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Friday November 20, 2009
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Friday November 20, 2009
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Released: 10/15/2009
SACRAMENTO, Calif., Oct. 15 /PRNewswire-FirstCall/ -- The McClatchy Company (NYSE: MNI) today reported net income from continuing operations in the third quarter of 2009 of $23.6 million, or 28 cents per share, compared to $4.2 million, or 5 cents per share, in the 2008 quarter. Adjusted earnings from continuing operations(1) were $11.0 million, or 13 cents per share, in the third quarter of 2009 after excluding the unusual items discussed below, compared to $10.4 million, or 13 cents per share, reported in the third quarter of 2008. The company noted that its adjusted earnings in the third quarter of 2009 were negatively impacted by a refinement to its projected annual tax rate. The Company's tax rate in the third quarter of 2009 was 61.8%.Unusual items affecting the third quarter results from continuing operations in each year are discussed below and are included in adjusted earnings from continuing operations.(1)
Revenues in the third quarter of 2009 were $347.4 million, down 23.1% from the third quarter of 2008. Advertising revenues were $266.1 million, down 28.1% from 2008, and circulation revenues were $69.0 million, up 6.7%. Online advertising revenues grew 3.1% in the third quarter of 2009 and were 17.6% of total advertising revenues compared to 12.2% of total advertising revenues in the third quarter of 2008.
Cash expenses, excluding severance associated with restructuring plans, declined $105.5 million, or 29.4% from the 2008 quarter. Operating cash flow, a non-GAAP measure, was $94.4 million, up 1.3% (non-GAAP measurements are discussed below).
First Nine Months Results:
Income from continuing operations for the first nine months of 2009 was $27.9 million, or 33 cents per share, and was affected by the impact of the unusual items discussed below. Adjusted earnings from continuing operations(1) were $11.0 million, or 13 cents per share, in the first nine months of 2009.
Income from continuing operations for the first nine months of 2008 was $23.2 million, or 28 cents per share, and was affected by the impact of the unusual items discussed below. Adjusted earnings from continuing operations (1) were $26.4 million, or 32 cents per share, in the first nine months of 2008.
Revenues from continuing operations in the first nine months of 2009 were down 24.6% to $1.1 billion compared to $1.4 billion in 2008. Advertising revenues in 2009 totaled $834.5 million, down 29.3%, and circulation revenues were $206.9 million, up 4.2%.
Management's Comments:
Commenting on McClatchy's results, Gary Pruitt, chairman and chief executive officer, said, "Our advertising revenues in the third quarter showed some improvement from the second-quarter decline. Importantly, we reported growth in our online advertising revenues. Online advertising revenues were up 3.1% compared to the third quarter of 2008. Excluding employment advertising, a category that has been impacted both online and in print by the nationwide decline in jobs, online advertising revenues were up 28.4% in the quarter and up 27.2% year-to-date.
"Our transition to a successful hybrid print and online company continues to advance. Our online audiences are growing strongly. Average monthly unique visitors to our websites were up 14.7% in the third quarter and were up 23.4% through the first nine months of 2009. We continue to be among the leaders in our industry in online advertising revenue performance and online advertising as a percentage of total advertising. In the third quarter, online advertising represented 17.6% of McClatchy's total advertising revenue. That was up from the 16.5% reported in the second quarter of 2009 and up from the 12.2% reported in the third quarter of 2008."
"The declines in print advertising are undeniably challenging for our company, and the resulting restructuring of our business has been necessary to align expenses with these new revenue realities," said Pruitt. "While painful, this restructuring is clearly contributing to our ability to manage the company through this downturn by enabling us to grow cash flow in the third quarter and reduce debt.
"The advertising declines we've experienced show some signs of slowing, but the ad environment remains weak overall. As a result, we expect print advertising revenues to continue to decline in the fourth quarter. So far in October, we're seeing advertising revenue trends similar to the third quarter.
"We still have a lot of hard work ahead of us. As long as we are experiencing revenue declines, we must maintain a tight rein on expenses. We expect to hold costs down in the mid-twenty percent range in the fourth quarter.
"We face these uncertain times with the resolve and confidence of a company that has successfully adapted to many economic downturns and media competitors over our 152-year history. We will continue to serve our communities with high quality journalism, and we will continue to aggregate audiences and serve the needs of our local and national advertisers, both online and in print."
Pat Talamantes, McClatchy's chief financial officer, said, "We completed the quarter with debt principal outstanding of $1.99 billion, down $134.3 million from the end of 2008. Based on our trailing 12 months of cash flow, our leverage ratio, as defined under our credit agreement, improved for the second consecutive quarter to 5.7 times at the end of the third quarter, and our interest coverage ratio was 2.8 times. Both of these ratios are well within the covenant requirements under our credit agreement of a leverage ratio of less than 7.0 times and an interest coverage ratio of greater than 2.0 times. At the end of the quarter, we had approximately $172.0 million available under our bank credit line."
(1) Adjusted Earnings From Continuing Operations and EPS:
Earnings in the third quarter and nine months of 2009 and 2008 included the impact of several unusual events including:
2009 transactions and events:
-- In March 2009, the company announced restructuring efforts which
included, among other things, reducing its workforce by approximately
15%, freezing the company's pension plans and temporarily suspending the
company's matching contribution to its 401(k) plan as of March 31, 2009.
-- On May 21, 2009, the company launched a private debt exchange offer for
all of its outstanding debt securities for a combination of cash and new
debt securities. The offer closed on June 25, 2009, and the company
exchanged $3.4 million in cash and $24.2 million of newly issued senior
notes for $102.8 million of debt securities. The company recorded a gain
on the transaction in the second quarter.
-- In connection with the exchange offer described above, the company
entered into an agreement with its lenders on May 20, 2009, to amend its
credit agreement which, among other things, allows it to use up to $60
million of its revolving credit facility to repurchase its unsecured
notes due in 2011 or unsecured notes due in 2014, subject to certain
conditions. As a result the company wrote off a portion of its original
financing costs related to its credit agreement in the second quarter.
-- During the second quarter of 2009, the company recorded $10.6 million of
accelerated depreciation on production equipment resulting from the
outsourcing of printing at several of its newspapers.
-- The company recorded additional closing adjustments which impacted the
gain on the 2008 sale of SP Newsprint Company of which McClatchy was a
one-third owner. The company received $60 million in proceeds from this
sale ($5 million in 2009), which was used to repay debt. -- The company refined its estimate of its projected effective annual tax
rate and applied the revised rate to the unusual items resulting in an
adjustment in the third quarter of 2009.
2008 transactions and events:
-- In May 2008, the company purchased $300 million aggregate principal
amount of its outstanding publicly-traded debt securities for $282.4
million. The company recorded a gain on the transaction in the second
quarter of 2008.
-- On June 16, 2008 and again on September 16, 2008, the company announced
restructuring plans to permanently reduce its workforce which reductions
were implemented in the second and third quarters of 2008.
-- On June 30, 2008, the company sold its 15.0% interest in ShopLocal, LLC
for $7.875 million and used the proceeds to reduce debt and recorded a
write-off in the second quarter of 2008 related to ShopLocal's carrying
value. In addition, one of the internet companies in which McClatchy has
an investment incurred an impairment charge on a product and as a
result, the company recognized a charge related to this investment in
the second quarter. -- In March and September 2008 the company obtained amendments to its
credit agreement which provided greater flexibility for the life of the
credit facility in the allowable leverage and interest coverage ratios,
the two primary financial covenants contained in the agreement. As a
result the company wrote off a portion of its original financing costs
related to its credit agreement in the first and third quarters of 2008.
Both the 2009 and 2008 second quarters included charges for certain discrete tax items.
The impact of these items on the 2009 and 2008 results are summarized below (dollars in thousands, except per share amounts):
Three Months Ended Nine Months Ended -------------------- -------------------- September September September September 27, 2009 28, 2008 27, 2009 28, 2008 --------- --------- --------- --------- (Dollars in thousands, except per share amounts) Income from continuing operations $23,601 $4,167 $27,880 $23,225 Unusual items, net of tax: Sale of SP Newsprint Company interest (999) (1,809) (503) (21,785) Gain on extinguishment of debt 430 (80) (27,902) (12,455) Restructuring related charges 516 7,551 9,584 18,960 Impairment related charges - 1,962 - 15,498 Accelerated depreciation on equipment - - 4,034 - Write-off of financing costs - 157 140 1,660 Impact of revised projected annual tax rate (11,245) - - - Certain discrete tax items (1,334) (1,538) (2,264) 1,313 ------ ------ ------ ----- Adjusted income from continuing operations $10,969 $10,410 $10,969 $26,416 ======= ======= ======= ======= Earnings per share: Income from continuing operations $0.28 $0.05 $0.33 $0.28 Adjusted income from continuing operations $0.13 $0.13 $0.13 $0.32
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 provided information regarding operating income, non-operating expenses and income, income taxes, net income and diluted earnings per share (EPS) excluding certain special or unusual items described in the table above. In addition the company has presented operating cash flows (defined as operating income plus depreciation and amortization, non-cash impairment charges included in operating income and restructuring related charges) along with operating cash flow margins (operating cash flow divided by net revenues) which are reconciled to GAAP measures in an 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 on-going 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 results of operations
against investor and analyst financial models.
Operating income, non-operating expenses and income, income taxes, net income and diluted earnings per share (EPS) excluding certain special or unusual items should not be considered a substitute or an alternative to these computations calculated in accordance with and required by GAAP. Nor are operating cash flow and operating cash flow margins to be considered replacements for cash provided by operating activities as shown in the company's statement of cash flows.
The company's statistical report, which summarizes revenue performance for the third fiscal quarter and first nine months of 2009, follows.
At noon Eastern Time today, McClatchy will review its results in a conference call (877-278-1205 pass code 30121301) and webcast (www.mcclatchy.com). The webcast will be archived at McClatchy's website.
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 News & Observer (Raleigh).
McClatchy also owns a portfolio of premium digital assets, including 14.4% of CareerBuilder, the nation's largest online job site, 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 and 33.3% of HomeFinder, LLC which operates the real estate website HomeFinder.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, anticipated savings from cost reduction efforts, future dividend payments, 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 the economic recession may reduce its income and cash flow greater than expected; McClatchy may not generate cash from operations, or otherwise, necessary to reduce debt as expected; McClatchy may not consummate contemplated transactions to 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, bankruptcies or financial strain of its major advertising customers; McClatchy's ability to maintain compliance with NYSE listing standards, including the NYSE share price standard and compliance with its market capitalization and stockholders' equity standards; 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 28, 2008, 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 STATEMENT OF OPERATIONS (UNAUDITED) (In thousands, except per share amounts)
Three Months Ended Nine Months Ended ------------------ -----------------
Sept 27, Sept 28, Sept 27, Sept 28, 2009 2008 2009 2008 ---- ---- ---- ---- REVENUES - NET: Advertising $266,120 $370,117 $834,470 $1,180,468 Circulation 69,029 64,691 206,860 198,610 Other 12,241 16,812 37,020 50,508 ------ ------ ------ ------ 347,390 451,620 1,078,350 1,429,586 OPERATING EXPENSES: Compensation 130,048 199,861 453,483 647,771 Newsprint and supplements 33,312 61,815 133,183 186,462 Depreciation and amortization 32,678 35,479 110,685 108,510 Other operating expenses 90,985 113,828 286,706 345,757 ------ ------- ------- ------- 287,023 410,983 984,057 1,288,500
OPERATING INCOME 60,367 40,637 94,293 141,086
NON-OPERATING (EXPENSES) INCOME: Interest expense (34,549) (34,195) (102,775) (116,140) Interest income 9 761 46 1,332 Equity income (losses) in unconsolidated companies, net 4,379 (850) 3,635 (14,340) Gain on extinguishment of debt (680) 180 44,149 19,680 Gain on Sale of SP Newsprint 999 2,570 214 34,546 Impairment on internet investments and land held for sale - (2,983) - (24,498) Other - net 20 101 (314) 1,120 --- --- ---- ----- (29,822) (34,416) (55,045) (98,300) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX PROVISION 30,545 6,221 39,248 42,786
INCOME TAX PROVISION 6,944 2,054 11,368 19,561 ----- ----- ------ ------
INCOME FROM CONTINUING OPERATIONS 23,601 4,167 27,880 23,225
INCOME (LOSS) FROM DISCONTINUED OPERATIONS - NET OF INCOME TAXES (38) 67 381 (175) --- -- --- ----
NET INCOME $23,563 $4,234 $28,261 $23,050 ======= ====== ======= =======
NET INCOME PER COMMON SHARE: Basic: Income from continuing operations $0.28 $0.05 $0.33 $0.28 Income from discontinued operation - - - - -- -- -- -- Net income per share $0.28 $0.05 $0.33 $0.28 ===== ===== ===== =====
Diluted: Income from continuing operations $0.28 $0.05 $0.33 $0.28 Income from discontinued operations - - - - -- -- -- -- Net income per share $0.28 $0.05 $0.33 $0.28 ===== ===== ===== =====
WEIGHTED AVERAGE NUMBER OF COMMON SHARES: Basic 84,052 82,382 83,565 82,274 Diluted 84,061 82,434 83,579 82,327
See notes to consolidated financial statements.
***THE McCLATCHY COMPANY*** Reconciliation of GAAP Measures to Non-GAAP Amounts (In thousands)
Three Months Ended Nine Months Ended ------------ -----------------
Sept 27, Sept 28, Sept 27, Sept 28, 2009 2008 2009 2008 ---- ---- ---- ---- REVENUES - NET: Advertising $266,120 $370,117 $834,470 $1,180,468 Circulation 69,029 64,691 206,860 198,610 Other 12,241 16,812 37,020 50,508 ------ ------ ------ ------ 347,390 451,620 1,078,350 1,429,586 OPERATING EXPENSES: Compensation excluding restructuring charges 128,698 182,818 428,388 605,320 Newsprint and supplements 33,312 61,815 133,183 186,462 Other cash operating expenses 90,985 113,828 286,706 345,521 ------ ------- ------- ------- Cash operating expenses excluding restructuring charges 252,995 358,461 848,277 1,137,303 Restructuring related compensation 1,350 17,043 25,095 42,451 Non-cash impairment charge - - - 236 Depreciation and amortization 32,678 35,479 110,685 108,510 ------ ------ ------- ------- Total operating expenses 287,023 410,983 984,057 1,288,500
OPERATING INCOME 60,367 40,637 94,293 141,086 Add back: Depreciation and amortization 32,678 35,479 110,685 108,510 Non-cash impairment charge - - - 236 Restructuring related compensation charges 1,350 17,043 25,095 42,451 ----- ------ ------ ------ OPERATING CASH FLOW $94,395 $93,159 $230,073 $292,283 ======= ======= ======== ========
***The McClatchy Company*** Consolidated Statistical Report (In thousands, except for preprints)
Quarter 3 ---------- Combined --------------------------- Revenues - Net: 2009 2008 % Change ---- ---- --------
Advertising Retail $139,462 $181,416 -23.1% National 24,097 33,485 -28.0% Classified Total 75,641 121,431 -37.7% Automotive 22,050 33,406 -34.0% Real Estate 17,201 30,099 -42.9% Employment 14,105 35,024 -59.7% Other 22,285 22,902 -2.7% Direct Marketing 26,473 33,389 -20.7% Other Advertising 447 397 12.6% --- --- Total Advertising $266,120 $370,118 -28.1%
Circulation 69,029 64,690 6.7% Other 12,241 16,812 -27.2% ------ ------ Total Revenues $347,390 $451,620 -23.1% ======== ========
Advertising Revenues by Market: California $48,542 $68,814 -29.5% Florida 36,507 50,321 -27.5% Texas 30,287 40,766 -25.7% Southeast 76,992 108,495 -29.0% Midwest 43,805 57,604 -24.0% Northwest 29,965 43,980 -31.9% Other 22 138 -84.1% -- --- Total Advertising $266,120 $370,118 -28.1%
Advertising Statistics for Dailies: Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:* Daily Sunday
Quarter 3 ---------- Print Only --------------------------- Revenues - Net: 2009 2008 % Change ---- ---- --------
Advertising Retail $121,790 $170,207 -28.4% National 18,668 29,495 -36.7% Classified Total 52,027 91,298 -43.0% Automotive 13,745 24,973 -45.0% Real Estate 12,903 25,560 -49.5% Employment 6,615 20,233 -67.3% Other 18,764 20,532 -8.6% Direct Marketing 26,473 33,389 -20.7% Other Advertising 447 397 12.6% --- --- Total Advertising $219,405 $324,786 -32.4%
Circulation Other Total Revenues
Advertising Revenues by Market: California $40,473 $61,188 -33.9% Florida 29,580 44,242 -33.1% Texas 25,431 36,795 -30.9% Southeast 63,683 94,175 -32.4% Midwest 35,587 49,611 -28.3% Northwest 24,651 38,775 -36.4% Other 0 0 0.0% --- --- Total Advertising $219,405 $324,786 -32.4%
Advertising Statistics for Dailies: Full Run ROP Linage 5,204.2 6,677.3 -22.1%
Millions of Preprints Distributed 1,294.5 1,643.1 -21.2%
Average Paid Circulation:* Daily 2,174.7 2,490.4 -12.7% Sunday 2,840.1 3,140.5 -9.6%
Quarter 3 ---------- Online Only ---------------------------- Revenues - Net: 2009 2008 % Change ---- ---- --------
Advertising Retail $17,672 $11,209 57.7% National 5,429 3,990 36.1% Classified Total 23,614 30,133 -21.6% Automotive 8,305 8,433 -1.5% Real Estate 4,298 4,539 -5.3% Employment 7,490 14,791 -49.4% Other 3,521 2,370 48.6% Direct Marketing Other Advertising ------- ------- Total Advertising $46,715 $45,332 3.1%
Circulation Other Total Revenues
Advertising Revenues by Market: California $8,069 $7,626 5.8% Florida 6,927 6,079 13.9% Texas 4,856 3,971 22.3% Southeast 13,309 14,320 -7.1% Midwest 8,218 7,993 2.8% Northwest 5,314 5,205 2.1% Other 22 138 -84.1% -- --- Total Advertising $46,715 $45,332 3.1%
Advertising Statistics for Dailies: Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:* Daily Sunday
Columns may not add 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)
September Year-to-Date ----------------------- Combined ------------------------------ Revenues - Net: 2009 2008 % Change ---- ---- --------
Advertising Retail $436,719 $568,670 -23.2% National 75,791 108,392 -30.1% Classified Total 237,350 396,786 -40.2% Automotive 69,551 104,790 -33.6% Real Estate 55,631 99,934 -44.3% Employment 46,447 121,888 -61.9% Other 65,720 70,174 -6.3% Direct Marketing 83,284 105,408 -21.0% Other Advertising 1,326 1,212 9.4% ----- ----- Total Advertising $834,470 $1,180,468 -29.3%
Circulation 206,860 198,610 4.2% Other 37,020 50,508 -26.7% ------ ------ Total Revenues $1,078,350 $1,429,586 -24.6% ========== ==========
Advertising Revenues by Market: California $151,723 $212,328 -28.5% Florida 120,163 171,292 -29.8% Texas 93,550 129,857 -28.0% Southeast 240,124 345,775 -30.6% Midwest 135,576 182,837 -25.8% Northwest 93,256 137,494 -32.2% Other 78 885 -91.2% --- --- Total Advertising $834,470 $1,180,468 -29.3%
Advertising Statistics for Dailies: Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:* Daily Sunday
September Year-to-Date ----------------------- Print Only ------------------------------ Revenues - Net: 2009 2008 % Change ---- ---- --------
Advertising Retail $386,228 $535,683 -27.9% National 59,952 96,467 -37.9% Classified Total 166,834 302,693 -44.9% Automotive 45,310 80,151 -43.5% Real Estate 42,660 86,868 -50.9% Employment 23,435 72,371 -67.6% Other 55,429 63,302 -12.4% Direct Marketing 83,284 105,408 -21.0% Other Advertising 1,326 1,212 9.4% ----- ----- Total Advertising $697,624 $1,041,463 -33.0%
Circulation Other Total Revenues
Advertising Revenues by Market: California $128,156 $189,978 -32.5% Florida 99,674 152,290 -34.5% Texas 79,273 117,736 -32.7% Southeast 199,830 301,156 -33.6% Midwest 112,887 159,033 -29.0% Northwest 77,804 121,268 -35.8% Other 0 0 0.0% --- --- Total Advertising $697,624 $1,041,461 -33.0%
Advertising Statistics for Dailies: Full Run ROP Linage 15,930.8 20,840.9 -23.6%
Millions of Preprints Distributed 3,978.1 4,750.3 -16.3%
Average Paid Circulation:* Daily 2,315.9 2,610.5 -11.3% Sunday 2,967.0 3,233.6 -8.2%
September Year-to-Date ----------------------- Online Only ----------------------------- Revenues - Net: 2009 2008 % Change ---- ---- --------
Advertising Retail $50,491 $32,987 53.1% National 15,839 11,925 32.8% Classified Total 70,516 94,093 -25.1% Automotive 24,242 24,638 -1.6% Real Estate 12,971 13,066 -0.7% Employment 23,012 49,516 -53.5% Other 10,290 6,872 49.7% Direct Marketing Other Advertising -------- -------- Total Advertising $136,846 $139,005 -1.6%
Circulation Other Total Revenues
Advertising Revenues by Market: California $23,567 $22,348 5.5% Florida 20,489 19,002 7.8% Texas 14,277 12,121 17.8% Southeast 40,294 44,619 -9.7% Midwest 22,689 23,804 -4.7% Northwest 15,452 16,226 -4.8% Other 78 885 -91.2% -- --- Total Advertising $136,846 $139,005 -1.6%
Advertising Statistics for Dailies: Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:* Daily Sunday
Columns may not add 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