McClatchy Files Form 10-K for Fiscal 2006: Reports Higher Income From Continuing Operations Than Previously Announced: No Change to Net Results
The McClatchy Company (NYSE: MNI) today reported that it filed its Annual Report on Form 10-K for the year ended December 31, 2006, (the "Report") with the Securities & Exchange Commission. In the company's Report, earnings for full year 2006 were revised to increase income from continuing operations and loss from discontinued operations compared to the amounts included in the company's February 6, 2007 earnings release. No change was made to net loss for 2006.
Upon further review of its income tax accounts, the company determined that $3.6 million or $0.06 per share of income tax provision that was recorded in continuing operations for fiscal 2006 should have been recorded in discontinued operations.
As a result, income from continuing operations for the full year of 2006 was $183.5 million or $2.84 per share compared to the previously reported amount of $179.9 million or $2.78 per share. The loss from discontinued operations for the full year of 2006 was $339.1 million or $5.25 per share compared to the previously reported amount of $335.5 million, or $5.19 per share. The company's total net loss was unchanged at $155.6 million or $2.41 per share.
The McClatchy Company is the third largest newspaper company in the United States (after the sale of the Minneapolis Star Tribune newspaper), with 31 daily newspapers and approximately 50 non-dailies. McClatchy-owned newspapers include The Miami Herald, The Sacramento Bee, The Kansas City Star, the (Fort Worth) Star-Telegram, The Charlotte Observer, and The (Raleigh) News & Observer. In addition, McClatchy has a robust network of internet assets, including leading local websites in each of its daily newspaper markets, offering users information, comprehensive news, advertising, e-commerce and other services. The company also owns and operates McClatchy Interactive, an interactive operation that provides websites with content, publishing tools and software development; Real Cities (http://www.RealCities.com), the largest national advertising network of local news websites, including more than 140 newspaper websites; and 15.0% of CareerBuilder, the nation's largest online job site. McClatchy also owns 25.6% of Classified Ventures, a newspaper industry partnership that offers classified websites such as cars.com and apartments.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.