Exhibit 99.1
McCLATCHY REPORTS SECOND QUARTER RESULTS
SACRAMENTO, Calif., July 24, 2008 – The McClatchy Company (NYSE-MNI) today reported net income from continuing operations in the second quarter of 2008 of $20.1 million, or 24 cents per share. Adjusted earnings from continuing operations(1) excluding several unusual items in the second quarter of 2008 were $17.3 million or 21 cents per share. Total net income including discontinued operations was $19.7 million, or 24 cents per share.
Earnings in the second quarter of 2008 included the impact of several unusual events including: a gain on the sale of a one-third interest in SP Newsprint Company (SP), a gain on the extinguishment of debt related to a bond tender, the charges related to implementing a previously announced restructuring plan, the write-down of certain internet investments and a charge for certain discrete tax items.
The company’s second quarter 2007 earnings from continuing operations were $34.5 million, or 42 cents per share, and included the effect of an after-tax non-cash loss of $4.7 million, or six cents per share, related to the settlement of litigation and amendment to a Joint Operating Agreement paid by the Seattle Times Company (STC) in which McClatchy is a 49.5% owner. The company’s total net income for the second fiscal quarter of 2007, including the results of discontinued operations, was $35.2 million, or 43 cents per share.
Revenues in the second quarter of 2008 were $489.7 million, down 15.6% from revenues from continuing operations of $580.0 million in the second quarter of 2007. Advertising revenues were $406.3 million, down 16.8% from 2007, and circulation revenues were $66.1 million, down 5.2%. Online advertising revenues grew 12.5% in the second quarter of 2008 and were 11.8% of total advertising revenues compared to 8.6% of total advertising revenues for all of 2007.
On March 31, 2008 (the first day of the company’s second fiscal quarter), McClatchy and its partners, affiliates of Cox Enterprises, Inc. and Media General, Inc., completed the sale of SP Newsprint Company, of which McClatchy was a one-third owner. The pre-tax gain on the sale of SP was $32.0 million and proceeds of $55 million from the sale were used to reduce debt.
In May 2008, the company purchased $300 million aggregate principal amount of its outstanding publicly traded debt securities for $282.4 million and recorded a pre-tax gain of $19.5 million. The Company repaid $294.7 million in debt in the second quarter reducing total debt to $2.10 billion from $2.40 billion at the end of the first quarter.
On June 16, 2008, the company announced a restructuring plan which is expected to result in $95 million to $100 million in annual savings over the next four quarters. This plan includes a reduction in workforce of approximately 10% and is expected to result in severance of approximately $30 million. The company expects to reduce non-newsprint cash expense in the low double-digit percentage range over the balance of 2008 excluding the severance. Second quarter 2008 results include related severance and retirement plan curtailment charges of $23.3 million.
On June 30, 2008 (the first day of the company’s third fiscal quarter) the company sold its 15.0% interest in ShopLocal, LLC for $7.875 million and used the proceeds to reduce debt. A tax benefit from the sale is expected to result in cash tax savings of approximately $5.6 million in the fourth quarter of 2008. The company reduced its carrying value of ShopLocal to match the sales price. In addition, one of the internet companies in which McClatchy has an investment incurred an impairment on a product and as a result, the company recognized a charge related to this investment in the second quarter. The total non-cash pre-tax charges related to impairments of internet investments, including ShopLocal, in the second quarter were $21.5 million.
First Six Months Results:
Income from continuing operations for the first six months of 2008 was $19.1 million or 23 cents per share, and was affected by the issues discussed above as well as two additional items in the first quarter of 2008 which are discussed in the table of adjusted earnings(1) below. Adjusted earnings from continuing operations were $20.0 million or 24 cents in the first half of 2008. The company’s total net income for the first six months of 2008 including the results of discontinued operations was $18.8 million, or 23 cents per share.
Earnings from continuing operations for the first half of 2007 were $49.0 million or 60 cents per share including the settlement of litigation and amendment to a Joint Operating Agreement paid by the Seattle Times Company. The company’s total net income, including the results of discontinued operations, for the first half of 2007 was $44.3 million, or 54 cents per share. Discontinued operations reflect the results of the (Minneapolis) Star Tribune newspaper which was sold on March 5, 2007.
Revenues from continuing operations in the first six months of 2008 were down 14.7% to $978.0 million compared to $1.1 billion in 2007. Advertising revenues in 2008 totaled $810.4 million, down 16.1% and circulation revenues were $133.9 million, down 5.4%. Online advertising revenues grew 11.5% in the first half of 2008 and represented 11.6% of total advertising revenues.
Debt repayments totaled more than $370 million in the first six months of 2008 and the company noted that debt was $ 2.10 billion as of June 29, 2008.
Management’s Comments:
Commenting on McClatchy’s results, Gary Pruitt, chairman and chief executive officer, said, “Our advertising revenues in the second quarter of 2008 were down in the mid-teen percentage range and continued to be hurt by the weak economy and the secular shift in advertising to the internet.
“We were pleased to see strength in our online business in the second quarter, reflected in both audience growth and advertising sales. Through the second quarter, unique visitors to our websites were up 24.7% following 41.4% growth in the first quarter.
“Online advertising revenues grew a strong 12.5% in the second quarter of 2008. Excluding employment advertising, which is the category most tied to print up-sell advertising and which has declined nationally both in print and online, our online advertising grew 58.5% in the second quarter of this year. We were pleased to note that nearly 50% of our online advertising came from ads placed only online; they were not tied to a print up-sell.
“Despite the strong growth in our online business, the advertising environment continues to be weak and we expect revenues to continue to be down. Whether revenues improve from recent trends depends upon the direction of the overall economy.
“We are not standing idly by; we are investing significantly in our online operations, including adding sales staff, realigning sales incentives to focus on driving sales and expanding online sales training budgets and efforts. We are working with industry peers and technology companies to offer the best online products. Our partnership with Yahoo will enhance audience reach and enable us to build and refine capabilities for highly targeted advertising and online search, further growing online revenues. In June we named Stephen Bernard to a newly-created position as corporate vice president for advertising to better serve our large retail and national customers both online and in print.
“We are also focused on our cost structure. The continuing decline in print advertising means we have accelerated plans to become a smaller, more efficient company well-positioned for future success in an increasingly competitive environment. We are aggressively pursuing synergies with other newspapers, such as the announcement to partner with Pioneer Newspapers to print our Boise, Idaho, and Bellingham, Wash., papers beginning in 2009. On June 16 we announced a plan to reduce our workforce through both voluntary and involuntary separations by about 1,400 full-time equivalent employees. We are retaining our strategic focus on sales, news and online operations as we realign our cost structure, but are taking advantage of opportunities to streamline operations. Excluding severance and other benefit charges related to this restructuring plan, cash expenses were down 9.1% in the second quarter, and were down 10.0% in the first half of 2008.
“We are committed to doing more if revenues decline further in the second half. Our board will meet during the third quarter to consider dividend policies and we will look at additional cost saving measures as necessary. But we know that economic slowdowns do not last forever and our 151-year-old company has been successful by taking a long-term view and staying true to our strategic plan. So while we will remain focused on realigning our cost structure as we transition to an integrated multimedia company in print and online, we are also focused on continuing to be the leading local media company in some of the best growth markets in the nation. We are working hard to position the company to benefit from a stronger economy once conditions improve.”
Pat Talamantes, McClatchy’s chief financial officer, said, “We continue to generate significant cash. Our cash flow, coupled with asset sales and the income tax refund related to our sale of the (Minneapolis) Star Tribune in 2007, allowed us to repay more than $370 million of debt in the first half. Debt at the end of the quarter was $2.1 billion, compared to $2.5 billion at the end of 2007. As a result, our interest expense declined $12.9 million or 26% from second quarter 2007. We have met all of our financial obligations, including the financial covenants in our credit agreement, and we expect to continue to do so. We continue to monitor our financial position and have good relationships with our bank group, and we will seek an amendment to our covenants if necessary. We still expect to make further progress in deleveraging our balance sheet and expect total debt to be in the $2 billion range by the end of 2008.”
(1)Adjusted Earnings From Continuing Operations and EPS:
Earnings in the second quarter of 2008 included the impact of several unusual events including: the sale of a one-third interest in SP Newsprint Company (SP), a gain on the extinguishment of debt related to a second quarter bond tender, the impact of implementing a previously announced restructuring plan, the write-down of certain internet investments and a charge for certain discrete tax items. The company’s 2008 first quarter results included two charges: a charge related to an amendment to the company’s bank agreement that provides the company greater flexibility under its debt covenants, and a charge for certain discrete tax items. The impacts of these items on 2008 results are summarized below (dollars in thousands, except per share amounts):
| | | Three Months Ended | | | Six Months Ended | |
| | | Amount | | | Per share | | | Amount | | | Per share | |
| | | | | | | | | | | | | |
| Income(loss) from continuing operations | | $ | 20,051 | | | $ | 0.24 | | | $ | 19,057 | | | $ | 0.23 | |
| Unusual items, net of tax: | | | | | | | | | | | | | | | | |
| Gain on sale of SP Newsprint Co interest | | | (19,393 | ) | | | (0.23 | ) | | | (19,393 | ) | | | (0.23 | ) |
| Gain on extinguishment of debt | | | (12,299 | ) | | | (0.14 | ) | | | (12,299 | ) | | | (0.14 | ) |
| Restructuring related charges | | | 13,188 | | | | 0.16 | | | | 14,373 | | | | 0.17 | |
| Impairments related to internet investments | | | 13,532 | | | | 0.16 | | | | 13,532 | | | | 0.16 | |
| Write-off of financing costs, net of tax | | | - | | | | - | | | | 1,914 | | | | 0.02 | |
| Certain discrete tax items | | | 2,245 | | | | 0.02 | | | | 2,851 | | | | 0.03 | |
| Adjusted income from continuing operations | | $ | 17,324 | | | $ | 0.21 | | | $ | 20,035 | | | $ | 0.24 | |
Non-GAAP measures should not be considered a substitute for GAAP measures. However, the adjusted income from continuing operations provides meaningful supplemental information about the company’s 2008 underlying results of operations, and management believes it assists investors and financial analysts in analyzing and forecasting future periods.
The company’s statistical report, which summarizes revenue performance for June, the second fiscal quarter and first half of 2008, follows.
At noon Eastern Time today, McClatchy will review its results in a conference call (877-278-1205 pass code 53484230) 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 (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, anticipated savings from cost reduction efforts, 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.
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| CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | |
| (In thousands, except per share amounts) | |
| | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 29, | | | July 1, | | | June 29, | | | July 1, | |
| | | 2008 | | | 2007 | | | 2008 | | | 2007 | |
| REVENUES - NET: | | | | | | | | | | | | |
| Advertising | | $ | 406,328 | | | $ | 488,277 | | | $ | 810,351 | | | $ | 965,300 | |
| Circulation | | | 66,055 | | | | 69,707 | | | | 133,919 | | | | 141,587 | |
| Other | | | 17,300 | | | | 22,043 | | | | 33,696 | | | | 39,698 | |
| | | | 489,683 | | | | 580,027 | | | | 977,966 | | | | 1,146,585 | |
| OPERATING EXPENSES: | | | | | | | | | | | | | | | | |
| Compensation | | | 229,057 | | | | 228,959 | | | | 447,910 | | | | 465,283 | |
| Newsprint and supplements | | | 64,189 | | | | 72,186 | | | | 124,647 | | | | 147,603 | |
| Depreciation and amortization | | | 36,649 | | | | 38,357 | | | | 73,031 | | | | 76,190 | |
| Other operating expenses | | | 116,073 | | | | 123,144 | | | | 231,929 | | | | 252,740 | |
| | | | 445,968 | | | | 462,646 | | | | 877,517 | | | | 941,816 | |
| | | | | | | | | | | | | | | | | |
| OPERATING INCOME | | | 43,715 | | | | 117,381 | | | | 100,449 | | | | 204,769 | |
| | | | | | | | | | | | | | | | | |
| NON-OPERATING (EXPENSES) INCOME: | | | | | | | | | | | | | | | | |
| Interest expense | | | (36,668 | ) | | | (49,556 | ) | | | (81,945 | ) | | | (103,341 | ) |
| Interest income | | | 475 | | | | 42 | | | | 571 | | | | 106 | |
| Equity losses in unconsolidated companies, net | | | (366 | ) | | | (11,198 | ) | | | (13,490 | ) | | | (20,947 | ) |
| Impairments related to internet investments | | | (21,515 | ) | | | - | | | | (21,515 | ) | | | - | |
| Gain on sale of SP Newsprint | | | 31,976 | | | | - | | | | 31,976 | | | | - | |
| Gain on extinguishment of debt | | | 19,500 | | | | - | | | | 19,500 | | | | - | |
| Other - net | | | 105 | | | | 791 | | | | 1,019 | | | | 743 | |
| | | | (6,493 | ) | | | (59,921 | ) | | | (63,884 | ) | | | (123,439 | ) |
| INCOME FROM CONTINUING OPERATIONS | | | | | | | | | | | | | | | | |
| BEFORE INCOME TAX PROVISION | | | 37,222 | | | | 57,460 | | | | 36,565 | | | | 81,330 | |
| | | | | | | | | | | | | | | | | |
| INCOME TAX PROVISION | | | 17,171 | | | | 22,929 | | | | 17,508 | | | | 32,286 | |
| | | | | | | | | | | | | | | | | |
| INCOME FROM CONTINUING OPERATIONS | | | 20,051 | | | | 34,531 | | | | 19,057 | | | | 49,044 | |
| | | | | | | | | | | | | | | | | |
| INCOME (LOSS) FROM DISCONTINUED OPERATIONS - | | | | | | | | | | | | | | | | |
| NET OF INCOME TAXES | | | (386 | ) | | | 705 | | | | (242 | ) | | | (4,778 | ) |
| | | | | | | | | | | | | | | | | |
| NET INCOME | | $ | 19,665 | | | $ | 35,236 | | | $ | 18,815 | | | $ | 44,266 | |
| | | | | | | | | | | | | | | | | |
| NET INCOME PER COMMON SHARE: | | | | | | | | | | | | | | | | |
| Basic: | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 0.24 | | | $ | 0.42 | | | $ | 0.23 | | | $ | 0.60 | |
| Income (loss) from discontinued operations | | | (0.00 | ) | | | 0.01 | | | | (0.00 | ) | | | (0.06 | ) |
| Net income per share | | $ | 0.24 | | | $ | 0.43 | | | $ | 0.23 | | | $ | 0.54 | |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 0.24 | | | $ | 0.42 | | | $ | 0.23 | | | $ | 0.60 | |
| Income (loss) from discontinued operations | | | (0.00 | ) | | | 0.01 | | | | (0.00 | ) | | | (0.06 | ) |
| Net income per share | | $ | 0.24 | | | $ | 0.43 | | | $ | 0.23 | | | $ | 0.54 | |
| | | | | | | | | | | | | | | | | |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES: | | | | | | | | | | | | | | | | |
| Basic | | | 82,264 | | | | 81,976 | | | | 82,220 | | | | 81,931 | |
| Diluted | | | 82,317 | | | | 82,037 | | | | 82,274 | | | | 82,010 | |
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| See notes to consolidated financial statements. | | | | | | | | | | | | | | | | |
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| The McClatchy Company | |
| Consolidated Statistical Report | |
| (In thousands, except for preprints) | |
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| | | June | |
| | | Combined | | | Print Only | | | Online Only | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Revenues - Net: | | 2008 | | | 2007 | | | % Change | | | 2008 | | | 2007 | | | % Change | | | 2008 | | | 2007 | | | % Change | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Retail | | $ | 56,715 | | | $ | 65,433 | | | | -13.3 | % | | $ | 52,851 | | | $ | 63,225 | | | | -16.4 | % | | $ | 3,864 | | | $ | 2,208 | | | | 75.0 | % |
| National | | | 10,853 | | | | 14,635 | | | | -25.8 | % | | | 9,552 | | | | 13,980 | | | | -31.7 | % | | | 1,301 | | | | 655 | | | | 98.6 | % |
| Classified Total | | | 40,355 | | | | 57,234 | | | | -29.5 | % | | | 30,394 | | | | 46,336 | | | | -34.4 | % | | | 9,961 | | | | 10,898 | | | | -8.6 | % |
| Automotive | | | 10,949 | | | | 13,731 | | | | -20.3 | % | | | 8,152 | | | | 11,750 | | | | -30.6 | % | | | 2,797 | | | | 1,981 | | | | 41.2 | % |
| Real Estate | | | 10,204 | | | | 16,637 | | | | -38.7 | % | | | 8,746 | | | | 15,438 | | | | -43.3 | % | | | 1,458 | | | | 1,199 | | | | 21.6 | % |
| Employment | | | 11,832 | | | | 19,582 | | | | -39.6 | % | | | 6,835 | | | | 12,344 | | | | -44.6 | % | | | 4,997 | | | | 7,238 | | | | -31.0 | % |
| Other | | | 7,370 | | | | 7,284 | | | | 1.2 | % | | | 6,661 | | | | 6,804 | | | | -2.1 | % | | | 709 | | | | 480 | | | | 47.7 | % |
| Direct Marketing | | | 10,947 | | | | 10,168 | | | | 7.7 | % | | | 10,947 | | | | 10,168 | | | | 7.7 | % | | | | | | | | | | | | |
| Other Advertising | | | 123 | | | | 273 | | | | -54.9 | % | | | 123 | | | | 273 | | | | -54.9 | % | | | | | | | | | | | | |
| Total Advertising | | $ | 118,993 | | | $ | 147,743 | | | | -19.5 | % | | $ | 103,867 | | | $ | 133,982 | | | | -22.5 | % | | $ | 15,126 | | | $ | 13,761 | | | | 9.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Circulation | | | 19,813 | | | | 21,112 | | | | -6.2 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| Other | | | 5,577 | | | | 5,736 | | | | -2.8 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Revenues | | $ | 144,383 | | | $ | 174,591 | | | | -17.3 | % | | | | | | | | | | | | | | | | | | | | | | | | |
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| Advertising Revenues by Market: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| California | | $ | 21,877 | | | $ | 30,459 | | | | -28.2 | % | | $ | 19,479 | | | $ | 28,277 | | | | -31.1 | % | | $ | 2,398 | | | $ | 2,182 | | | | 9.9 | % |
| Florida | | | 16,622 | | | | 20,595 | | | | -19.3 | % | | | 14,431 | | | | 18,590 | | | | -22.4 | % | | | 2,191 | | | | 2,005 | | | | 9.3 | % |
| Texas | | | 12,796 | | | | 15,323 | | | | -16.5 | % | | | 11,486 | | | | 14,169 | | | | -18.9 | % | | | 1,310 | | | | 1,154 | | | | 13.5 | % |
| Southeast | | | 34,558 | | | | 41,133 | | | | -16.0 | % | | | 29,757 | | | | 36,824 | | | | -19.2 | % | | | 4,801 | | | | 4,309 | | | | 11.4 | % |
| Midwest | | | 19,169 | | | | 22,239 | | | | -13.8 | % | | | 16,533 | | | | 20,119 | | | | -17.8 | % | | | 2,636 | | | | 2,120 | | | | 24.3 | % |
| Northwest | | | 13,875 | | | | 17,480 | | | | -20.6 | % | | | 12,181 | | | | 15,620 | | | | -22.0 | % | | | 1,694 | | | | 1,860 | | | | -8.9 | % |
| Other | | | 96 | | | | 514 | | | | -81.3 | % | | | 0 | | | | 383 | | | | -100.0 | % | | | 96 | | | | 131 | | | | -26.7 | % |
| Total Advertising | | $ | 118,993 | | | $ | 147,743 | | | | -19.5 | % | | $ | 103,867 | | | $ | 133,982 | | | | -22.5 | % | | $ | 15,126 | | | $ | 13,761 | | | | 9.9 | % |
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| Advertising Statistics for Dailies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Full Run ROP Linage | | | | | | | | | | | | | | | 2,237.4 | | | | 2,592.6 | | | | -13.7 | % | | | | | | | | | | | | |
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| Millions of Preprints Distributed | | | | | | | | | | | | 458.2 | | | | 501.2 | | | | -8.6 | % | | | | | | | | | | | | |
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| Average Paid Circulation:* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Daily | | | | | | | | | | | | | | | 2,501.1 | | | | 2,606.1 | | | | -4.0 | % | | | | | | | | | | | | |
| Sunday | | | | | | | | | | | | | | | 3,149.1 | | | | 3,309.0 | | | | -4.8 | % | | | | | | | | | | | | |
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| * Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures. | |
| |
| Consolidated Statistical Report | |
| (In thousands, except for preprints) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter 2 | |
| | | Combined | | | Print Only | | | Online Only | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues - Net: | | 2008 | | | 2007 | | | % Change | | | 2008 | | | 2007 | | | % Change | | | 2008 | | | 2007 | | | % Change | |
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| Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Retail | | $ | 196,497 | | | $ | 213,340 | | | | -7.9 | % | | $ | 184,681 | | | $ | 206,801 | | | | -10.7 | % | | $ | 11,816 | | | $ | 6,539 | | | | 80.7 | % |
| National | | | 36,682 | | | | 46,065 | | | | -20.4 | % | | | 32,447 | | | | 44,290 | | | | -26.7 | % | | | 4,235 | | | | 1,775 | | | | 138.6 | % |
| Classified Total | | | 135,144 | | | | 187,941 | | | | -28.1 | % | | | 103,085 | | | | 153,475 | | | | -32.8 | % | | | 32,059 | | | | 34,466 | | | | -7.0 | % |
| Automotive | | | 35,997 | | | | 43,778 | | | | -17.8 | % | | | 27,563 | | | | 37,740 | | | | -27.0 | % | | | 8,434 | | | | 6,038 | | | | 39.7 | % |
| Real Estate | | | 34,412 | | | | 54,724 | | | | -37.1 | % | | | 29,891 | | | | 50,926 | | | | -41.3 | % | | | 4,521 | | | | 3,798 | | | | 19.0 | % |
| Employment | | | 40,423 | | | | 66,310 | | | | -39.0 | % | | | 23,722 | | | | 43,341 | | | | -45.3 | % | | | 16,701 | | | | 22,969 | | | | -27.3 | % |
| Other | | | 24,312 | | | | 23,129 | | | | 5.1 | % | | | 21,909 | | | | 21,468 | | | | 2.1 | % | | | 2,403 | | | | 1,661 | | | | 44.7 | % |
| Direct Marketing | | | 37,590 | | | | 40,246 | | | | -6.6 | % | | | 37,590 | | | | 40,246 | | | | -6.6 | % | | | | | | | | | | | | |
| Other Advertising | | | 415 | | | | 685 | | | | -39.4 | % | | | 415 | | | | 685 | | | | -39.4 | % | | | | | | | | | | | | |
| Total Advertising | | $ | 406,328 | | | $ | 488,277 | | | | -16.8 | % | | $ | 358,218 | | | $ | 445,497 | | | | -19.6 | % | | $ | 48,110 | | | $ | 42,780 | | | | 12.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Circulation | | | 66,055 | | | | 69,708 | | | | -5.2 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| Other | | | 17,300 | | | | 22,042 | | | | -21.5 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Revenues | | $ | 489,683 | | | $ | 580,027 | | | | -15.6 | % | | | | | | | | | | | | | | | | | | | | | | | | |
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| Advertising Revenues by Market: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| California | | $ | 72,433 | | | $ | 95,226 | | | | -23.9 | % | | $ | 64,771 | | | $ | 88,488 | | | | -26.8 | % | | $ | 7,662 | | | $ | 6,738 | | | | 13.7 | % |
| Florida | | | 58,229 | | | | 72,616 | | | | -19.8 | % | | | 51,550 | | | | 67,127 | | | | -23.2 | % | | | 6,679 | | | | 5,489 | | | | 21.7 | % |
| Texas | | | 44,139 | | | | 50,745 | | | | -13.0 | % | | | 40,081 | | | | 47,112 | | | | -14.9 | % | | | 4,058 | | | | 3,633 | | | | 11.7 | % |
| Southeast | | | 119,619 | | | | 138,365 | | | | -13.5 | % | | | 104,150 | | | | 124,319 | | | | -16.2 | % | | | 15,469 | | | | 14,046 | | | | 10.1 | % |
| Midwest | | | 64,027 | | | | 71,828 | | | | -10.9 | % | | | 55,555 | | | | 65,120 | | | | -14.7 | % | | | 8,472 | | | | 6,708 | | | | 26.3 | % |
| Northwest | | | 47,524 | | | | 57,899 | | | | -17.9 | % | | | 42,111 | | | | 52,081 | | | | -19.1 | % | | | 5,413 | | | | 5,818 | | | | -7.0 | % |
| Other | | | 357 | | | | 1,598 | | | | -77.7 | % | | | 0 | | | | 1,250 | | | | -100.0 | % | | | 357 | | | | 348 | | | | 2.6 | % |
| Total Advertising | | $ | 406,328 | | | $ | 488,277 | | | | -16.8 | % | | $ | 358,218 | | | $ | 445,497 | | | | -19.6 | % | | $ | 48,110 | | | $ | 42,780 | | | | 12.5 | % |
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| Advertising Statistics for Dailies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Full Run ROP Linage | | | | | | | | | | | | | | | 7,237.9 | | | | 8,560.7 | | | | -15.5 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Millions of Preprints Distributed | | | | | | | | | | | | 1,535.0 | | | | 1,645.9 | | | | -6.7 | % | | | | | | | | | | | | |
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| Average Paid Circulation:* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Daily | | | | | | | | | | | | | | | 2,624.2 | | | | 2,720.5 | | | | -3.5 | % | | | | | | | | | | | | |
| Sunday | | | | | | | | | | | | | | | 3,232.0 | | | | 3,360.8 | | | | -3.8 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | June Year-to-Date | |
| | | Combined | | | Print Only | | | Online Only | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues - Net: | | 2008 | | | 2007 | | | % Change | | | 2008 | | | 2007 | | | % Change | | | 2008 | | | 2007 | | | % Change | |
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| Advertising | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Retail | | $ | 387,255 | | | $ | 419,529 | | | | -7.7 | % | | $ | 365,476 | | | $ | 407,096 | | | | -10.2 | % | | $ | 21,779 | | | $ | 12,433 | | | | 75.2 | % |
| National | | | 74,907 | | | | 91,216 | | | | -17.9 | % | | | 66,972 | | | | 88,037 | | | | -23.9 | % | | | 7,935 | | | | 3,179 | | | | 149.6 | % |
| Classified Total | | | 275,355 | | | | 376,612 | | | | -26.9 | % | | | 211,395 | | | | 308,239 | | | | -31.4 | % | | | 63,960 | | | | 68,373 | | | | -6.5 | % |
| Automotive | | | 71,383 | | | | 85,933 | | | | -16.9 | % | | | 55,178 | | | | 74,249 | | | | -25.7 | % | | | 16,205 | | | | 11,684 | | | | 38.7 | % |
| Real Estate | | | 69,835 | | | | 109,911 | | | | -36.5 | % | | | 61,308 | | | | 102,427 | | | | -40.1 | % | | | 8,527 | | | | 7,484 | | | | 13.9 | % |
| Employment | | | 86,864 | | | | 136,027 | | | | -36.1 | % | | | 52,139 | | | | 89,963 | | | | -42.0 | % | | | 34,725 | | | | 46,064 | | | | -24.6 | % |
| Other | | | 47,273 | | | | 44,741 | | | | 5.7 | % | | | 42,770 | | | | 41,600 | | | | 2.8 | % | | | 4,503 | | | | 3,141 | | | | 43.4 | % |
| Direct Marketing | | | 72,020 | | | | 76,892 | | | | -6.3 | % | | | 72,020 | | | | 76,892 | | | | -6.3 | % | | | | | | | | | | | | |
| Other Advertising | | | 814 | | | | 1,051 | | | | -22.5 | % | | | 814 | | | | 1,051 | | | | -22.5 | % | | | | | | | | | | | | |
| Total Advertising | | $ | 810,351 | | | $ | 965,300 | | | | -16.1 | % | | $ | 716,667 | | | $ | 881,315 | | | | -18.7 | % | | $ | 93,674 | | | $ | 83,985 | | | | 11.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Circulation | | | 133,919 | | | | 141,587 | | | | -5.4 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| Other | | | 33,696 | | | | 39,698 | | | | -15.1 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Revenues | | $ | 977,966 | | | $ | 1,146,585 | | | | -14.7 | % | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Advertising Revenues by Market: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| California | | $ | 143,514 | | | $ | 187,712 | | | | -23.5 | % | | $ | 128,790 | | | $ | 174,532 | | | | -26.2 | % | | $ | 14,724 | | | $ | 13,180 | | | | 11.7 | % |
| Florida | | | 120,971 | | | | 154,797 | | | | -21.9 | % | | | 108,048 | | | | 143,466 | | | | -24.7 | % | | | 12,923 | | | | 11,331 | | | | 14.0 | % |
| Texas | | | 89,091 | | | | 99,185 | | | | -10.2 | % | | | 80,942 | | | | 92,302 | | | | -12.3 | % | | | 8,149 | | | | 6,883 | | | | 18.4 | % |
| Southeast | | | 237,281 | | | | 271,116 | | | | -12.5 | % | | | 206,982 | | | | 243,312 | | | | -14.9 | % | | | 30,299 | | | | 27,804 | | | | 9.0 | % |
| Midwest | | | 125,234 | | | | 138,965 | | | | -9.9 | % | | | 109,422 | | | | 125,900 | | | | -13.1 | % | | | 15,812 | | | | 13,065 | | | | 21.0 | % |
| Northwest | | | 93,514 | | | | 110,472 | | | | -15.4 | % | | | 82,493 | | | | 99,302 | | | | -16.9 | % | | | 11,021 | | | | 11,170 | | | | -1.3 | % |
| Other | | | 746 | | | | 3,053 | | | | -75.6 | % | | | 0 | | | | 2,501 | | | | -100.0 | % | | | 746 | | | | 552 | | | | 35.1 | % |
| Total Advertising | | $ | 810,351 | | | $ | 965,300 | | | | -16.1 | % | | $ | 716,677 | | | $ | 881,315 | | | | -18.7 | % | | $ | 93,674 | | | $ | 83,985 | | | | 11.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Advertising Statistics for Dailies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Full Run ROP Linage | | | | | | | | | | | | 14,197.2 | | | | 16,467.5 | | | | -13.8 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Millions of Preprints Distributed | | | | | | | | 3,067.6 | | | | 3,325.3 | | | | -7.7 | % | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Paid Circulation:* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Daily | | | | | | | | | | | | | | | 2,670.6 | | | | 2,775.4 | | | | -3.8 | % | | | | | | | | | | | | |
| Sunday | | | | | | | | | | | | | | | 3,280.3 | | | | 3,420.7 | | | | -4.1 | % | | | | | | | | | | | | |
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| * Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures. | |
