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Wednesday September 8, 2010
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Wednesday September 8, 2010
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Released: 06/16/2008
SACRAMENTO, Calif., June 16 -- The McClatchy Company (NYSE: MNI) today reported that consolidated revenues in May 2008 decreased 15.1% and advertising revenues were down 16.6% compared to revenues in May 2007. The Company noted that the declines in print advertising were partially offset by a 12.9% gain in online advertising revenues in May 2008 compared to May 2007. For the first five months of the year, total revenues declined 14.2% and advertising revenues declined 15.4%. Online advertising grew 11.9% in the first five months of 2008.Advertising revenue performance at the company's newspapers is summarized in McClatchy's statistical report that follows.
About McClatchy
The McClatchy Company is the third largest newspaper company in the United States, with 30 daily newspapers, approximately 50 non-dailies, and direct marketing and direct mail operations. McClatchy also operates leading local websites in each of its markets which extend its audience reach. The websites offer users comprehensive news and information, advertising, e-commerce and other services. Together with its newspapers and direct marketing products, these interactive operations make McClatchy the leading local media company in each of its premium high growth markets. McClatchy-owned newspapers include The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer.
McClatchy also owns a portfolio of premium digital assets, including 14.4% of CareerBuilder, the nation's largest online job site, and 25.6% of Classified Ventures, a newspaper industry partnership that offers two of the nation's premier classified websites: the auto website, cars.com, and the rental site, apartments.com. McClatchy is 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, operating expenses, 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: the duration and depth of an economic recession in markets where McClatchy operates its newspapers may reduce its income and cash flow greater than expected; McClatchy may not consummate contemplated transactions which may enable debt reduction on anticipated terms or at all; McClatchy may not achieve its expense reduction targets 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; McClatchy's expense and income levels could be adversely affected by changes in the cost of newsprint and McClatchy's operations could be negatively affected by any deterioration in its labor relations, 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 December 30, 2007, 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*** Consolidated Statistical Report (In thousands, except for preprints)
May Combined
Revenues - Net: 2008 2007 % Change
Advertising Retail $61,200 $67,047 -8.7% National 11,914 14,287 -16.6% Classified Total 41,867 57,644 -27.4% Automotive 11,868 14,017 -15.3% Real Estate 10,127 16,398 -38.2% Employment 12,379 20,211 -38.8% Other 7,493 7,018 6.8% Direct Marketing 12,509 13,846 -9.7% Other Advertising 113 170 -33.5% Total Advertising $127,603 $152,994 -16.6%
Circulation 20,376 21,460 -5.1% Other 5,090 5,840 -12.8% Total Revenues $153,069 $180,294 -15.1%
Advertising Revenues by Market: California $22,292 $29,146 -23.5% Florida 19,733 23,680 -16.7% Texas 13,597 15,922 -14.6% Southeast 37,274 43,711 -14.7% Midwest 19,711 21,958 -10.2% Northwest 14,856 18,311 -18.9% Other 140 266 -47.4% Total Advertising $127,603 $152,994 -16.6%
May Print Only
Revenues - Net: 2008 2007 % Change
Advertising Retail $57,540 $64,800 -11.2% National 10,446 13,653 -23.5% Classified Total 31,548 46,844 -32.7% Automotive 9,060 12,026 -24.7% Real Estate 8,711 15,165 -42.6% Employment 7,012 13,172 -46.8% Other 6,765 6,481 4.4% Direct Marketing 12,509 13,846 -9.7% Other Advertising 113 170 -33.5% Total Advertising $112,156 $139,313 -19.5%
Advertising Revenues by Market: California $19,856 $27,055 -26.6% Florida 17,604 22,094 -20.3% Texas 12,273 14,631 -16.1% Southeast 32,269 38,946 -17.1% Midwest 16,965 19,816 -14.4% Northwest 13,189 16,386 -19.5% Other 0 385 -100.0% Total Advertising $112,156 $139,313 -19.5%
Advertising Statistics for Dailies: Full Run ROP Linage 2,236.9 2,659.0 -15.9%
Millions of Preprints Distributed 471.6 527.1 -10.5%
Average Paid Circulation:* Daily 2,651.9 2,751.0 -3.6% Sunday 3,224.0 3,340.0 -3.5%
* Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures.
May Online Only
Revenues - Net: 2008 2007 % Change
Advertising Retail $3,660 $2,247 62.9% National 1,468 634 131.5% Classified Total 10,319 10,800 -4.5% Automotive 2,808 1,991 41.0% Real Estate 1,416 1,233 14.8% Employment 5,367 7,039 -23.8% Other 728 537 35.6% Direct Marketing Other Advertising Total Advertising $15,447 $13,681 12.9%
Advertising Revenues by Market: California $2,436 $2,093 16.4% Florida 2,129 1,584 34.4% Texas 1,324 1,291 2.6% Southeast 5,005 4,765 5.0% Midwest 2,746 2,142 28.2% Northwest 1,667 1,925 -13.4% Other 140 (119) -217.6% Total Advertising $15,447 $13,681 12.9%
***The McClatchy Company*** Consolidated Statistical Report (In thousands, except for preprints)
May Year-to-Date Combined
Revenues - Net: 2008 2007 % Change
Advertising Retail $330,539 $354,095 -6.7% National 64,054 76,580 -16.4% Classified Total 234,999 319,378 -26.4% Automotive 60,434 72,202 -16.3% Real Estate 59,631 93,274 -36.1% Employment 75,032 116,445 -35.6% Other 39,902 37,457 6.5% Direct Marketing 61,073 66,723 -8.5% Other Advertising 692 780 -11.3% Total Advertising $691,357 $817,556 -15.4%
Circulation 114,107 120,475 -5.3% Other 28,119 33,963 -17.2% Total Revenues $833,583 $971,994 -14.2%
Advertising Revenues by Market: California $121,636 $157,253 -22.6% Florida 104,349 134,202 -22.2% Texas 76,294 83,862 -9.0% Southeast 202,722 229,983 -11.9% Midwest 106,065 116,726 -9.1% Northwest 79,639 92,993 -14.4% Other 652 2,537 -74.3% Total Advertising $691,357 $817,556 -15.4%
May Year-to-Date Print Only
Revenues - Net: 2008 2007 % Change
Advertising Retail $312,624 $343,870 -9.1% National 57,421 74,056 -22.5% Classified Total 180,999 261,903 -30.9% Automotive 47,026 62,499 -24.8% Real Estate 52,562 86,989 -39.6% Employment 45,304 77,619 -41.6% Other 36,107 34,796 3.8% Direct Marketing 61,073 66,723 -8.5% Other Advertising 692 780 -11.3% Total Advertising $612,809 $747,332 -18.0%
Advertising Revenues by Market: California $109,310 $146,254 -25.3% Florida 93,618 124,876 -25.0% Texas 69,456 78,133 -11.1% Southeast 177,224 206,488 -14.2% Midwest 92,889 105,782 -12.2% Northwest 70,312 83,683 -16.0% Other 0 2,116 -100.0% Total Advertising $612,809 $747,332 -18.0%
Advertising Statistics for Dailies: Full Run ROP Linage 11,959.8 13,874.8 -13.8%
Millions of Preprints Distributed 2,609.4 2,824.1 -7.6%
Average Paid Circulation:* Daily 2,701.5 2,806.1 -3.7% Sunday 3,304.2 3,441.1 -4.0%
* Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures.
May Year-to-Date Online Only
Revenues - Net: 2008 2007 % Change
Advertising Retail $17,915 $10,225 75.2% National 6,633 2,524 162.8% Classified Total 54,000 57,475 -6.0% Automotive 13,408 9,703 38.2% Real Estate 7,069 6,285 12.5% Employment 29,728 38,826 -23.4% Other 3,795 2,661 42.6% Direct Marketing Other Advertising Total Advertising $78,548 $70,224 11.9%
Advertising Revenues by Market: California $12,326 $10,999 12.1% Florida 10,731 9,326 15.1% Texas 6,838 5,729 19.4% Southeast 25,498 23,495 8.5% Midwest 13,176 10,944 20.4% Northwest 9,327 9,310 0.2% Other 652 421 54.9% Total Advertising $78,548 $70,224 11.9%
SOURCE The McClatchy Company
The McClatchy Company