Monday, February 9, 2009

McClatchy shares fall 4 percent Monday -- MNI now just 6 cents above all-time low

McClatchy (MNI) closed at 68 cents a share Monday, just 6 cents above its all-time low.


Anonymous said...

Zacks Highlights:

McClatchy's Drastic Measures

The McClatchy Company (NYSE: MNI) reported 4Q08 financial results Thursday that, as we expected, reflected an accelerating decline in ad revenue. In the midst of the secular and cyclical slowdown in print advertising, circulation revenue has fallen for the third consecutive year (-16% in 2008), while ad revenue sinks disproportionately as a third of MNI's revenues are in the hard-hit California and Florida markets.

EBITDA fell 28% to $114.5 million in 4Q08, faster than the 18% drop in revenue. Clearly, this does not leave a lot of room to pay interest ($41.1 million in 4Q08) and maintenance cap ex, not to mention investment spending in Internet growth initiatives. The dividend, which totaled roughly $7.4 million in 4Q08, was suspended effective 2Q09.

Anonymous said...

Stock worth zero if this is true.

Take a look at this Miami Herald front page.
This is so hateful, I wonder if it is a hoax?