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McClatchy swings to loss as revenues fall

Mar. 07, 2019 1:28 PM ETThe McClatchy Company (MNIQQ) StockBy: Jason Aycock, SA News Editor
  • McClatchy (MNI -2%) swung to a loss on an adjusted basis in Q4 on revenues that fell by double digits, though it held the typical newspaper pattern of digital growth against print declines.
  • Adjusted net loss was $0.9M vs. year-ago income of $12.4M. ON a GAAP basis, the loss was $27.5M, affected by after-tax noncash impairments on newspaper mastheads of $20.8M.
  • McClatchy made "significant progress in our digital transformation," says CEO Craig Forman. Digital-only subscribers grew 51% Y/Y and 13.5% Q/Q, the 11th straight quarter of growth.
  • The company expects to see growth in total digital revenues (advertising and audience), while print ad revenues are expected to decline. Digital-only ad revenues should pass newspaper print advertising this year, it says.
  • Real estate sales will continue into this year, with equal or greater gross proceeds compared to 2018. Capex is forecast at $6M-$9M and there's a pension contribution requirement of about $3M ahead.
  • Press release

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