August 30, 2016 11:34 PM ET

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Company Overview of The McClatchy Company

Company Overview

The McClatchy Company publishes newspapers, and related digital and direct marketing products in the United States. Its newspapers include the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The company operates 29 daily newspapers, Websites, mobile apps, mobile news and advertising, video products, niche publications, direct marketing, direct mail services, and nearby community newspapers. The McClatchy Company was founded in 1860 and is headquartered in Sacramento, California.

2100 Q Street

Sacramento, CA 95816

United States

Founded in 1860

5,100 Employees

Phone:

916-321-1844

Key Executives for The McClatchy Company

Chief Executive Officer, President, Director and Member of Pension & Savings Plans Committee
Age: 51
Total Annual Compensation: $873.2K
Chief Financial Officer and Vice President of Finance
Age: 60
Total Annual Compensation: $466.9K
Vice President of Operations
Age: 55
Total Annual Compensation: $621.2K
Vice President of Human Resources, General Counsel and Corporate Secretary
Age: 45
Total Annual Compensation: $324.6K
Consultant
Age: 65
Total Annual Compensation: $325.4K
Compensation as of Fiscal Year 2015.

The McClatchy Company Key Developments

McClatchy Announces Executive Changes

McClatchy announced the appointment of Maria Thomas to its board of directors, effective August 15, 2016. Thomas replaces Kathleen Foley Feldstein, a long-standing member of the board, who retired at the company’s annual meeting on May 18, 2016. Thomas was an early product leader at Amazon.com and has been building innovative digital business models and lasting consumer brands ever since. She spent seven years leading NPR Digital and most recently served as the interim CEO and strategic advisor to Glamsquad. Thomas has held executive roles with other successful startups like Etsy and SmartThings, as well as with more established brands like American Express.

McClatchy Announces Executive Changes

McClatchy announced that veteran digital journalist Tim Grieve will succeed Anders Gyllenhaal as vice president of news this fall. Grieve, who started his journalism career as a reporter at The Sacramento Bee, returned to McClatchy last year to lead the company's digital readership efforts. Gyllenhaal, 64, has been McClatchy's vice president, news, and Washington editor since 2010. Prior to becoming vice president, news and Washington editor, Gyllenhaal was the senior vice president and executive editor of the Miami Herald from 2007 to 2010.

The McClatchy Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 26, 2016; Reaffirms Financial Guidance for 2016

The McClatchy Company announced unaudited consolidated earnings results for the second quarter and six months ended June 26, 2016. On a GAAP basis, the company reported a net loss in the second quarter of 2016 of $14.7 million, or $1.89 per share. In the second quarter of 2015, the company reported a net loss of $296.5 million, or $33.91 per share, which included a non-cash impairment of goodwill and other intangible assets of $300.4 million. Total revenues in the second quarter of 2016 were $242.2 million, down 7.7% compared to the second quarter of 2015 revenue of $262.360 million. Debt at the end of the second quarter of 2016 was $906.5 million. Operating loss was $2.693 million against $288.966 million a year ago. Loss before income taxes was $19.465 million against $299.997 million a year ago. Operating cash flow was $39.272 million against $41.468 million a year ago. Net loss from continuing operations was $14.734 million against $296.497 million a year ago. Adjusted net loss from continuing operations was $1.485 million against profit of $0.130 million a year ago. Capital expenditures were $5.176 million. Total revenues for the first six months of 2016 were $480.2 million, down 7.6% compared to the first six months of 2015 of $519.538 million. The adjusted loss in the first half of 2016 was $9.4 million, a $0.8 million decline from the first half of 2015. On a GAAP basis, the company reported a net loss for the first six months of 2016 of $27.5 million, or $3.48 per share, compared to a net loss for the first six months of 2015 of $307.8 million or $35.25 a share, which included a non-cash impairment of goodwill and other intangible assets of $300.4 million. Operating loss was $8.740 million against $290.124 million a year ago. Loss before income taxes was $42.321 million against $318.996 million a year ago. Operating cash flow was $65.046 million against $68.712 million a year ago. Net loss from continuing operations was $27.475 million against $307.843 million a year ago. Adjusted net loss from continuing operations was $9.373 million against $8.617 million a year ago. The company reaffirms the guidance provided for all of 2016. Digital-only advertising revenue is expected to grow at a double-digit rate in the second half of 2016. While the company remains committed to communicating the value of print advertising, the declining trends in direct marketing and print advertising are not anticipated to subside in the next two quarters. Management expects print advertising revenues will continue to become a smaller portion of advertising and total revenues. Audience revenues are expected to be relatively flat for all of 2016. Management will be vigilant in reducing legacy costs and finding efficiencies and expect cash expenses to decline in the second half and full year 2016. Management will also remain focused on growing digital revenues, stabilizing operating cash flow, reducing debt and interest costs and creating shareholder value.

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