SACRAMENTO, Calif.,
Feb. 16, 2018 /PRNewswire/
-- McClatchy (NYSE American-MNI) today reported net
income in the fourth quarter of 2017 of $60.4 million, or $7.80 per share, compared to net income of
$3.1 million, or $0.40 per share in the fourth quarter of
2016.
Additionally, the company reported adjusted net income, which
excludes severance, unique tax items, and certain other items, in
the fourth quarter of 2017 of $3.2
million, compared to adjusted net income of $12.9 million in the fourth quarter of 2016.
The company's fiscal 2017 reporting period is a 53-week year
compared to a 52-week year in 2016, and as a result, the fiscal
fourth quarter of 2017 includes 14 weeks compared to 13 weeks in
the fourth quarter of 2016. The company estimates the additional
week being reported had no meaningful impact on the reported net
income in the fourth quarter of 2017 and net loss in the full-year
2017. Comparable 52-week annual and 13-week quarterly information
is included in schedules attached to this release.
"In a challenging quarter, we achieved strong progress on our
transition to a digital company," said Craig Forman, president and CEO. "While
headwinds in print newspaper advertising obscured growth, our focus
on cost control and business-process improvement offset a portion
of the advertising revenue declines.
"McClatchy continued to deliver on its strategy of producing
local journalism that is essential to the communities we serve by
growing digital revenues, leveraging operational efficiencies and
reducing debt. The local news brands that comprise McClatchy
continue to be renowned in the markets we serve and increasingly,
across the country, McClatchy journalism is synonymous with local
relevance and national importance," said Forman.
The company achieved record growth in digital-only subscribers
in the fourth quarter and announced a new regional editorial
structure in California and the
Carolinas designed to accelerate innovation and the roll-out of
best-practices in digital journalism in 14 newsrooms.
Forman continued, "Transforming to a digital business model is
not easy but we are committed to this goal. In fact, we are
nearing a crossover point where digital advertising revenues exceed
those from print newspaper advertising, which we expect to hit in
2018.
"Finally, we have a relentless focus on returns to our
shareholders and stakeholders as we continue to deleverage a
balance sheet where first-lien debt is now at $365 million, half of our $730 million in total debt. This compares with a
balance sheet that 11 and a half years ago reflected $3.2 billion in debt associated with the
$4.6 billion acquisition that created
one of America's largest local news and information companies."
Fourth Quarter Results
Total revenues in the fourth quarter of 2017 were $244.7 million, down 6.7% compared to the fourth
quarter of 2016. Headwinds that impacted advertising included a
soft holiday retail advertising season and continued declines in
print advertising.
Total advertising revenues were $138.2
million, down 12.7% in the fourth quarter of 2017 compared
to the fourth quarter of 2016. Digital-only advertising revenues
grew 9.6% and total digital advertising revenues were 1.0% over the
same period in 2016.
Direct marketing advertising revenues declined 9.9% in the
fourth quarter compared to the same period last year. Direct
marketing was negatively impacted by revenue losses due to
Hurricane Irma.
Audience revenues were $95.0
million, up 2.5% in the fourth quarter compared to the same
period in 2016. Digital audience revenues were up 8.2%, and the
number of digital-only subscribers ended the quarter at 102,900,
representing an increase of 23.8% from the fourth quarter of 2016.
Digital-only audience revenues associated with digital
subscriptions were up 11.9% for the same period.
Average total unique visitors to the company's online products
grew to 71.3 million, or growth of 9.0% in the fourth quarter of
2017 compared to the same quarter last year. Mobile users
represented 61.4% of average total unique visitors in the
fourth quarter of 2017.
Revenues exclusive of print newspaper advertising accounted for
an estimated 75.3% of total revenues in the fourth quarter of 2017,
an increase from 70.4% in the fourth quarter of 2016.
Results in the fourth quarter of 2017 included the following
items:
- Net reductions in tax expense of $58.0
million for non-cash reversal of a valuation allowance on
deferred taxes and a reduction due to rate changes, both directly
attributable to tax reform. These reductions were offset by an
increase in taxes for adjustments of tax positions taken in prior
years;
- Gains on real estate transactions net of charges associated
with relocations of certain operations resulting in a net gain of
$14.1 million ($8.7 million after-tax);
- Impairment charges primarily related to the non-cash write-down
of newspaper mastheads offset by cash received on assets previously
written off, resulting in net impairments totaling $11.8 million ($7.1
million after-tax);
- Severance charges totaling $1.9
million ($1.2 million
after-tax);
- Costs related to co-sourcing information technology operations,
trust related litigation costs, and costs associated with Hurricane
Irma totaling $0.8 million
($0.6 million after-tax);
- Costs associated with reorganizing operations totaling
$0.5 million ($0.3 million after-tax); and
- Accelerated depreciation and other miscellaneous charges
totaling $0.5 million ($0.3 million after-tax).
Adjusted net income, which excludes the items above, was
$3.2 million. Adjusted EBITDA was
$53.7 million, down 15.0% compared to
the fourth quarter last year. Operating expenses were down 6.1%
while adjusted operating expenses, which exclude non-cash and
certain other charges, were down 4.0% compared to the same quarter
last year. (A discussion of our non-GAAP measures and the
reconciliation to the comparable GAAP measures are provided
below.)
Other Fourth Quarter Business and Recent Highlights
Sales Transactions:
In the fourth quarter of 2017 the company completed the sale of
The (Raleigh) News &
Observer building and land, and its building and land in
Merced, California, for combined
gross proceeds of approximately $22.0
million. For all of 2017, McClatchy sold properties for
gross sales proceeds of approximately $90
million. In addition, McClatchy received its final dividend
from CareerBuilder in the amount of $7.3
million, and sold a majority of its interest in
CareerBuilder, which combined for nearly $74
million of proceeds earlier in 2017. Proceeds from sales
were largely used to de-lever the company. Debt reductions in 2017
and early 2018 are expected to reduce debt interest costs by
approximately $10.5 million in
2018.
The company has an agreement to sell and leaseback real property
in Columbia, South Carolina and
expects to close on the sale in the first half of 2018.
Debt and Liquidity:
On January 25, 2018, the company,
through a partial redemption, called $75.0
million of 9.0% senior secured bonds at the call price of
104.5% of par.
Total principal debt at the end of the fourth quarter 2017 was
$805.0 million. The company finished
the quarter with $99.4 million in
cash, resulting in net debt of $705.6
million. After the $75 million
redemption in January, the 9.0% senior secured debt remaining was
$364.6 million and total principal
debt, including approximately $365.4
million of unsecured debentures due in 2027 and 2029, was
$730.0 million. At the end of
January 2018 the company had
approximately $30 million of cash on
hand. In addition, the company has a $65
million revolving line of credit available for
liquidity.
The leverage ratio at the end of the fourth quarter under the
company's credit agreement was 4.46 times cash flow (as defined)
compared to a maximum leverage covenant of 6.0 times cash
flow.
Management noted that the company's qualified defined benefit
pension plan was underfunded by approximately $485 million, largely unchanged from the
$487 million at the end of 2016.
Strong asset returns more than offset a lower discount rate at the
end of 2017 to leave underfunding unchanged. The plan's IRS
underfunding, which differs from GAAP and relates to the amount of
annual pension contributions, was an estimated $231 million at the end of 2017.
Other Business:
The company announced in January of 2018 that throughout the
year it would transfer the remainder of its markets under its
existing affiliate agreement to Cars.com. As a part of this
transition, McClatchy and Cars.com have entered into a revenue
share arrangement whereby Cars.com will pay a percentage of sales
made in markets previously held by McClatchy through the end of
calendar year 2019. McClatchy will continue to provide digital
products to its local dealerships via its excelerateTM
digital advertising agency and will reduce its overall costs
related to the former affiliate agreement and related sales
infrastructure. The impact on the company's financial results is
not expected to be material in 2018.
In the fourth quarter of 2017, the company recorded a tax
benefit of $53.6 million as a partial
reversal of the non-cash provision for income taxes recorded in the
third quarter of 2017 to establish a valuation allowance against a
majority of its net deferred income tax assets. The partial
reversal was the result of the new tax reform signed in
December 2017. As stated at the time
the valuation allowance was established, the amount of the
valuation allowance could adjust in the future due to several
factors, including but not limited to, objective evidence such as
pre-tax book cumulative losses no longer being present.
On February 27, 2018, McClatchy
plans to present at the JP Morgan High Yield conference in
Miami, Florida. The presentation
will be made available on McClatchy's website for those who are
unable to attend. The presentation will not be webcast.
Full-Year Results
Total revenues for the full-year 2017 were $903.6 million; down 7.5% compared to the
full-year 2016. Total advertising revenues were $498.6 million, down 12.3% compared to the
full-year 2016. Total digital advertising revenues were down 0.6%
while digital-only advertising was up 9.8% for full-year 2017
compared to full-year 2016, largely offsetting the impact of the
softening print adverting declines on total digital advertising.
Headwinds faced in advertising and the worsening print
advertising trends in the second half of the year negatively
impacted traditional newspaper advertising revenues in 2017.
Audience revenues were $363.5
million, down 0.4% for the full-year 2017 compared to 2016.
Digital-only audience revenues associated with digital
subscriptions were up 9.8% in full-year 2017 and total digital
audience revenues were up 0.9% over the same period last year.
The company reported a net loss for full-year 2017 of
$333.1 million, or $43.65 per share, which included $192.3 million non-cash valuation allowance on
deferred tax assets and $191.5
million of other non-cash charges on investments and
mastheads as well as other unusual items described below. Adjusted
net loss for the full-year 2017, excluding these items, was
$23.3 million. The company reported a
net loss for the full-year 2016 of $34.2
million or $4.41 a share and
adjusted net income in 2016 of $1.4
million.
Results for the full-year 2017 included the following items:
- Net tax expense of $188.2 million
representing a non-cash valuation allowance on deferred taxes and
additional taxes for adjustments of tax positions taken in prior
years. These increases were offset by a reduction due to rate
changes directly attributable to tax reform;
- Non-cash impairment charges related to the write-down of the
carrying value of our equity investment in CareerBuilder, other
investments, and mastheads totaling $191.5
million ($119.2 million
after-tax);
- Gains on real estate transactions offset by charges associated
with relocations of certain operations resulting in a net gain of
$22.5 million ($13.8 million after-tax);
- Severance charges totaling $15.9
million ($9.7 million
after-tax);
- Losses on extinguishment of debt of $2.7
million ($1.7 million
after-tax);
- Costs associated with reorganizing operations totaling
$2.7 million ($1.7 million after-tax);
- A non-cash write-down of inventory totaling $2.0 million ($1.2
million after-tax);
- Costs related to co-sourcing information technology operations,
costs associated with Hurricane Irma, and other miscellaneous
acquisition-related costs totaling $1.4
million ($0.9 million
after-tax);
- Trust related litigation costs of $1.1
million ($0.7 million
after-tax);
- Accelerated depreciation and other miscellaneous charges
totaling $0.5 million ($0.3 million after-tax).
Adjusted EBITDA was $146.9
million, down 16.3% compared to the full-year 2016.
McClatchy incurred approximately $3.3
million related to its change in its executive leadership in
early 2017 and excluding those costs adjusted EBITDA was
$150.2 million. Operating expenses
declined 8.3% and adjusted operating expenses were down 5.6% in
full-year 2017 compared to last year.
Outlook
Forman said, "We expect 2018 to be a milestone year in which we
see digital advertising revenues exceed revenues from print
newspaper advertising. While this milestone reflects our
expectation of continued declines in print advertising, we also
expect to continue to post strong digital revenue growth this year
as we increase our digital product offerings and opportunities. It
is our focus on new-subscriber and advertising products and
go-to-market strategies that will be the headline of our digital
transformation story in 2018. We also expect growth in digital
subscribers. We will remain focused on the drivers of our business:
high-quality journalism, innovative products, and remaining
essential to our customers."
Print newspaper advertising revenues, while important to the
business, remain volatile, and are expected to decline. Thus print
revenues are expected to become a smaller percent of total
revenues, becoming second to digital advertising in 2018. In
audience, digital subscribers are expected to grow and to largely
offset continuing declines in print circulation, resulting in low
single-digit revenue declines.
Management plans to reduce GAAP and adjusted operating expenses
and will monitor costs throughout the year to achieve expense
performance in line with revenue performance, despite the
additional investments we are making in news and sales
infrastructures.
Proceeds from real estate sales will be used, along with cash
from operations, to de-lever the company through debt reductions
and to further invest in the business.
Management expects capital expenditures between $10 million and $14
million in 2018, and the company has no required pension
contributions in fiscal 2018.
The company's consolidated statistical reports, which summarize
actual and proforma revenue performance for the fourth quarter and
full-year 2017, are attached.
Non-GAAP Operating Performance 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 operating
performance measures such as adjusted EBITDA, adjusted EBITDA
margin, adjusted net income, and adjusted operating expenses.
Adjusted EBITDA is defined as net income (loss) plus interest,
taxes, depreciation and amortization, non-operating income and
expenses, severance charges associated with changes in our
operations, equity income in unconsolidated companies, net,
non-cash stock compensation expense, non-cash and non-operating
pension costs, and certain other charges as outlined in the
non-GAAP reconciliation schedule accompanying this release.
Adjusted EBITDA margin is defined as adjusted EBITDA divided by
total net revenues. Adjusted net income is defined as net income
(loss) excluding amounts for other asset impairments, impairment
charges related to equity investments, gain on extinguishment of
debt, severance charges, accelerated depreciation on equipment,
real estate related charges, reversal of interest on tax items and
certain discrete tax items, and certain other charges as outlined
in the non-GAAP reconciliation schedule accompanying this release.
The tax impact of these non-GAAP adjustments is calculated using
the federal statutory rate of 35% plus the net state rate for the
jurisdictions in which the subsidiaries file tax returns and ranges
from 1.6% to 8.1%. Adjusted operating expenses is defined as
operating expenses less non-cash charges, charges not directly
related to operations, and unique or non-recurring transactions.
These non-GAAP operating performance 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, including the corresponding GAAP measures, provide
useful information to investors by offering supplemental
information that enables investors to:
- make more meaningful period-to-period comparisons of the
company's ongoing operating results. Management believes variances
in the excluded line items are not reflective of the underlying
business operations of the company or trends in the company's
markets or industry;
- better identify trends in the company's underlying
business;
- better understand how management plans and measures the
company's underlying business;
- more easily compare operating results to those of our peers;
and
- more directly compare the company's operating results against
investor and analyst financial models.
These non-GAAP operating performance measures should not be
considered a substitute or an alternative to these computations
calculated in accordance with and required by GAAP. Also,
McClatchy's non-GAAP operating performance 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
(866-807-9684, please request to be connected to the McClatchy
fourth quarter earnings call) and webcast (www.mcclatchy.com). The
webcast will be archived at McClatchy's website.
About McClatchy
McClatchy operates 30 media companies 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
a publisher of iconic brands such as the Miami
Herald, The Kansas City Star, The Sacramento
Bee, The Charlotte Observer, The (Raleigh) News & Observer, and
the (Fort
Worth) Star-Telegram. McClatchy is headquartered
in Sacramento, Calif., and listed
on the New York Stock Exchange American under the symbol MNI.
Additional Information
Statements in this press release regarding future financial and
operating results, including our strategies for success and their
effects, our real estate monetization efforts and the repurchase of
outstanding notes, revenues, and management's efforts with respect
to cost reduction efforts and efficiencies, cash expenses,
revenues, adjusted EBITDA, debt levels, interest costs and creation
of shareholder value 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 as defined in 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 reducing debt
whether through tenders offers, open market repurchase programs or
other negotiated 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
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. 25,
2016, 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.
THE McCLATCHY
COMPANY
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited; In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
25,
|
|
December
31,
|
|
December
25,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(14
weeks)
|
|
(13
weeks)
|
|
(53
weeks)
|
|
(52
weeks)
|
REVENUES -
NET:
|
|
|
|
|
|
|
|
Advertising
|
$
138,180
|
|
$
158,367
|
|
$
498,639
|
|
$
568,735
|
Audience
|
95,024
|
|
92,667
|
|
363,497
|
|
364,830
|
Other
|
11,452
|
|
11,145
|
|
41,456
|
|
43,528
|
|
244,656
|
|
262,179
|
|
903,592
|
|
977,093
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Compensation
|
79,705
|
|
83,923
|
|
338,588
|
|
368,897
|
Newsprint,
supplements and printing expenses
|
17,059
|
|
20,976
|
|
66,438
|
|
78,893
|
Depreciation and
amortization
|
21,113
|
|
19,895
|
|
80,129
|
|
89,446
|
Other operating
expenses
|
84,046
|
|
94,750
|
|
352,830
|
|
393,015
|
Other asset
write-downs
|
12,770
|
|
9,196
|
|
23,442
|
|
9,526
|
|
214,693
|
|
228,740
|
|
861,427
|
|
939,777
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
29,963
|
|
33,439
|
|
42,165
|
|
37,316
|
|
|
|
|
|
|
|
|
NON-OPERATING
(EXPENSES) INCOME:
|
|
|
|
|
|
|
|
Interest
expense
|
(22,203)
|
|
(20,745)
|
|
(82,750)
|
|
(83,168)
|
Interest
income
|
148
|
|
145
|
|
558
|
|
463
|
Equity income (loss)
in unconsolidated companies, net
|
(1,002)
|
|
2,747
|
|
(1,698)
|
|
12,492
|
Impairments related
to equity investments
|
1,006
|
|
-
|
|
(170,007)
|
|
-
|
Gain (loss) on
extinguishment of debt, net
|
-
|
|
(1,104)
|
|
(2,700)
|
|
431
|
Retirement benefit
expense
|
(3,421)
|
|
(3,694)
|
|
(13,404)
|
|
(14,776)
|
Other -
net
|
(418)
|
|
(36)
|
|
(312)
|
|
(16)
|
|
(25,890)
|
|
(22,687)
|
|
(270,313)
|
|
(84,574)
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
4,073
|
|
10,752
|
|
(228,148)
|
|
(47,258)
|
Income tax provision
(benefit)
|
(56,280)
|
|
7,666
|
|
104,996
|
|
(13,065)
|
NET INCOME
(LOSS)
|
$
60,353
|
|
$
3,086
|
|
$
(333,144)
|
|
$
(34,193)
|
|
|
|
|
|
|
|
|
Net income (loss)
per common share:
|
|
|
|
|
|
|
|
Basic
|
$
7.86
|
|
$
0.41
|
|
$
(43.65)
|
|
$
(4.41)
|
Diluted
|
$
7.80
|
|
$
0.40
|
|
$
(43.65)
|
|
$
(4.41)
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares used
|
|
|
|
|
|
|
|
to calculate basic
and diluted earnings per share:
|
|
|
|
|
|
|
|
Basic
|
7,678
|
|
7,575
|
|
7,632
|
|
7,750
|
Diluted
|
7,734
|
|
7,654
|
|
7,632
|
|
7,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE McCLATCHY
COMPANY
|
|
Reconciliation of
GAAP Measures to Non-GAAP Amounts
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income (Loss) to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
25,
|
|
December
31,
|
|
December
31,
|
|
December
25,
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
53 Weeks
|
|
52 Weeks
|
|
52 Weeks
|
|
53 Weeks
|
|
52 Weeks
|
|
52 Weeks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
60,353
|
|
$
60,375
|
|
$
3,086
|
|
$
(333,144)
|
|
$
(333,122)
|
|
$
(34,193)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
(56,280)
|
|
(56,262)
|
|
7,666
|
|
104,996
|
|
105,014
|
|
(13,065)
|
|
Interest
expense
|
|
22,203
|
|
20,955
|
|
20,745
|
|
82,750
|
|
81,502
|
|
83,168
|
|
Depreciation and
amortization
|
|
21,113
|
|
19,605
|
|
19,895
|
|
80,129
|
|
78,621
|
|
89,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
47,389
|
|
44,673
|
|
51,392
|
|
(65,269)
|
|
(67,985)
|
|
125,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance
charges
|
|
1,925
|
|
1,925
|
|
1,762
|
|
15,853
|
|
15,853
|
|
15,160
|
|
Non-cash stock
compensation
|
|
689
|
|
676
|
|
1,025
|
|
2,475
|
|
2,462
|
|
3,130
|
|
Non-cash and
non-operating retirement benefit expense
|
|
3,421
|
|
3,421
|
|
3,694
|
|
13,404
|
|
13,404
|
|
14,776
|
|
Equity (income) loss
in unconsolidated companies, net
|
|
1,002
|
|
1,002
|
|
(2,747)
|
|
1,698
|
|
1,698
|
|
(13,384)
|
|
Impairments related
to equity investments
|
|
(1,006)
|
|
(1,006)
|
|
-
|
|
170,007
|
|
170,007
|
|
892
|
|
Other asset
impairment charges
|
|
12,770
|
|
12,770
|
|
9,196
|
|
23,442
|
|
23,442
|
|
9,526
|
|
Other operating
costs, net (1)
|
|
(12,743)
|
|
(12,761)
|
|
(2,088)
|
|
(17,193)
|
|
(17,211)
|
|
20,974
|
|
Other non-operating,
net
|
|
270
|
|
270
|
|
995
|
|
2,454
|
|
2,454
|
|
(878)
|
|
Adjusted
EBITDA
|
|
$
53,717
|
|
$
50,970
|
|
$
63,229
|
|
$
146,871
|
|
$
144,124
|
|
$
175,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin
|
|
22.0%
|
|
20.8%
|
|
22.7%
|
|
16.3%
|
|
16.0%
|
|
16.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other operating
costs, net, includes: Gain and loss on sale of land and relocation
charges, net; Technology conversion costs related to co-sourcing a
majority of information technology operations;
costs associated with reorganizing operations; trust related
litigation, hurricane Irma costs, and net acquisition costs. See
the text of the press release for the detailed gross and net of tax
contribution
of each category.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income (Loss) to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
60,353
|
|
$
60,375
|
|
$
3,086
|
|
$
(333,144)
|
|
$
(333,122)
|
|
$
(34,193)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back certain
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (Gain) on
extinguishment of debt, net
|
|
-
|
|
-
|
|
1,104
|
|
2,700
|
|
2,700
|
|
(431)
|
|
Impairment charges
related to equity investments
|
|
(1,006)
|
|
(1,006)
|
|
720
|
|
170,007
|
|
170,007
|
|
1,621
|
|
Other asset
impairment charges
|
|
12,770
|
|
12,770
|
|
9,196
|
|
23,442
|
|
23,442
|
|
9,196
|
|
Severance
charges
|
|
1,925
|
|
1,925
|
|
1,762
|
|
15,853
|
|
15,853
|
|
15,160
|
|
Accelerated
depreciation and other miscellaneous charges
|
|
548
|
|
548
|
|
25
|
|
548
|
|
548
|
|
6,960
|
|
Other operating
costs, net
|
|
(12,743)
|
|
(12,761)
|
|
(2,257)
|
|
(17,193)
|
|
(17,211)
|
|
21,135
|
|
Certain discrete tax
items
|
|
(57,997)
|
|
(57,997)
|
|
3,175
|
|
188,193
|
|
188,193
|
|
2,278
|
|
Less: Tax effect of
adjustments
|
|
(699)
|
|
(699)
|
|
(3,915)
|
|
(73,721)
|
|
(73,721)
|
|
(20,344)
|
|
Adjusted net income
(2)
|
|
$
3,151
|
|
$
3,155
|
|
$
12,896
|
|
$
(23,315)
|
|
$
(23,311)
|
|
$
1,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) The tax impact of
these non-GAAP adjustments is calculated using the federal
statutory rate of 35% plus the net state rate for the jurisdictions
in which the subsidiaries file tax returns and
ranges from 1.6% to 8.1%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Expenses to Adjusted Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
$
214,693
|
|
$
201,906
|
|
$
228,740
|
|
$
861,427
|
|
$
848,640
|
|
$
939,777
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
21,113
|
|
19,605
|
|
19,895
|
|
80,129
|
|
78,621
|
|
89,446
|
|
Other asset
impairment charges
|
|
12,770
|
|
12,770
|
|
9,196
|
|
23,442
|
|
23,442
|
|
9,196
|
|
Severance charges and
non-cash stock compensation
|
|
2,614
|
|
2,601
|
|
2,787
|
|
18,328
|
|
18,315
|
|
18,290
|
|
Other operating
costs, net
|
|
(12,743)
|
|
(12,761)
|
|
(2,088)
|
|
(17,193)
|
|
(17,211)
|
|
21,304
|
|
Adjusted operating
expenses
|
|
$
190,939
|
|
$
179,691
|
|
$
198,950
|
|
$
756,721
|
|
$
745,473
|
|
$
801,541
|
|
The McClatchy
Company
|
Consolidated
Statistical Report
|
(In thousands, except
for preprints)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
4
|
|
|
Combined
|
|
Print
|
|
Digital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues -
Net:
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$67,835
|
|
$81,005
|
|
-16.3%
|
|
$40,938
|
|
$55,181
|
|
-25.8%
|
|
$26,897
|
|
$25,824
|
|
4.2%
|
National
|
|
11,645
|
|
12,266
|
|
-5.1%
|
|
3,334
|
|
5,000
|
|
-33.3%
|
|
8,311
|
|
7,267
|
|
14.4%
|
Classified
Total
|
|
28,817
|
|
31,940
|
|
-9.8%
|
|
15,951
|
|
17,435
|
|
-8.5%
|
|
12,865
|
|
14,505
|
|
-11.3%
|
Automotive
|
|
6,233
|
|
7,801
|
|
-20.1%
|
|
1,614
|
|
2,284
|
|
-29.3%
|
|
4,619
|
|
5,518
|
|
-16.3%
|
Real
Estate
|
|
5,366
|
|
5,939
|
|
-9.6%
|
|
2,541
|
|
3,065
|
|
-17.1%
|
|
2,825
|
|
2,874
|
|
-1.7%
|
Employment
|
|
3,701
|
|
4,653
|
|
-20.5%
|
|
1,594
|
|
1,905
|
|
-16.3%
|
|
2,106
|
|
2,748
|
|
-23.4%
|
Other
|
|
13,517
|
|
13,547
|
|
-0.2%
|
|
10,201
|
|
10,181
|
|
0.2%
|
|
3,315
|
|
3,365
|
|
-1.5%
|
Direct
Marketing
|
|
29,786
|
|
33,062
|
|
-9.9%
|
|
29,786
|
|
33,062
|
|
-9.9%
|
|
|
|
|
|
|
Other
Advertising
|
|
97
|
|
94
|
|
3.2%
|
|
97
|
|
94
|
|
3.2%
|
|
|
|
|
|
|
Total
Advertising
|
|
$138,180
|
|
$158,367
|
|
-12.7%
|
|
$90,106
|
|
$110,772
|
|
-18.7%
|
|
$48,073
|
|
$47,596
|
|
1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo:
Digital-only Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$37,741
|
|
$34,420
|
|
9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience
|
|
95,024
|
|
92,667
|
|
2.5%
|
|
67,753
|
|
67,461
|
|
0.4%
|
|
27,271
|
|
25,206
|
|
8.2%
|
Other
|
|
11,452
|
|
11,145
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$244,656
|
|
$262,179
|
|
-6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
Statistics for Dailies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Run ROP
Linage
|
|
|
|
|
|
|
|
2,859.3
|
|
3,102.4
|
|
-7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Preprints
Distributed
|
|
|
|
|
|
|
|
573.9
|
|
717.1
|
|
-20.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Average Total
Circulation*
|
|
|
|
|
|
|
|
1,266.2
|
|
1,458.8
|
|
-13.2%
|
|
|
|
|
|
|
Sunday Average Total
Circulation*
|
|
|
|
|
|
|
|
1,846.7
|
|
2,119.5
|
|
-12.9%
|
|
|
|
|
|
|
Average Monthly
Unique Visitors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,335.6
|
|
65,416.3
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
The McClatchy
Company
|
Consolidated
Statistical Report
|
(In thousands, except
for preprints)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
4
|
|
|
Combined
|
|
Print
|
|
Digital
|
|
|
|
|
13-week
|
|
|
|
13-week
|
|
13-week
|
|
|
|
13-week
|
|
13-week
|
|
|
|
13-week
|
Revenues -
Net:
|
|
2017
|
|
Proforma
|
|
2016
|
|
% Change
|
|
Proforma
|
|
2016
|
|
% Change
|
|
Proforma
|
|
2016
|
|
% Change
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$67,835
|
|
$64,814
|
|
$81,005
|
|
-20.0%
|
|
$38,873
|
|
$55,181
|
|
-29.6%
|
|
$25,941
|
|
$25,824
|
|
0.5%
|
National
|
|
11,645
|
|
11,160
|
|
12,266
|
|
-9.0%
|
|
3,207
|
|
5,000
|
|
-35.9%
|
|
7,953
|
|
7,267
|
|
9.4%
|
Classified
Total
|
|
28,817
|
|
27,061
|
|
31,940
|
|
-15.3%
|
|
14,986
|
|
17,435
|
|
-14.0%
|
|
12,075
|
|
14,505
|
|
-16.8%
|
Automotive
|
|
6,233
|
|
5,753
|
|
7,801
|
|
-26.3%
|
|
1,467
|
|
2,284
|
|
-35.8%
|
|
4,286
|
|
5,518
|
|
-22.3%
|
Real
Estate
|
|
5,366
|
|
5,091
|
|
5,939
|
|
-14.3%
|
|
2,426
|
|
3,065
|
|
-20.8%
|
|
2,664
|
|
2,874
|
|
-7.3%
|
Employment
|
|
3,701
|
|
3,522
|
|
4,653
|
|
-24.3%
|
|
1,530
|
|
1,905
|
|
-19.7%
|
|
1,992
|
|
2,748
|
|
-27.5%
|
Other
|
|
13,517
|
|
12,695
|
|
13,547
|
|
-6.3%
|
|
9,562
|
|
10,181
|
|
-6.1%
|
|
3,133
|
|
3,365
|
|
-6.9%
|
Direct
Marketing
|
|
29,786
|
|
28,401
|
|
33,062
|
|
-14.1%
|
|
28,401
|
|
33,062
|
|
-14.1%
|
|
|
|
|
|
|
Other
Advertising
|
|
97
|
|
97
|
|
94
|
|
3.2%
|
|
97
|
|
94
|
|
3.2%
|
|
|
|
|
|
|
Total
Advertising
|
|
$138,180
|
|
$131,533
|
|
$158,367
|
|
-16.9%
|
|
$85,564
|
|
$110,772
|
|
-22.8%
|
|
$45,969
|
|
$47,596
|
|
-3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo:
Digital-only Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$36,080
|
|
$34,420
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience
|
|
95,024
|
|
88,306
|
|
92,667
|
|
-4.7%
|
|
62,963
|
|
67,461
|
|
-6.7%
|
|
25,343
|
|
25,206
|
|
0.5%
|
Other
|
|
11,452
|
|
10,823
|
|
11,145
|
|
-2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$244,656
|
|
$230,662
|
|
$262,179
|
|
-12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
Statistics for Dailies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Run ROP
Linage
|
|
|
|
|
|
|
|
|
|
2,687.4
|
|
3,102.4
|
|
-13.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Preprints
Distributed
|
|
|
|
|
|
|
|
|
|
541.5
|
|
717.1
|
|
-24.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Average Total
Circulation*
|
|
|
|
|
|
|
|
|
|
1,267.2
|
|
1,458.8
|
|
-13.1%
|
|
|
|
|
|
|
Sunday Average Total
Circulation*
|
|
|
|
|
|
|
|
|
|
1,850.9
|
|
2,119.5
|
|
-12.7%
|
|
|
|
|
|
|
Average Monthly
Unique Visitors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,335.6
|
|
65,416.3
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
The McClatchy
Company
|
Consolidated
Statistical Report
|
(In thousands, except
for preprints)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
Year-to-Date
|
|
|
Combined
|
|
Print
|
|
Digital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues -
Net:
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$236,130
|
|
$280,916
|
|
-15.9%
|
|
$144,605
|
|
$191,206
|
|
-24.4%
|
|
$91,524
|
|
$89,710
|
|
2.0%
|
National
|
|
40,338
|
|
42,925
|
|
-6.0%
|
|
12,498
|
|
18,941
|
|
-34.0%
|
|
27,840
|
|
23,984
|
|
16.1%
|
Classified
Total
|
|
120,586
|
|
137,347
|
|
-12.2%
|
|
66,830
|
|
76,906
|
|
-13.1%
|
|
53,755
|
|
60,441
|
|
-11.1%
|
Automotive
|
|
26,721
|
|
32,382
|
|
-17.5%
|
|
6,667
|
|
9,923
|
|
-32.8%
|
|
20,054
|
|
22,459
|
|
-10.7%
|
Real
Estate
|
|
21,967
|
|
24,498
|
|
-10.3%
|
|
11,184
|
|
13,420
|
|
-16.7%
|
|
10,783
|
|
11,078
|
|
-2.7%
|
Employment
|
|
17,477
|
|
23,036
|
|
-24.1%
|
|
7,504
|
|
10,142
|
|
-26.0%
|
|
9,973
|
|
12,894
|
|
-22.7%
|
Other
|
|
54,421
|
|
57,431
|
|
-5.2%
|
|
41,475
|
|
43,420
|
|
-4.5%
|
|
12,945
|
|
14,010
|
|
-7.6%
|
Direct
Marketing
|
|
101,132
|
|
106,804
|
|
-5.3%
|
|
101,132
|
|
106,804
|
|
-5.3%
|
|
|
|
|
|
|
Other
Advertising
|
|
453
|
|
743
|
|
-39.0%
|
|
453
|
|
743
|
|
-39.0%
|
|
|
|
|
|
|
Total
Advertising
|
|
$498,639
|
|
$568,735
|
|
-12.3%
|
|
$325,518
|
|
$394,600
|
|
-17.5%
|
|
$173,119
|
|
$174,135
|
|
-0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo:
Digital-only Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$133,713
|
|
$121,747
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience
|
|
363,497
|
|
364,830
|
|
-0.4%
|
|
262,295
|
|
264,527
|
|
-0.8%
|
|
101,202
|
|
100,304
|
|
0.9%
|
Other
|
|
41,456
|
|
43,528
|
|
-4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$903,592
|
|
$977,093
|
|
-7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
Statistics for Dailies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Run ROP
Linage
|
|
|
|
|
|
|
|
10,825.4
|
|
12,313.6
|
|
-12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Preprints
Distributed
|
|
|
|
|
|
|
|
2,014.2
|
|
2,572.8
|
|
-21.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Average Total
Circulation*
|
|
|
|
|
|
|
|
1,292.5
|
|
1,476.2
|
|
-12.4%
|
|
|
|
|
|
|
Sunday Average Total
Circulation*
|
|
|
|
|
|
|
|
1,925.1
|
|
2,189.3
|
|
-12.1%
|
|
|
|
|
|
|
Monthly Unique
Visitors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,185.9
|
|
60,177.0
|
|
18.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columns may not
add due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Reflects total average
circulation based upon number of days in period. Does not reflect
AAM reported figures.
|
|
|
|
|
|
|
The McClatchy
Company
|
Consolidated
Statistical Report
|
(In thousands, except
for preprints)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
Year-to-Date
|
|
|
Combined
|
|
Print
|
|
Digital
|
|
|
|
|
52-week
|
|
|
|
52-week
|
|
52-week
|
|
|
|
52-week
|
|
52-week
|
|
|
|
52-week
|
Revenues -
Net:
|
|
2017
|
|
Proforma
|
|
2016
|
|
% Change
|
|
Proforma
|
|
2016
|
|
% Change
|
|
Proforma
|
|
2016
|
|
% Change
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
$236,130
|
|
$233,109
|
|
$280,916
|
|
-17.0%
|
|
$142,541
|
|
$191,206
|
|
-25.5%
|
|
$90,568
|
|
$89,710
|
|
1.0%
|
National
|
|
40,338
|
|
39,853
|
|
42,925
|
|
-7.2%
|
|
12,371
|
|
18,941
|
|
-34.7%
|
|
27,482
|
|
23,984
|
|
14.6%
|
Classified
Total
|
|
120,586
|
|
118,830
|
|
137,347
|
|
-13.5%
|
|
65,865
|
|
76,906
|
|
-14.4%
|
|
52,965
|
|
60,441
|
|
-12.4%
|
Automotive
|
|
26,721
|
|
26,241
|
|
32,382
|
|
-19.0%
|
|
6,520
|
|
9,923
|
|
-34.3%
|
|
19,721
|
|
22,459
|
|
-12.2%
|
Real
Estate
|
|
21,967
|
|
21,692
|
|
24,498
|
|
-11.5%
|
|
11,069
|
|
13,420
|
|
-17.5%
|
|
10,622
|
|
11,078
|
|
-4.1%
|
Employment
|
|
17,477
|
|
17,298
|
|
23,036
|
|
-24.9%
|
|
7,440
|
|
10,142
|
|
-26.6%
|
|
9,858
|
|
12,894
|
|
-23.5%
|
Other
|
|
54,421
|
|
53,599
|
|
57,431
|
|
-6.7%
|
|
40,836
|
|
43,420
|
|
-6.0%
|
|
12,763
|
|
14,010
|
|
-8.9%
|
Direct
Marketing
|
|
101,132
|
|
99,747
|
|
106,804
|
|
-6.6%
|
|
99,747
|
|
106,804
|
|
-6.6%
|
|
|
|
|
|
|
Other
Advertising
|
|
453
|
|
453
|
|
743
|
|
-39.0%
|
|
453
|
|
743
|
|
-39.0%
|
|
|
|
|
|
|
Total
Advertising
|
|
$498,639
|
|
$491,992
|
|
$568,735
|
|
-13.5%
|
|
$320,977
|
|
$394,600
|
|
-18.7%
|
|
$171,015
|
|
$174,135
|
|
-1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo:
Digital-only Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$132,052
|
|
$121,747
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience
|
|
363,497
|
|
356,778
|
|
364,830
|
|
-2.2%
|
|
257,504
|
|
264,527
|
|
-2.7%
|
|
99,274
|
|
100,304
|
|
-1.0%
|
Other
|
|
41,456
|
|
40,826
|
|
43,528
|
|
-6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$903,592
|
|
$889,596
|
|
$977,093
|
|
-9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
Statistics for Dailies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Run ROP
Linage
|
|
|
|
|
|
|
|
|
|
10,653.5
|
|
12,313.6
|
|
-13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Preprints
Distributed
|
|
|
|
|
|
|
|
|
|
1,981.7
|
|
2,572.8
|
|
-23.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audience:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daily Average Total
Circulation*
|
|
|
|
|
|
|
|
|
|
1,292.5
|
|
1,476.2
|
|
-12.4%
|
|
|
|
|
|
|
Sunday Average Total
Circulation*
|
|
|
|
|
|
|
|
|
|
1,925.1
|
|
2,189.3
|
|
-12.1%
|
|
|
|
|
|
|
Monthly Unique
Visitors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,185.9
|
|
60,177.0
|
|
18.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Columns may not
add due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Reflects total average
circulation based upon number of days in period. Does not reflect
AAM reported figures.
|
|
|
|
|
|
|
|
|
![McClatchy Logo. McClatchy Logo.](https://mma.prnewswire.com/media/394690/McClatchy___Logo.jpg)
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