(c)			(2.8	)%			(5.5	)%			(17.4	)%			40,079,296				48,498,158				51,463,474				53,238,272				53,302,014				53,242,266
Average shares outstanding used to calculate diluted income (loss) per share(c)			(2.4	)%			(5.0	)%			(16.8	)%			41,505,970				49,880,164				52,945,848				54,075,428				53,737,944				53,649,978

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Dec. 26				Dec. 27				Dec. 29				Dec. 30
		1993				1992				1991				1990
		52 Weeks				52 Weeks				52 Weeks				52 Weeks
		(In thousands, except share data)
Summary of Operations:
Operating revenues		$	466,567			$	433,600			$	420,351			$	431,659
Operating expenses			399,454				378,365				369,328				376,812
Operating income			67,113				55,235				51,023				54,847
Other income — net			2,417				1,111				3,735				8,963
Income before income taxes		$	69,530			$	56,346			$	54,758			$	63,810
Income before minority interest and equity in Affiliate		$	40,969			$	33,401			$	32,640			$	37,127
Income before cumulative effect of accounting change		$	33,006			$	25,476			$	27,858			$	29,495
Cumulative effect of accounting change							(34,212	)
Net income (loss)		$	33,006				(8,736	)		$	27,858			$	29,495
CASH FLOW DATA(b)
Provided by operating activities(e)		$	74,610			$	69,752			$	57,742			$	60,177
Effect of trading securities
Capital spending			(16,049	)			(26,175	)			(82,067	)			(50,178	)
Operating free cash flow		$	58,561			$	43,577			$	(24,325	)		$	9,999
Dividends paid		$	11,956			$	10,870			$	10,598			$	10,267
Earnings before interest, income taxes, depreciation and amortization (“EBITDA”)(c)		$	92,923			$	76,884			$	68,357			$	70,749
Class A Share Data and Other Share Information:
Basic income per share before cumulative effect of accounting changes		$	0.62			$	0.48			$	0.53			$	0.56
Cumulative effect of accounting changes						$	(0.65	)
Basic income (loss)  per share		$	0.62			$	(0.16	)		$	0.53			$	0.56
Diluted income per share before cumulative effect of accounting changes		$	0.62			$	0.48			$	0.53			$	0.56
Cumulative effect of accounting changes						$	(0.65	)
Diluted income (loss) per share		$	0.62			$	(0.17	)		$	0.53			$	0.56
Dividends declared		$	0.23			$	0.21			$	0.20			$	0.20
Book value per share at year-end(f)		$	5.47			$	5.08			$	5.49			$	5.20
Market price per share at year-end		$	13.813			$	11.125			$	9.438			$	8.438
Class A common equivalent shares at year-end			53,178,500				53,099,500				52,994,500				52,988,500
Average shares outstanding used to calculate basic income (loss) per share(c)			53,141,946				53,029,500				52,991,922				52,988,500
Average shares outstanding used to calculate diluted income (loss) per share(c)			53,412,958				53,199,294				53,041,484				52,991,462

12

Table of Contents

		Growth Rates
		Compounded								Annual				Dec. 26				Dec. 27				Dec. 28				Dec. 29				Dec. 31				Dec. 25
		10-Year				5-Year				1-Year				1999				1998				1997				1996				1995				1994
		1989-99				1994-99				1998-99				52 Weeks				52 Weeks				52 Weeks				52 Weeks				53 Weeks				52 Weeks
		(In thousands, except share data)
Balance Sheet Data:
Total assets			6.2	%			5.3	%			3.0	%		$	648,266			$	629,359			$	614,311			$	586,972			$	547,204			$	500,444
Working capital			(11.9	)%			(22.2	)%			188.4	%			37,823				13,113				64,739				92,323				137,818				132,907
Long-term debt			53.9	%			136.9	%			0.0	%			200,000				200,025				0				2,678				2,678				2,678
Shareholders’ equity			(5.4	)%			(14.2	)%			3.9	%			148,701				143,163				382,279				387,550				358,741				319,762
Ratios:
Return on average shareholders’ equity(d)															67.35	%			34.01	%			22.70	%			17.37	%			16.50	%			14.91	%
EBITDA as a percentage of operating revenues(b)															28.07	%			26.49	%			26.96	%			22.72	%			20.30	%			21.06	%