logo
  Join        Login             Stock Quote

McClatchy (MNI) Posts 4Q Loss On Debt Refinancing Expenses

 February 07, 2013 10:54 AM
 


(By Balaseshan) McClatchy Co. (NYSE: MNI), a news and information provider, slipped to a quarterly loss due to loss on extinguishment of debt related to the refinancing of its secured bonds, as well as higher costs and expenses.

Loss for the fourth quarter was $30.02 million or $0.35 per share, compared to a profit of $42.01 million or $0.49 per share in the same period last year. Adjusted profit fell to $33.8 million from $43.2 million.

Revenue increased to $355.66 million from $351.44 million. On a 13-week basis, revenue declined 5.3% to $333.0 million.

Advertising revenues fell 6.3% to about $253.9 million. On a 13-week basis, total digital advertising revenues grew 3.5%, with digital-only advertising revenues up 14.9%. Circulation revenues declined 1.9% to about $65.7 million.

[Related -Investors be Wary of Buffett's Print Media Strategy]

Based on preliminary data, the company estimates that January 2013 revenues were down in the same range as the fourth quarter on a 13-week basis. Given the incremental revenues from Plus Program, MNI projects the decline in total revenues in the first quarter of 2013 to improve somewhat compared to the decline it reported in the fourth quarter of 2012.

Despite additional investments in new revenue initiatives and enterprise-wide operating systems and higher pension expenses, which together are expected to total about $5 million, McClatchy predicts cash expenses in the first quarter to be flat compared to last year.

[Related -Rally Continues In Volatile Session]

For full year 2013, the company expects investments in new products and systems will total about $10 million and that pension expenses could be higher by $10 million to $12 million. Even so, MNI projects total cash expenses to be flat with 2012 expenses on a 52-week basis.

McClatchy estimates that total capital expenditures for 2013 to be about $33 million, with $12 million of the amount going towards final costs of the new Miami production facility.

MNI is trading down 3.34% at $2.89 on Thursday. The stock has been trading between $1.50 and $3.46 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.