This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.
Thursday, February 5, 2009
McClatchy earnings call today
I'll bring you all the important news from McClatchy's 4th quarter earnings call today. Stay tuned. . .
20 comments:
Anonymous
said...
What will ad revenues be down this time? They should be up for the Dec effect, but, we're talking McClatchy, where all the parts claim to be wildly profitable despite a -17.XX EPS.
It's not as bad as I thought it would be, and at least Gary and the execs aren't taking bonuses or raises or anything, and they took a pay cut a year or so ago.
If only they could get their sh*t together at McClatchy Interactive.
Yahoo Snip: Revenues in the fourth quarter of 2008 were $470.9 million, down 17.9% from revenues from continuing operations of $573.4 million in the fourth quarter of 2007.
Now while we're tooting our own trumpets, I told you slimes that the couple of days over 1.00 didn't matter!
"McClatchy also announced that it was notified by the New York Stock Exchange (the "NYSE") that it is not in compliance with the NYSE's continued listing standards."
Days ago, the Modesto Bee proposed their weekly page count be reduced by 16 thus causing a $245,000 yearly deduction.
So 17.9% vs 18% is a moot point isn’t it? With the writing on the wall, and since we all know its coming and it won’t be pretty, aren’t we at the acceptance phase.
If so, then isn’t it time for job retraining and moving on to another industry?
Even if all things were equal, 245,000 in cost cutting is a drop in the bucket if they intend to affect a 110 million savings.
The most telling line in the whole release though was the one no one has mentioned.
"McClatchy will discontinue issuing monthly revenue and statistical reports after this release."
This is called the capitulation point. It signifies in market lingo that management, despite what they may say, has come to terms with the fact that things will not get better.
"It's not as bad as I thought it would be, and at least Gary and the execs aren't taking bonuses or raises or anything, and they took a pay cut a year or so ago."
You really believe that? That is a bunch of crap. They are receiving bonuses...
Why couldn't stockholders demand a report? ---------- They can in theory, however with a stock that it controlled entirely by insiders A)The demand would never make the ballot at the annual shareholders meeting and B)Legally, the requirement is a quarterly report and the only way to alter that is though a Bankruptcy filing or if the company makes certain claims about an inability to meet their obligations, they can then be forced to open their books.
20 comments:
What will ad revenues be down this time? They should be up for the Dec effect, but, we're talking McClatchy, where all the parts claim to be wildly profitable despite a -17.XX EPS.
I say down 16%.
oct 22% nov 20% dec 18% this is a rumor heard. Can say as fact.
S/B Can't say as fact.
Several media companies have already declared an -18%, 4Q. I will be happy at that percent. That keeps it a common factor, and not just MNI.
The problem though is that they don't have as much debt. They need a lot of profit to pay it down.
http://biz.yahoo.com/prnews/090205/aqth505.html?.v=30
McClatchy Reports Fourth Quarter Results
See link above. Ugly, ugly...
Gary has a plan to restructure save 100 million dollars. We all know what that means. Bye Bye
I love the way Gary can put a great spin on a pile of poop.
It's not as bad as I thought it would be, and at least Gary and the execs aren't taking bonuses or raises or anything, and they took a pay cut a year or so ago.
If only they could get their sh*t together at McClatchy Interactive.
Yahoo Snip:
Revenues in the fourth quarter of 2008 were $470.9 million, down 17.9% from revenues from continuing operations of $573.4 million in the fourth quarter of 2007.
Down 17.9%, I call that damn close to 18%
Gary's plan: "A Blue Print for Success".
Don't you all feel better?
Pft! Closest without going over! ;-)
Now while we're tooting our own trumpets, I told you slimes that the couple of days over 1.00 didn't matter!
"McClatchy also announced that it was notified by the New York Stock Exchange (the "NYSE") that it is not in compliance with the NYSE's continued listing standards."
Layoffs coming in Myrtle Beach, too. Publisher announced it this morning but did not give details, like who or when.
Days ago, the Modesto Bee proposed their weekly page count be reduced by 16 thus causing a $245,000 yearly deduction.
So 17.9% vs 18% is a moot point isn’t it? With the writing on the wall, and since we all know its coming and it won’t be pretty, aren’t we at the acceptance phase.
If so, then isn’t it time for job retraining and moving on to another industry?
Even if all things were equal, 245,000 in cost cutting is a drop in the bucket if they intend to affect a 110 million savings.
The most telling line in the whole release though was the one no one has mentioned.
"McClatchy will discontinue issuing monthly revenue and statistical reports after this release."
This is called the capitulation point. It signifies in market lingo that management, despite what they may say, has come to terms with the fact that things will not get better.
“…things will not get better.”
Like never, bankruptcy, or without seismic changes, things will not get better?
"McClatchy will discontinue issuing monthly revenue and statistical reports after this release."
Why couldn't stockholders demand a report?
"It's not as bad as I thought it would be, and at least Gary and the execs aren't taking bonuses or raises or anything, and they took a pay cut a year or so ago."
You really believe that? That is a bunch of crap. They are receiving bonuses...
Why couldn't stockholders demand a report?
----------
They can in theory, however with a stock that it controlled entirely by insiders A)The demand would never make the ballot at the annual shareholders meeting and B)Legally, the requirement is a quarterly report and the only way to alter that is though a Bankruptcy filing or if the company makes certain claims about an inability to meet their obligations, they can then be forced to open their books.
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