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Saturday July 4, 2009
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Saturday July 4, 2009
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Released: 12/15/2008
SACRAMENTO, Calif., Dec. 15 /PRNewswire-FirstCall/ -- The McClatchy Company (NYSE: MNI) today reported that consolidated revenues in November 2008 decreased 19.4% and advertising revenues were down 22.4% compared to revenues in November 2007. The Company noted that the declines in print advertising were partially offset by a 7.5% gain in online advertising revenues in November 2008 compared to November 2007. For the first eleven months of the year, total revenues declined 15.9% and advertising revenues declined 17.8%. Online advertising grew 10.6% in the first eleven months of 2008.Pat Talamantes, McClatchy's chief financial officer, said, "November advertising revenues were lower than October, but in line with recent ad trends. The economic downturn continues to hurt consumer confidence and as a result negatively impacts advertisers in the local markets we serve. As we noted in a presentation last week at an investor conference, we are working hard to reduce the decline in revenues and increase the savings from our cost initiatives during the fourth quarter and 2009."
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)
November
Combined Print Only % % Revenues - Net 2008 2007 Change 2008 2007 Change
Advertising Retail $72,698 $85,400 -14.9% $68,334 $82,936 -17.6% National 11,726 16,310 -28.1% 10,273 15,384 -33.2% Classified Total 29,200 45,673 -36.1% 21,442 36,433 -41.1% Automotive 8,481 12,644 -32.9% 5,917 10,370 -42.9% Real Estate 7,320 12,256 -40.3% 6,019 11,100 -45.8% Employment 6,664 13,830 -51.8% 3,549 8,568 -58.6% Other 6,735 6,943 -3.0% 5,957 6,395 -6.8% Direct Marketing 12,210 14,675 -16.8% 12,210 14,675 -16.8% Other Advertising 143 187 -23.5% 143 187 -23.5% Total Advertising $125,977 $162,245 -22.4% $112,402 $149,615 -24.9%
Circulation 21,528 21,108 2.0% Other 4,740 5,587 -15.2% Total Revenues $152,245 $188,940 -19.4%
Advertising Revenues by Market: California $23,053 $29,416 -21.6% $20,788 $27,503 -24.4% Florida 19,967 26,546 -24.8% 18,066 24,952 -27.6% Texas 13,417 16,382 -18.1% 11,958 15,265 -21.7% Southeast 35,617 47,675 -25.3% 31,467 43,459 -27.6% Midwest 20,004 24,323 -17.8% 17,658 22,175 -20.4% Northwest 13,907 17,488 -20.5% 12,465 15,876 -21.5% Other 12 415 -97.1% 0 385 -100.0% Total Advertising $125,977 $162,245 -22.4% $112,402 $149,615 -24.9%
Advertising Statistics for Dailies: Full Run ROP Linage 2,071.9 2,568.7 -19.3%
Millions of Preprints Distributed 705.7 728.9 -3.2%
Average Paid Circulation:* Daily 2,596.0 2,782.0 -6.7% Sunday 3,176.8 3,377.5 -5.9%
Online Only
% Revenues - Net: 2008 2007 Change
Advertising Retail $4,364 $2,464 77.1% National 1,453 926 56.9% Classified Total 7,758 9,240 -16.0% Automotive 2,564 2,274 12.8% Real Estate 1,301 1,156 12.5% Employment 3,115 5,262 -40.8% Other 778 548 42.0% Direct Marketing Other Advertising Total Advertising $13,575 $12,630 7.5%
Circulation Other Total Revenues
Advertising Revenues by Market: California $2,265 $1,913 18.4% Florida 1,901 1,594 19.3% Texas 1,459 1,117 30.6% Southeast 4,150 4,216 -1.6% Midwest 2,346 2,148 9.2% Northwest 1,442 1,612 -10.5% Other 12 30 -60.0% Total Advertising $13,575 $12,630 7.5%
Advertising Statistics for Dailies: Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:* Daily Sunday
Columns may not total due to rounding.
* Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures.
***The McClatchy Company*** Consolidated Statistical Report (In thousands, except for preprints)
November Year-to-Date
Combined Print Only % % Revenues - Net: 2008 2007 Change 2008 2007 Change
Advertising Retail $716,990 $794,201 -9.7% $674,781 $770,793 -12.5% National 135,673 167,300 -18.9% 120,513 160,002 -24.7% Classified Total 466,349 658,909 -29.2% 354,762 536,864 -33.9% Automotive 123,572 155,739 -20.7% 93,603 133,001 -29.6% Real Estate 117,968 188,792 -37.5% 101,977 174,990 -41.7% Employment 139,210 229,740 -39.4% 82,127 150,303 -45.4% Other 85,599 84,638 1.1% 77,055 78,570 -1.9% Direct Marketing 130,401 143,841 -9.3% 130,401 143,841 -9.3% Other Advertising 1,561 1,913 -18.4% 1,561 1,913 -18.4% Total Advertising $1,450,974 $1,766,164 -17.8% $1,282,018 $1,613,413 -20.5%
Circulation 245,466 256,911 -4.5% Other 61,434 66,974 -8.3% Total Revenues $1,757,874 $2,090,049 -15.9%
Advertising Revenues by Market: California $260,968 $336,808 -22.5% $233,573 $313,027 -25.4% Florida 212,854 275,247 -22.7% 189,832 255,798 -25.8% Texas 158,690 182,124 -12.9% 143,365 169,149 -15.2% Southeast 423,710 505,766 -16.2% 369,817 455,016 -18.7% Midwest 225,963 258,687 -12.7% 196,908 234,337 -16.0% Northwest 167,885 201,776 -16.8% 148,523 181,471 -18.2% Other 904 5,756 -84.3% 0 4,615 -100.0% Total Advertising $1,450,974 $1,766,164 -17.8% $1,282,018 $1,613,413 -20.5%
Advertising Statistics for Dailies: Full Run ROP Linage 25,415.6 30,218.6 -15.9%
Millions of Preprints Distributed 6,041.3 6,332.2 -4.6%
Average Paid Circulation:* Daily 2,604.2 2,740.6 -5.0% Sunday 3,222.2 3,380.1 -4.7%
Online Only % Revenues - Net: 2008 2007 Change
Advertising Retail $42,209 $23,408 80.3% National 15,160 7,298 107.7% Classified Total 111,587 122,045 -8.6% Automotive 29,969 22,738 31.8% Real Estate 15,991 13,802 15.9% Employment 57,083 79,437 -28.1% Other 8,544 6,068 40.8% Direct Marketing Other Advertising Total Advertising $168,956 $152,751 10.6%
Circulation Other Total Revenues
Advertising Revenues by Market: California $27,395 $23,781 15.2% Florida 23,022 19,449 18.4% Texas 15,325 12,975 18.1% Southeast 53,893 50,750 6.2% Midwest 29,055 24,350 19.3% Northwest 19,362 20,305 -4.6% Other 904 1,141 -20.8% Total Advertising $168,956 $152,751 10.6%
Advertising Statistics for Dailies: Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:* Daily Sunday
Columns may not total due to rounding.
* Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures.
SOURCE The McClatchy Company
The McClatchy Company