The company believes operating cash flow is commonly used as a measure of performance for newspaper companies, however, it does not purport to represent cash provided by operating activities as shown in the company’s statement of cash flows, nor is it meant as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.

Reconciliation of GAAP Measures to Non-GAAP Amounts Reconciliation of GAAP Measures to Non-GAAP Amounts Reconciliation of Operating Income (Loss) to Operating Cash FlowsReconciliation of Operating Income (Loss) to Operating Cash Flows

(in thousands)(in thousands)

REVENUES – NET:REVENUES – NET:

Add back:Add back:

Three Months EndedThree Months Ended

March 25,March 25, 20122012

March 30, March 30, 20132013

OPERATING EXPENSES:OPERATING EXPENSES:

OtherOther 12,15912,159 12,13412,134

276,736276,736 288,301288,301

AdvertisingAdvertising $ 197,122$ 197,122 $ 209,764$ 209,764

CirculationCirculation 67,45567,455 66,40366,403

Other cash operating expensesOther cash operating expenses 80,47580,475 81,70981,709

Newsprint, supplements and printing expenseNewsprint, supplements and printing expense 30,71530,715 34,33934,339

Compensation excluding restructuring chargesCompensation excluding restructuring charges 112,195112,195 111,478111,478

Cash operating expenses excluding restructuring chargesCash operating expenses excluding restructuring charges 223,385223,385 227,526227,526

Depreciation and amortizationDepreciation and amortization 30,44630,446 30,74130,741

Total operating expensesTotal operating expenses 256,138256,138 260,326260,326

OPERATING INCOMEOPERATING INCOME 20,59820,598 27,97527,975

Depreciation and amortizationDepreciation and amortization 30,44630,446 30,74130,741

Restructuring related compensation chargesRestructuring related compensation charges 1,1711,171381381

OPERATING CASH FLOW MARGINOPERATING CASH FLOW MARGIN 21.1%21.1%19.3%19.3%

OPERATING CASH FLOWOPERATING CASH FLOW $ 60,775$ 60,775 $ 53,351 $ 53,351

Restructuring related compensation chargesRestructuring related compensation charges 381381 1,1711,171

Other restructuring chargesOther restructuring charges 1,9261,926 888888

Other restructuring chargesOther restructuring charges 8888881,9261,926