SACRAMENTO, Calif.,
April 20, 2016 /PRNewswire/ --
McClatchy (NYSE: MNI) today reported a net loss in the first
quarter of 2016 excluding certain items (adjusted loss), of
$7.9 million, a 9.8% improvement when
compared to an adjusted loss in the first quarter of 2015 of
$8.7 million.
On a GAAP basis, the company reported a net loss in the first
quarter of 2016 of $12.7 million, or
$0.16 per share. In the first quarter
of 2015, the company reported a net loss of $11.3 million, or $0.13 per share.
Pat Talamantes, McClatchy's
president and CEO, said, "We entered 2016 optimistic that our
ongoing digital strategies and momentum from 2015 would propel us
forward and indeed they are doing so. Our digital audiences have
never been greater, the demand for our journalism never stronger
and our digital ad solutions are in tune with the specialized
services and products our advertisers want. Our digital-only
revenues had strong growth in the quarter, up 18% when compared to
first quarter of 2015. Our average total unique and local unique
visitors reached nearly 52 million and 14 million, respectively, as
of the end of March 2016—a record for first quarter results. We
again utilized free cash flow to reduce debt, repurchase
$30.8 million of bonds, and further
return value to shareholders by repurchasing 3.3 million shares of
Class A Common stock for $3.6 million
in the first quarter of 2016. Our free cash flow for the trailing
12 months ended March 27, 2016 was
$56 million.
"As we continue our digital transformation, we remain focused on
reducing legacy expense and finding efficiencies. At the same time,
we are placing constant emphasis on delivering public service
journalism that matters to our readers and meets the highest
standards. Just this week, McClatchy newsrooms were well
represented in the Pulitzer Prize announcements. The
Sacramento Bee's editorial cartoonist, Jack Ohman, was awarded a Pulitzer Prize, and
The Miami Herald was named a Pulitzer finalist in the local
news category for an investigative project on a South Florida
police department that secretly laundered millions of dollars in
illicit funds. The work by Jack
Ohman and Miami's
Mike Sallah, who led a team on the
"License to Launder" series, extends a 10-year streak of Pulitzer
recognition for McClatchy newsrooms. We congratulate Jack, Mike and
the Miami team for their
recognition.
"We believe the success of our digital transformation, legacy
expense reductions, and real estate monetization efforts will allow
us to improve our financial position and create value for our
shareholders. On Feb. 11, 2016, we
contributed six separate properties, inclusive of land and
buildings valued at $47.1 million to
our pension plan, reducing our pension obligations.
"In April, we began actively marketing our Sacramento, CA, Kansas City, MO, and Columbia, SC main office buildings and
printing facilities for potential sales/leaseback transactions.
These assets represent a few of the larger in-sourcing facilities
held by McClatchy and each are located in attractive growing
markets. Proceeds from these sales would be used to reduce the
company's debt obligations, reinvest in our business or other
corporate purposes as determined by management and the board of
directors."
First Quarter Results
Total revenues in the first quarter of 2016 were $238.0 million, down 7.5% compared to the first
quarter of 2015. Total advertising revenues were down 9.9% compared
to the first quarter of 2015, and represented a two-percentage
point improvement from the fourth quarter of 2015. The decline in
advertising revenue is largely attributable to the performance in
print advertising as the category experienced further declines,
albeit at a slower pace than the declines in 2015. Growth in
digital advertising, and particularly digital-only advertising,
helped mitigate the print declines.
For the first quarter of 2016, digital-only advertising revenues
grew 18.0% and total digital advertising revenues were up 4.1%
compared to the same quarter last year. The strongest area of
growth in digital came from the national advertising category where
digital advertising was up 36.7%. Once again our national digital
revenues grew enough to more than offset the print declines,
resulting in total national revenue growth of 3.3% in the first
quarter of 2016 compared to the first quarter of 2015. This is the
third consecutive quarter in which total national advertising
revenues has grown due to its digital performance, more than
doubling its growth rate from the fourth quarter of 2015.
Audience revenues were $90.7
million, down 2.7% in the first quarter of 2016 from the
same quarter in 2015, but digital audience revenues grew 4.5%,
reflecting the impact of pricing initiatives. Digital-only audience
revenues were up 10.1%, and the number of digital-only subscribers
ended the first quarter of 2016 at 78,400, representing an increase
of 5.7% from the same quarter 2015.
Product enhancements, audience growth initiatives, and award
winning journalism led to yet another quarter of strong growth in
digital audiences. During the first quarter, average total unique
and local unique visitors to the company's online products grew to
approximately 51.8 million and 13.7 million, respectively. This
represented average growth of 12.8% in total unique visitors and
11.9% in local unique visitors in the first quarter of 2016,
compared to the first quarter of 2015. Mobile users represented
57.8% of total monthly unique visitors in the first quarter of
2016, up from 49.6% in the first quarter of 2015.
Revenues excluding print newspaper advertising accounted for
69.5% of total revenues in the first quarter of 2016, an increase
from 66.2% in the first quarter of 2015.
Results in the first quarter of 2016 were impacted by the
following items:
- Restructuring charges totaling $4.3
million ($2.6 million
after-tax);
- Severance charges totaling $3.0
million ($1.8 million
after-tax);
- Accelerated depreciation charges totaling $2.8 million ($1.7
million after-tax);
- A gain on the extinguishment of debt totaling $1.5 million ($1.0
million after-tax)
- Non-cash charges related to a write down of an equity
investment totaling $0.9 million
($0.6 million after-tax); and
- Net decrease in taxes totaling $0.9
million for adjustments of certain deferred tax credits
related to tax positions taken in prior years.
Adjusted losses excluding the items above were $7.9 million. Operating cash expenses, excluding
severance and certain other charges, declined 7.7% from the first
quarter of 2016 to the same quarter last year. Operating cash flow
was $25.8 million in the first
quarter of 2016, down 5.4% compared to the first quarter last year.
(Non-GAAP measurements impacting net loss, cash expenses and
operating cash flows are discussed below.)
Other First Quarter Business and Financial Highlights
Interest expense declined $2.1
million in the first quarter of 2016 compared to the same
quarter last year. Debt at the end of the first quarter of 2016,
after repurchasing $30.8 million of
bonds, was $906.5 million. The
company finished the first quarter of 2016 with $17.6 million in cash. The leverage ratio at the
end of the first quarter as defined in the company's credit
agreement was 4.66 times cash flow compared to a maximum leverage
covenant of 6.0 times cash flow (as defined).
Income from equity investments declined $2.0 million in the first quarter of 2016
compared to the first quarter of 2015 and included an impairment of
one of its equity investees of $0.9
million.
During the first quarter of 2016, the company repurchased
approximately 3.3 million shares of Class A Common stock at a
weighted average price of $1.09 per
share under its share repurchase program. The program provides for
$15 million of share buybacks through
2016. Under the program, total cumulative shares repurchased
through the first quarter 2016 were approximately 9.5 million
shares, or $11.5 million of the total
authorized buyback program.
Outlook
The Company plans to further execute on the strategic
initiatives that were laid out in 2015 as well as new initiatives
during 2016. McClatchy is also dedicated to finding advertising
solutions by working with its industry peers.
Pat Talamantes said, "Just a few
days ago we announced the formation of an exciting new company,
Nucleus Marketing Solutions (Nucleus), with Gannett, Hearst, and
Tribune Publishing. Nucleus, a premier marketing solutions
provider, will connect national advertisers to the top U.S. local
publishers' highly engaged audiences across existing and emerging
digital platforms. In addition to the news organizations owned by
the founding companies, the network expects to include as many as
11 other affiliate partners across the top U.S. advertising
markets. You will be hearing more about this exciting new company,
as well as expansion in partnerships like the Local Media
Consortium (LMC), as we continue to find ways to serve both large
advertisers and local businesses in our communities."
Looking to the second quarter and the remainder of 2016, the
company expects to report double-digit growth in digital-only
advertising revenues for the second quarter and full-year 2016.
While the company remains steadfast in communicating the value of
print advertising, the declining trends in direct marketing and
print advertising are not anticipated to subside in the next few
quarters. Although these trends eased in the first quarter 2016,
management believes that print advertising will continue to become
a smaller portion of advertising and total revenue.
Audience revenues are expected to be down in the same range in
the second quarter as the first quarter of 2016. Management will be
vigilant in reducing legacy costs and finding efficiencies and
expects cash expenses to decline in the second quarter and full
year 2016. Management will also remain focused on growing digital
revenue, stabilizing operating cash flow, reducing debt and
interest costs and creating shareholder value.
The company's statistical report, which summarizes revenue
performance for the first quarter of 2016, is attached.
Non-GAAP Financial Measures
In addition to the results reported in accordance with
accounting principles generally accepted in the United States ("GAAP") included in this
press release, the company has presented non-GAAP financial
measures such as gross revenues, adjusted net income or loss ,
operating cash flow, operating cash flow margin, and free cash flow
from operations. Adjusted net income or loss is defined as net
income or loss excluding amounts (net of tax) for a gain on the
sale of an equity investment and distributions, pre-closing
expenses related to the sale of equity investment, goodwill and
other intangible asset impairment, impairment charges related to
equity investments, gain on extinguishment of debt, severance
charges, accelerated depreciation on equipment, real estate related
charges, certain other charges, reversal of interest on tax items
and certain discrete tax items. Operating cash flow is defined as
operating income or loss plus depreciation and amortization,
severance charges and certain other charges. Operating cash flow
margin is defined as operating cash flow divided by total net
revenues. Free cash flow from operations is defined as operating
cash flow less cash paid for interest, taxes from operations, and
capital expenditures. These non-GAAP financial measures are
reconciled to GAAP measures in the attached schedule. Management
believes these non-GAAP measures, when read in conjunction with the
company's GAAP financials, provide useful information to investors
by offering:
- the ability to make more meaningful period-to-period
comparisons of the company's ongoing operating results;
- the ability to better identify trends in the company's
underlying business;
- a better understanding of how management plans and measures the
company's underlying business; and
- an easier way to compare the company's most recent operating
results against investor and analyst financial models and industry
peers.
These non-GAAP financial measures should not be considered a
substitute or an alternative to these computations calculated in
accordance with and required by GAAP. McClatchy's non-GAAP
financial measures may not be comparable to similarly titled
measures presented by other companies.
Conference Call Information
At noon Eastern time today,
McClatchy will review its results in a conference call
(877-278-1205, pass code 81984013) and webcast (www.mcclatchy.com).
The webcast will be archived at McClatchy's website.
About McClatchy
McClatchy is a 21st century news and information
leader, publisher of iconic brands such as the Miami
Herald, The Kansas City Star, The Sacramento
Bee, The Charlotte Observer, The (Raleigh) News and Observer, and
the (Fort
Worth) Star-Telegram. McClatchy operates media
companies in 28 U.S. markets in 14 states, providing each of its
communities with high-quality news and advertising services in a
wide array of digital and print formats. McClatchy is headquartered
in Sacramento, Calif., and listed
on the New York Stock Exchange under the symbol MNI.
Additional Information
Statements in this press release regarding future financial and
operating results, including revenues, anticipated savings from
cost reduction efforts, cash flows, debt levels, as well as future
opportunities for the company and any other statements about
management's future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates" and similar expressions) should also be
considered to be forward-looking statements. There are a
number of important risks and uncertainties that could cause actual
results or events to differ materially from those indicated by such
forward-looking statements, including: McClatchy may not
generate cash from operations, or otherwise, necessary to reduce
debt or meet debt covenants as expected; we may not be successful
in the reducing debt whether through tenders offers, open market
repurchase programs or other negotiated transactions; transactions,
including sales of real estate properties, may not close as
anticipated or result in cash distributions in the amount or timing
anticipated; McClatchy may not successfully implement audience
strategies designed to increase audience revenues and may
experience decreased audience volumes or subscriptions; McClatchy
may experience diminished revenues from retail, classified,
national and direct marketing advertising; McClatchy may not
achieve its expense reduction targets including efforts related to
legacy expense initiatives or may do harm to its operations in
attempting to achieve such targets; McClatchy's operations have
been, and will likely continue to be, adversely affected by
competition, including competition from internet publishing and
advertising platforms; increases in the cost of newsprint;
bankruptcies or financial strain of its major advertising
customers; litigation or any potential litigation; geo-political
uncertainties including the risk of war; changes in printing and
distribution costs from anticipated levels, including changes in
postal rates or agreements; changes in interest rates; changes in
pension assets and liabilities; changes in factors that impact
pension contribution requirements, including, without limitation,
the value of the company-owned real property that McClatchy has
contributed to its pension plan; increased consolidation among
major retailers in our markets or other events depressing the level
of advertising; our inability to negotiate and obtain favorable
terms under collective bargaining agreements with unions;
competitive action by other companies; an inability to fully
implement and execute its share repurchase plan; and other factors,
many of which are beyond our control; as well as the other risks
detailed from time to time in the company's publicly filed
documents, including the company's Annual Report on Form 10-K for
the year ended Dec. 27, 2015, filed
with the U.S. Securities and Exchange Commission. McClatchy
disclaims any intention and assumes no obligation to update the
forward-looking information contained in this release.
McCLATCHY
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited; In
thousands, except per share amounts)
|
|
|
|
|
|
Three Months
Ended
|
|
March
27,
|
|
March
29,
|
|
2016
|
|
2015
|
REVENUES -
NET:
|
|
|
|
Advertising
|
$ 136,256
|
|
$ 151,247
|
Audience
|
90,662
|
|
93,209
|
Other
|
11,061
|
|
12,722
|
|
237,979
|
|
257,178
|
OPERATING
EXPENSES:
|
|
|
|
Compensation
|
102,774
|
|
106,672
|
Newsprint,
supplements and printing expenses
|
19,032
|
|
24,776
|
Depreciation and
amortization
|
24,562
|
|
23,663
|
Other operating
expenses
|
97,658
|
|
103,225
|
|
244,026
|
|
258,336
|
|
|
|
|
OPERATING
LOSS
|
(6,047)
|
|
(1,158)
|
|
|
|
|
NON-OPERATING
(EXPENSES) INCOME:
|
|
|
|
Interest
expense
|
(20,247)
|
|
(22,338)
|
Interest
income
|
96
|
|
63
|
Equity income in
unconsolidated companies, net
|
1,849
|
|
3,867
|
Gains related to
equity investments
|
-
|
|
633
|
Gain on
extinguishment of debt, net
|
1,535
|
|
-
|
Other -
net
|
(42)
|
|
(66)
|
|
(16,809)
|
|
(17,841)
|
|
|
|
|
Loss before
taxes
|
(22,856)
|
|
(18,999)
|
Income tax
benefit
|
(10,115)
|
|
(7,653)
|
NET
LOSS
|
$ (12,741)
|
|
$ (11,346)
|
|
|
|
|
Net loss per
common share:
|
|
|
|
Basic
|
$ (0.16)
|
|
$ (0.13)
|
Diluted
|
$ (0.16)
|
|
$ (0.13)
|
|
|
|
|
Weighted average
number of common shares used to calculate basic and
diluted earnings per share:
|
|
|
|
Basic
|
80,580
|
|
87,207
|
Diluted
|
80,580
|
|
87,207
|
McCLATCHY
|
Reconciliation of
GAAP Measures to Non-GAAP Amounts
|
(In
thousands)
|
|
|
|
|
|
Reconciliation of
Operating Loss from Continuing Operations to Operating Cash
Flows
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
|
March
27,
|
|
March
29,
|
|
|
2016
|
|
2015
|
REVENUES -
NET:
|
|
|
|
|
Advertising
|
|
$ 136,256
|
|
$ 151,247
|
Audience
|
|
90,662
|
|
93,209
|
Other
|
|
11,061
|
|
12,722
|
|
|
237,979
|
|
257,178
|
OPERATING
EXPENSES:
|
|
|
|
|
Compensation excluding severance and certain other
charges
|
|
97,669
|
|
102,489
|
Newsprint, supplements and printing expense
|
|
19,032
|
|
24,776
|
Other
cash operating expenses excluding certain other charges
|
|
95,504
|
|
102,670
|
Cash operating expenses excluding
severance and other charges
|
|
212,205
|
|
229,935
|
Severance charges
|
|
3,005
|
|
4,183
|
Other
charges
|
|
4,254
|
|
555
|
Depreciation and amortization
|
|
24,562
|
|
23,663
|
Total
operating expenses
|
|
244,026
|
|
258,336
|
|
|
|
|
|
OPERATING
LOSS
|
|
(6,047)
|
|
(1,158)
|
Add back:
|
|
|
|
|
Depreciation and amortization
|
|
24,562
|
|
23,663
|
Severance charges
|
|
3,005
|
|
4,183
|
Other
charges
|
|
4,254
|
|
555
|
OPERATING CASH
FLOW
|
|
$ 25,774
|
|
$ 27,243
|
|
|
|
|
|
OPERATING CASH FLOW
MARGIN
|
|
10.8%
|
|
10.6%
|
|
|
|
|
|
Reconciliation of
Loss from Continuing Operations to Adjusted Net Loss
|
|
|
|
|
|
Loss from continuing
operations:
|
|
$ (12,741)
|
|
$ (11,346)
|
|
|
|
|
|
Add back certain
items, net of tax:
|
|
|
|
|
Gain on
extinguishment of debt
|
|
(974)
|
|
(393)
|
Impairment charges related to equity investments
|
|
561
|
|
-
|
Severance charges
|
|
1,833
|
|
2,562
|
Accelerated depreciation on equipment
|
|
1,717
|
|
90
|
Other
charges
|
|
2,613
|
|
340
|
Reversal
of interest on tax items
|
|
-
|
|
-
|
Certain
discrete tax items
|
|
(897)
|
|
-
|
Adjusted loss from
continuing operations
|
|
$ (7,888)
|
|
$ (8,747)
|
McClatchy
|
Consolidated
Statistical Report
|
(In thousands, except
for preprints)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
1
|
|
|
Combined
|
|
Print
|
|
Digital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$66,719
|
|
$76,606
|
|
-12.9%
|
|
$47,023
|
|
$57,491
|
|
-18.2%
|
|
$19,696
|
|
$19,115
|
|
3.0%
|
National
|
|
9,871
|
|
9,558
|
|
3.3%
|
|
4,694
|
|
5,770
|
|
-18.6%
|
|
5,177
|
|
3,788
|
|
36.7%
|
Classified
Total
|
|
35,690
|
|
38,911
|
|
-8.3%
|
|
20,537
|
|
23,364
|
|
-12.1%
|
|
15,153
|
|
15,547
|
|
-2.5%
|
Automotive
|
|
8,470
|
|
9,202
|
|
-8.0%
|
|
2,807
|
|
4,146
|
|
-32.3%
|
|
5,663
|
|
5,056
|
|
12.0%
|
Real
Estate
|
|
6,336
|
|
6,847
|
|
-7.5%
|
|
3,732
|
|
4,281
|
|
-12.8%
|
|
2,605
|
|
2,565
|
|
1.6%
|
Employment
|
|
6,266
|
|
7,885
|
|
-20.5%
|
|
2,917
|
|
3,616
|
|
-19.3%
|
|
3,349
|
|
4,269
|
|
-21.6%
|
Other
|
|
14,618
|
|
14,977
|
|
-2.4%
|
|
11,081
|
|
11,321
|
|
-2.1%
|
|
3,536
|
|
3,657
|
|
-3.3%
|
Direct
Marketing
|
|
23,679
|
|
25,975
|
|
-8.8%
|
|
23,679
|
|
25,975
|
|
-8.8%
|
|
|
|
|
|
|
Other
Advertising
|
|
297
|
|
197
|
|
50.8%
|
|
297
|
|
197
|
|
50.8%
|
|
|
|
|
|
|
Total
Advertising
|
|
$136,256
|
|
$151,247
|
|
-9.9%
|
|
$96,230
|
|
$112,797
|
|
-14.7%
|
|
$40,026
|
|
$38,450
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo:
Digital-only
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$26,722
|
|
$22,644
|
|
18.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience
|
|
90,662
|
|
93,209
|
|
-2.7%
|
|
65,586
|
|
69,214
|
|
-5.2%
|
|
25,076
|
|
23,995
|
|
4.5%
|
Other
|
|
11,061
|
|
12,722
|
|
-13.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$237,979
|
|
$257,178
|
|
-7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
Statistics for Dailies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Run ROP
Linage
|
|
|
|
|
|
|
|
3,059.1
|
|
3,307.5
|
|
-7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Preprints
Distributed
|
|
|
|
|
|
|
|
597.0
|
|
794.4
|
|
-24.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Average Total
Circulation*
|
|
|
|
|
|
|
|
1,589.5
|
|
1,726.7
|
|
-7.9%
|
|
|
|
|
|
|
Sunday Average Total
Circulation*
|
|
|
|
|
|
|
|
2,334.0
|
|
2,586.7
|
|
-9.8%
|
|
|
|
|
|
|
Average Monthly
Unique Visitors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,845.6
|
|
45,952.3
|
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columns may not
add due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Reflects total average
circulation based upon number of days in the period. Does not
reflect AAM reported figures.
|
McCLATCHY
|
Reconciliation of GAAP Measures to Non-GAAP
Amounts
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Cash Flow From
Operations to Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
Q2 2015
|
|
Q3 2015
|
|
Q4 2015
|
|
Q1 2016
|
|
TTM
|
|
|
|
December
27,
|
|
June 28,
|
|
September
27,
|
|
December
27,
|
|
March 27,
|
|
March 27,
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2016
|
Operating
income (loss)
|
|
|
$ (245,339)
|
|
$ (288,966)
|
|
$
8,389
|
|
$ 36,396
|
|
$ (6,047)
|
|
$ (250,228)
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & amortization
|
|
|
101,595
|
|
24,934
|
|
27,295
|
|
25,703
|
|
24,562
|
|
102,494
|
Severance
charges
|
|
|
12,927
|
|
3,949
|
|
2,554
|
|
2,241
|
|
3,005
|
|
11,749
|
Other
charges
|
|
|
309,198
|
|
301,551
|
|
1,412
|
|
5,680
|
|
4,254
|
|
312,897
|
Operating cash
flow
|
|
|
$ 178,381
|
|
$ 41,468
|
|
$
39,650
|
|
$ 70,020
|
|
$ 25,774
|
|
$ 176,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest
paid
|
|
|
(80,514)
|
|
(28,820)
|
|
(11,726)
|
|
(27,273)
|
|
(11,087)
|
|
(78,906)
|
Cash taxes from
operations
|
|
|
(15,943)
|
|
(8,335)
|
|
(10,802)
|
|
(9,325)
|
|
5,850
|
|
(22,612)
|
Capital
expenditures
|
|
|
(18,605)
|
|
(4,617)
|
|
(3,574)
|
|
(7,839)
|
|
(3,314)
|
|
(19,344)
|
Free cash flow
from operations
|
|
|
$ 63,319
|
|
$ (304)
|
|
$
13,548
|
|
$ 25,583
|
|
$ 17,223
|
|
$ 56,050
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mcclatchy-reports-first-quarter-2016-results-300254235.html
SOURCE McClatchy