- McClatchy (NYSEMKT:MNI) has legged down 4.9% this afternoon, following Q4 earnings showed revenues that slipped 8.3% but nonetheless edged expectations.
- Net income came to $3.1M vs. the prior year's $8.8M; per-share amounts were affected by the 1-for-10 reverse split from last June.
- Revenue breakout: Advertising, $158.4M (down 10.9%); Audience, $92.7M (down 1.9%).
- For fiscal 2017, it's guiding to a double-digit growth rate for digital-only advertising revenues, along with a continued decline in print ad revenues. Audience revenues are thought to be stable through marketing of product enhancements and pricing programs.
- McClatchy plans to cut operating expenses and it plans to monetize as many real estate assets as possible, with proceeds going to de-lever the company. Capex is seen at $12M-$15M with no required pension contributions.
- Press Release