CONSOLIDATED STATEMENTS OF OPERATIONS GLYPH<160> Years Ended (In thousands) December 28, 2014 December 29, 2013 December 30, 2012 (52 weeks) (52 weeks) (53 weeks) Revenues Circulation $ 836,822 $ 824,277 $ 795,037 Advertising 662,315 666,687 711,829 Other 89,391 86,266 88,475 Total revenues 1,588,528 1,577,230 1,595,341 Operating costs Production costs: Raw materials 88,958 92,886 106,381 Wages and benefits 357,573 332,085 331,321 Other 197,464 201,942 213,616 Total production costs 643,995 626,913 651,318 Selling, general and administrative costs 761,055 706,354 711,112 Depreciation and amortization 79,455 78,477 78,980 Total operating costs 1,484,505 1,411,744 1,441,410 Early termination charge 2,550 GLYPH<151> GLYPH<151> Pension settlement charge 9,525 3,228 47,657 Multiemployer pension plan withdrawal expense GLYPH<151> 6,171 GLYPH<151> Other expense GLYPH<151> GLYPH<151> 2,620 Operating profit 91,948 156,087 103,654 Gain on sale of investments GLYPH<151> GLYPH<151> 220,275 Impairment of investments GLYPH<151> GLYPH<151> 5,500 (Loss)/income from joint ventures (8,368) (3,215) 2,936 Interest expense, net 53,730 58,073 62,808 Income from continuing operations before income taxes 29,850 94,799 258,557 Income tax (benefit)/expense (3,541) 37,892 94,617 Income from continuing operations 33,391 56,907 163,940 Discontinued operations: Loss from discontinued operations, net of income taxes GLYPH<151> (20,413) (113,447) (Loss)/gain on sale, net of income taxes (1,086) 28,362 85,520 (Loss)/income from discontinued operations, net of income taxes (1,086) 7,949 (27,927) Net income 32,305 64,856 136,013 Net loss/(income) attributable to the noncontrolling interest 1,002 249 (166) Net income attributable to The New York Times Company common stockholders $ 33,307 $ 65,105 $ 135,847 Amounts attributable to The New York Times Company common stockholders: Income from continuing operations $ 34,393 $ 57,156 $ 163,774 (Loss)/income from discontinued operations, net of income taxes (1,086) 7,949 (27,927) Net income $ 33,307 $ 65,105 $ 135,847 See Notes to the Consolidated Financial Statements. P. 60 – THE NEW YORK TIMES COMPANY