Tuesday, July 21, 2009

McClatchy reports 2nd quarter overall revenue down 25% from one year ago, ad revenue down 30%... company touts expense reductions, growth in digital

McClatchy announced Tuesday its second quarter earnings were $365 million, down 25 percent from the same period last year.

The McClatchy Company (NYSE-MNI) today reported net income from continuing operations in the second quarter of 2009 of $42.0 million, or 50 cents per share - more than double the earnings per share in the second quarter of 2008. Adjusted earnings from continuing operations, (1) excluding several unusual items in the second quarter of 2009, were $25.2 million, or 30 cents per share, up 42.9% from the 2008 quarter. Total net income including discontinued operations was $42.2 million, or 50 cents per share.


The company's second-quarter 2008 earnings from continuing operations were $20.1 million, or 24 cents per share. Adjusted earnings from continuing operations,(1) excluding several unusual items in the second quarter of 2008, were $17.3 million, or 21 cents per share. Total net income including discontinued operations was $19.7 million, or 24 cents per share.


Unusual items affecting the second-quarter results in each year are discussed below.


Revenues in the second quarter of 2009 were $365.3 million, down 25.4% from revenues from continuing operations of $489.7 million in the second quarter of 2008. Advertising revenues were $283.7 million, down 30.2% from 2008, and circulation revenues were $69.4 million, up 5.0%.


First Six Months Results:


Income from continuing operations in the first half of 2009 was $4.3 million, or 5 cents per share. Adjusted earnings from continuing operations,(1) excluding several unusual items discussed below, were zero cents per share. Total net income, including discontinued operations, was $4.7 million, or 6 cents per share.


Income from continuing operations for the first six months of 2008 was $19.1 million, or 23 cents per share, and was affected by the issues discussed below. Adjusted earnings from continuing operations(1) were 24 cents per share in the first half of 2008. The company's total net income for the first six months of 2008, including the results of discontinued operations, was $18.8 million, or 23 cents per share.


Revenues from continuing operations in the first six months of 2009 were down 25.3% to $731.0 million compared to $978.0 million in 2008. Advertising revenues in 2009 totaled $568.4 million, down 29.9%, and circulation revenues were $137.8 million, up 2.9%.


Management's Comments:


Commenting on McClatchy's results, Gary Pruitt, chairman and chief executive officer, said, "We are extremely pleased to post earnings per share growth of 42.9% after adjusting for unusual items in the quarter, particularly given the impact of the recession in our markets. While our advertising revenues in the second quarter of 2009 were down in the same range as the first quarter, we saw an improving trend within the quarter. Advertising revenues were down 31.1% in April, 30.7% in May and 28.3% in June. So far, July's performance is similar to June's.


"Our second-quarter results also reflect our hard work on the expense side. We continue to restructure and permanently reduce expenses to better align our costs with our revenues. We reduced cash expenses in the second quarter of 2009 by 29.3%, excluding severance and other benefit charges related to our restructuring plan, resulting in operating cash flow of $92.4 million.


"Our operating cash flow margin for the quarter was a healthy 25.3% compared to 21.2% for the 2008 quarter. Our company remains profitable and each of our newspapers is contributing positive cash flow.


"McClatchy continues its transition to a successful hybrid print and online company. Our digital audience continues to grow impressively. Average monthly unique visitors to our websites were up 30.1% in the second quarter following 26.7% growth in the first quarter of 2009. Still, the recession is impacting our digital business. Our digital advertising was down 2.9% in the second quarter of 2009, hurt particularly by declining employment advertising. Excluding employment advertising, which has declined nationally both in print and online, our online advertising revenue grew 24.7% in the second quarter of this year.


"Our digital performance has been aided by ownership stakes in CareerBuilder, Cars.com, and Apartments.com, leading companies in the digital classified advertising arena. And our growth in digital retail advertising of 50.7% in the first half of 2009 is fueled in part by our partnerships with Yahoo! and other technology companies.


Click here for more.

.

Update: Investors like the report: MNI is up 24 cents to 78 cents per share as of 10:37 EST.

.

.

82 comments:

Anonymous said...

As comps get "better" look for Q3 to likely be in the low teens for year over year drops, and you could see Q4 being better than last years Q4.

Anonymous said...

Sell now! Remember the Gannett bump last week.

Anonymous said...

There was no "bounce" Gannett went from $3.49 to currently around $5. Only a 43% gain.

Sorry that you were short...should have seen the writing on the wall.

H. Michael Sarkisian said...

I bought yesterday and sold today for a .33 per share profit. Not greedy, just needy.

Anonymous said...

Revenues from continuing operations in the first six months of 2009 were down 25.3% to $731.0 million compared to $978.0 million in 2008. Advertising revenues in 2009 totaled $568.4 million, down 29.9%, and circulation revenues were $137.8 million, up 2.9%.

==============

Good god, it's hard to believe they would even try and paint this as good news when they had no choice but to include the relevant information following the fluff the article.

Circulation revenues up 2.9% after 50-100% price increases across the board?

Advertising down 30% and revenues down another 25%.

Prepare yourself. More layoffs guaranteed.

Anonymous said...

I bought yesterday and sold today for a .33 per share profit. Not greedy, just needy.




Don't brag, you're trading penny stocks and people are laughing at you.

Jay F said...

As predicted several weeks ago by yours truly, the 2Q reports were surprising to say the least. I am now raising my target price to $2.15 per share within the next 12 months based on easier comps and more of the drastic employeee head chops flowing through to the bottom line.
It was good to see that Pruitt says the debt covenants are well within acceptable levels, making the threat of short-term bankruptcy appear totally off the table.

Jay F.

Anonymous said...

"McClatchy continues its transition to a successful hybrid print and online company”

The same old song and dance from the Captain of a burdened vessel. The ship will run aground, and the Captain will sail away in his swanky dinghy. The crew will be abandoned in a foreign port called, Nowhere. The ‘Change’ the biased crew wrote and ‘Hoped’ for is upon us. Shiver me timbers, Maties, be more careful what you ‘Hope’ for. Look what you’ve gone and done to our paychecks!

Anonymous said...

Jay F., you're funny. I really hope you don't get arrested.

Jay F said...

Why would I be arrested, for sharing my stupendous knowledge of the newspaper industry with the world?

Anonymous said...

If you read the Sac Bee's spin on this you'd think the company just had a miraculous turnaround. Talk about spin!
The Sac Bee headline: "Cost cuts lead to higher McClatchy Co. profits." LOL!

Anonymous said...

7:15 AM I agree that you shouldn't be arrested. You sound more like a pimply faced teenager who's discovered the stock market in his civics class.

Others however might well consider you a boiler plate, pump and dump artist and seek to incarcerate your silly ass.

Laughing All The Way to The Bank said...

I made quite a handsome profit. Yes! Penny stock trade, but I'll take the profit. I recently cancelled my subscription and started taking the WSJ.

The profit more than paid for my new subscription and it is likely it will be the only time I trade penny stocks in my life.

Anonymous said...

I love it. Company turns a profit despite the economic downturn. Yes, revenue is down but you no what sheep, they're down all around. Why don't you whine and complain about all the other companies. Guess what? WE'RE PROFITABLE.

But then again let me go back to the ways of so many of you miserable people are. Let's file chapter 11. Let's lay off more people.

It wasn't too long away that you people said major layoffs were coming on June 1st. No major layoff occured. Then you said it would be July 1st. How'd that work out?

How's this for an idea. Maybe we needed to get rid of your dead weight. Thank you for being so hateful and miserable about the company because we are still profitable and making great money. The vast majority of the revenue declines are due to your majors and nationals; local advertising, with the assistance of our weekly newspapers are flourishing. Looks like another 6 figure year for most of my advertising associates.

So you know what; keep crying and whining like you actually know what you're talking about because many of us will keep working and keep referring back to this site so we can laugh at all of you who say we're going bankrupt.

Good day all and yes, it is a GOOD day.

Anonymous said...

I think today is like D-Day for McClatchy haters. They were hoping for Chapter 11, but only to find out the exact opposite is happening...and they realize it will likely only get better.

Sorry guys, you were warned.

Also, as I mentioned yesterday I thought it was strange that everyone that had "warned" about 2nd half furloughs and were following through on them were doing it because after today they have no reason to do it (although the 2Q report does state "Our operating cash flow margin for the quarter was a healthy 25.3% compared to 21.2% for the 2008 quarter. Our company remains profitable and each of our newspapers is contributing positive cash flow").

They were only profitable because of the deep cuts they made. That is no way to run a business...and you can only cut so far before you work yourself out of business.

It is not hard to see how the share price could be above $2 within 12 months, but I would look for it to be at least above $1.25 by the end of the year (based solely on comps) if nothing else.

I guess we now have 3 more months of predictions about chapter 11, violation of debt covenants, etc.

Anonymous said...

7:24am

Is that you Melanie? Or Gary? The only reason you had net income this quarter is BECAUSE of all the layoffs and cost cutting. Had you not done that, you wouldn't be reporting any net income.

Get with reality... newspapers are a dying business. Maybe when you are laid off or have another paycut, you will realize it!

Anonymous said...

7:25 AM You don't seem to understand that bankruptcy is inevitable. When is the only variable.

Now, as far as your jobs go. What does this mean to you genius?

"As we look to the second half, we will remain vigilant in our efforts to become more efficient and permanently reduce costs"


This is not a good earnings report. Not in any way, shape or form. If it were, the conference call would not have been "LISTEN ONLY"

Anonymous said...

"Permanently reduce costs" down the road means one thing - more layoffs. You can run a totally online product with a handful of people. That's what's coming and soon.

Anonymous said...

You can run a totally online product with a handful of people. That's what's coming and soon.


==============

Ruh-oh...online advertising was down 2.9% and with AT&T and several other major corporations getting into the "Free Career Builder" business, it is going to be worse.

Anonymous said...

The answer to the Career Builder Scam. http://www.unitedwework.org/

Anonymous said...

As stated earlier, keep whining. Keep talking as if you're an authority. We cut costs because we had duplication of workloads. Are you really that stupid to say you can't run a business by cutting cost? Why not. I increased my workload when someone got laid off. Productivity has remained the same; we cut $65K per year off the books and my income went up about $10K per year. That's $55K net. Simple math stupid. Same job, same productivity, lower cost.

But again, you're all right. Let's continue our march to Chapter 11 as we announce earnings better than anyone thought. All of you prognosticators out there need to just stfu and worry about your own shortfalls because we are going great.

Good day all, and it's getting better every hour as a few of us read about your misery and how you just can't get over the fact that we didn't need you, in fact, we're better off.

Anonymous said...

8:03am

You are a jackass. You didn't need us? Did you ever think that we left voluntarily because we saw the writing on the wall? No one is doing my work because they don't know how. So, the department I left is probably suffering and I DON'T CARE!

The way things ought to Bee said...

While I am critical of McClatchy, one cannot ignore that cost cutting measures are necessary for survival.

That is the only way to run a company. I always thought McClatchy would survive, but would hope that they would realize that they could do much better by having better balanced articles.

Journalists are nearly as arrogant as teachers in that they cannot believe that the public is saavy enough to judge what they do.

As a result, they lose readers if they are newspapers and listeners or watchers in broadcast journalism.

Anonymous said...

You can only play the shell game so long before nobody wants to play. Anybody still employed by McClatchy and feeling happy and secure is a complete idiot. If you have any self respect, find another profession before the coming employee purges. You can't be that stupid, can you?

Anonymous said...

8:14 if you don't care, why comment on it? I am sure that the people can't do the job as good as you can but it's getting done. It's what we do. When things get tough, we don't go running away. We dig in and fight. I know people that took the layoff and can't find work. For that I am sorry and I truly wish that you are not in that position also.

So I will say it again, keep whining all you McClatchy Watch people. Keep saying that we can't make money by cutting costs. Keep saying that we're going to chapter 11. Last I checked, companies that make money like we do don't go bankrupt.

But then again, you are all so smart and know more than I do.

Good day, and it's a great day. We're actually heading to Saltgrass for a nice lunch steak to celebrate. See, we just got our quarterly bonuses so we can do that. And you know what, we'll keep doing it. We'll keep making money while you sit idly by being the poor armchair quarterbacks that you are and forecast doom for us.

Anonymous said...

8:14 AM Don't even sweat it. Fanboy doesn't realize that they all but told her flat out that more layoffs are in the air lock. Vacation burn down and then the hammer.

She won't be talking smack then.

Anonymous said...

8:29am

I left for another (more secure) job. I wasn't offered a buyout or layoff. I beat them to the punch. Go enjoy your steak lunch - those won't last long!

Anonymous said...

hahhhhahaa 8:29 is our Texas 2k Tycoon. Ad salesman trying to tell everyone about business! Bwhahahhahha

"Hello, my name is Josh and I would like to know if you would like to subscribe to our paper..."

Get a job junior.

McClatchy Watch said...

Pruitt says the company won't violate debt covenants this year, even if advertising doesn't improve.

Anonymous said...

Wait, I thought MNI was going to file Chapter 11 today! Instead the company reports a profit? And an improvement over a year ago? And issues guidance that bank covenants won't be violated this year? And its stock is soaring?

But .. but .. but I thought McClatchy was doomed because of its liberal bias!?!!? Does this mean Glen Beck and Rush were WRONG???

Gary I.M. Prudent said...

Of course, being an ignorant conservative, I wasn't aware that Beck or Rush had predicted that McClatchy would be filing Chapter 11.

Then again, FOX News is gaining while MSNBC and CNN are losing viewers.

The Wall Street Journl is gaining.

The SF Chronicle is headed in a downward spiral!

Just what does this all mean? One can draw one's own conclusions.

Beehind the 8 Ball said...

NEWS FLASH

Obama admits he doesn't know what is in the House Healthcare "Reform" Bill.

I guess nobody gets to read this bill even after it has passed.

Will this news reach the McClatchy D.C. folks?

Anonymous said...

The only way for Gary to keep showing a profit is to keep cutting costs. Revenue is not coming back. One day there will be no more costs to cut.......

enjoy it while it lasts.

Anonymous said...

As stated previously...cuts were made to project a run rate of 30% year over year decline in revenue.

Now that we are getting to the "bad" part of last year, that would mean that in 2 years revenue would have to decline 50% or more to lose money.

3 more months of McClatchy hating until the next quarterly report (but you still won't believe that one), and then another 3 month wait until you finally realize that MNI is not going into Chapter 11.

Anonymous said...

I read all this dribble for comedy. You all (most) want MNI to fail. That's no secret. What I don't understand is how you can still tow the line on bankruptcy, layoffs and such when you continue to be proven wrong.

Not good for credibility of those here that continue to comment along those lines. Fantastic for entertainment though.

Wait! Did someone here admit they were wrong about something MNI today? Oh, no. Sorry. That was on another site from an analyst who knows how to digest financials. Sorry for the confusion.

What was funniest revelation for week I read here? Yesterday someone posted a comment about code violations in a kitchen somewhere. Dust on exhaust fan? I laughed my ass off on that one.

Anonymous said...

3 more months of McClatchy hating until the next quarterly report (but you still won't believe that one), and then another 3 month wait until you finally realize that MNI is not going into Chapter 11.




MNI is going into bankruptcy. There is no way they can cover the debt due in 2011. It is physically impossible without a government bail out or a white knight to save them.

So, please stop being stupid.

Anonymous said...

From the biloxi web site:

Ricky Mathews, whose 27 year career at the Sun Herald has spanned a range of duties from intern to President and Publisher, announced Tuesday that he will be leaving the newspaper in early August to assume a new position outside the McClatchy Company.

Anonymous said...

Yes, it is a sad day for MW. You keep hoping and praying but we're just laughing while we collect our paychecks. Year after year.

Anonymous said...

MNI is going into bankruptcy. There is no way they can cover the debt due in 2011. It is physically impossible without a government bail out or a white knight to save them.

-----------------------------------

So they don't have 1.5+ years to come up with the money (what some $170 million)? They "profited" $40 some million in Q2. $170 million divided by 6 quarters equals under $29 million per quarter they have to profit to pay it off.

Looks like they are on their way, and still have 1.5 years to work out stuff with bond holders if needed.

Please explain to me how they cannot physically come up with $170 million? They have a $200 million offer for land in Miami. If that goes through...that covers your "bump" right there.

Anonymous said...

Here's one you won't read. MNI shares available for shorting have dried up. None available as of 11 A.M.

If your brokerage still has them pick them up quick. It will be 72 hrs before more can be had.

Anonymous said...

9:36 AM You truely are slow.


Try 1.11 billion due in 2011.

Anonymous said...

8:03..."Simple math stupid. Same job, same productivity, lower cost."
Uh, excuse me, do you like doing more work without any compensation for it? It really is not the same job if your work load is increased. Your math is off.

8:29..."We dig in and fight. I know people that took the layoff and can't find work."
Many of us didn't opt to "take" the layoff...we were FORCED because the Wizard of OZ thought printing the Modesto paper in Sacto made good sense, but now it looks like something I wiped my butt with and is delivered late so readers don't see it 'till they get home at night.

8:29 (again)...Good day, and it's a great day. We're actually heading to Saltgrass for a nice lunch steak to celebrate. See, we just got our quarterly bonuses so we can do that.
You have to be (arrogant) upper management...quarterly bonus...better bank it and consider your lunch steak as your "last meal". It was because of management like you that the people under you...the ones that took care of you and Gary and the rest of the wrecking crew, the ones that actually did the work and made money for the company (and padded your wallet)...are now out on the streets, and not by choice!

McClatchy may or may not file Chap.11, but I guarantee that they are a black eye on news media. They have left a trail of flotsam in their wake and the Captain and all the top crew sit in the crows nest and just keep looking through their spy glass and don't see what is going on on the deck right below them.

9:16..."McClatchy hating"
I don't think it is so much McClatchy hating as it is Pruitt and BOD hating as to what they have done to their company, their employees and the good name of the McClatchy family.

Go strictly on line and just get it over with. Then we can get our (un)biased news FREE!!!

Anonymous said...

According to http://www.mcclatchy.com/pressreleases/story/2258.html

$170m due in 2011.

$1,150m due BY 2029.

Check your facts please.

Anonymous said...

9:36 AM You seem to think the new debt issued when trying to swindle current debt holders into accepting 18 to 33 cents on the dollar actually worked and wiped out the balance of McClatchy's debt that comes due in 2011.

Bad News. It didn't. It postponed a portion of it at over 15% interest.

Anonymous said...

I had no idea McClatchy hired the same Enron folks to cook the books.

Anonymous said...

Hmmm...still think they are going to file Chapter 11 when they "only" have $170m to come up with?

Anonymous said...

Hmmm...still think they are going to file Chapter 11 when they "only" have $170m to come up with?



They don't have only 170 million to come up with. That 170 million is just one payment and fanboy thinks that is the total. So far they've gotten by because they haven't been paying back their loans. When that 1.15 billion portion kicks in, MNI is toast.

Anonymous said...

Hey 8:03, (and everyone else that loves working for Pruitt) if you like doing extra work, bend over 'cause they have a broom for you also!

Anonymous said...

McClatchy will never be the great company it was 20 years ago. But do keep limping along year after year. We like our retirement checks.

Anonymous said...

They don't have only 170 million to come up with. That 170 million is just one payment and fanboy thinks that is the total. So far they've gotten by because they haven't been paying back their loans. When that 1.15 billion portion kicks in, MNI is toast.

---------------------------------

For those that are too stupid to read the article:

2011 - $170m
2014 - $180m
2017 - $400m
2027 - $100m
2029 - $300m
TOTAL - $1,150m

This is all before the paltry debt exchange offer, so the near term debt likely goes down, and further out debt goes up.

Lets ignore the last quarter and not count July. That leaves 17 months between now and Jan 2011, so need to PROFIT $10m a month to cover it.

As above states, there is no $1.15b massive payment all due at one time.

No fan boy stuff here...I just know how to read the facts.

Anonymous said...

We're all going to die someday. Do you sit around and think, my day may be coming or do you go about your daily duties enjoying life as you do it? I do the latter. Keep whining. If it makes you feel better please keep doing it. By all means, please continue to forecast our downfall. Too bad you won't be around as we continue to dig in and get things done.

Anonymous said...

I had no idea McClatchy hired the same Enron folks to cook the books.


=============
When your gross revenues are falling at a 30% rate and your advertising rate is doing the same, all while your subscription rate rises at only 2.9% after 100% price increases across the board. The writing is on the wall and only the willfully blind can't see it.

In short order McClatchy's debt payments will overwhelm their net income. This is unavoidable with no way out. Going to online only will not be a solution as they can't close down or sell operations without bank permission. The banks are not going to go for it because they can't bring in enough online income to meet the debt.

It is a no win situation. All Pruitt can hope to do is delay the inevitable and pad his pockets while in the mean time, the only cost reductions that they really have left is more layoffs.

Sad story really. I am glad I got out before there was nothing to get out too!

Anonymous said...

It's all how you spin the numbers. Any way you look at it business-wise, McClatchy is in a very bad position. Look at the stock price, look at the debt load, look at the slow-to-react management team. Not a good place to work or invest, at this point.

Anonymous said...

Which are the ones truly stupid?

The ones who keep saying for the past two years that they are going bankrupt. End of story. Profit is profit. I know you MW people hate this news but sorry you lose

Anonymous said...

I love these McClatchy management trolls who post here. Soon they'll be filing unemployment papers and posting nasty things about MNI on this blog. LOL!

Anonymous said...

the bragging about "hard work on the expense side" is astoundingly insensitive and pig-headed. that "hard work" consisted of duumping perfectly good workers down the drain just to pad these results.
this used to be a good company.it is starting to be run like a stripped-down Gannett operation.
thanks, but no thanks.

Anonymous said...

The future for mcclatchy is still bleak even if they don't file for ch 11. Newspapers are still dying and the internet revenues are only enough to support a tiny news operation.

once the excitement of today's news passes it will be back to the real world of no revenue increases. revenue will continue to decline for several years.

Anonymous said...

The 10:47 comment is quite typical of the simple mindedness of so many of you. You call us trolls. You say we're going bankrupt. Yet; here we are today. A profitable company. Spin it any way you want. Say the numbers are cooked. Say the revenue is down. Say what you will. All of what you are saying is pure conjecture of what you "think" may happen.

Here is what we know. Earnings were reported much higher than previously thought. We are profitable.

Keep whining. We'll keep working to turn it around. Again, we will continue to visit this site to give you miserable people don't feel all alone in your dread and hatred for a company that didn't need you.

Anonymous said...

I think they are just sore that we are profitable at their dead weight expense.

Anonymous said...

10:54AM -

any company can show a profit by cutting costs, even a retard CEO can do that.

a ship with a hole in it will eventually sink even when you have thrown everything overboard.

Anonymous said...

When H.R. explained the "new 401-K" to this former K-R property, it was stated that the "matching bonus" would be paid when the company was profitable. I'm waiting...

Anonymous said...

10:59AM

I agree, mcclatchy had no choice but to let go of the quality they could no longer afford and keep the inferior cheaper stuff.

Anonymous said...

There are three types of people still working for McClatchy:
Suckups willing to work for reduced wages and benefits.
Incompetents who can't find employment elsewhere.
The young and too dumb to know better.

The smart, talented ones have already left for professions with a future, taken buyouts or retired.

Anonymous said...

I agree, mcclatchy had no choice but to let go of the quality they could no longer afford and keep the inferior cheaper stuff.

---------------------------------

Really? That is why they let everyone go via the LIFO format? Last in First Out? The majority of the people let go were newer employees that were harder working and least expensive then the old dinosaurs we have.

They didn't want EEO issues so that is why so many "fresh blood" employees were let go...what is really ultimately needed to turn the company around.

Anonymous said...

11:17am is yet another, non-fact filled whine about something they know nothing about. There are plenty of hard working people at McClatchy that are homeowner and have multiple cars. We go on vacation to the Gulf of Mexico.

But again, keep at it like everyone else. Come up with more ways to whine about how our hard work led to profits. Spiffs are back. Money is being made.

You are correct though. Well, at least tell yourself that. Whine, whine, whine. Rant, rant, rant. We are better off without you fairweather fans. Go away to the little whole that you now call an employer.

Anonymous said...

Those with brains bailed on their own terms. Those who got laidoff were vulnerable because they chose to stick around. Why anybody would still be working for McClatchy is beyond comprehension. They deserve everything that is coming to them -which is all bad.

Anonymous said...

You have to be hard-working if you still work for McClatchy - you're doing the jobs of three people.

Anonymous said...

All this good news has McClatchy stock at an inflated 72 cents a share. Pop the cork before it drops back to 50 cents by week's end. Can you buy a Snickers' bar for 72 cents?

Anonymous said...

We go on vacation to the Gulf of Mexico.



Why do I get the impression that you may have a case against McClatchy for child labor abuse? How old are you?

Anonymous said...

Nice, the MW haters are out in full force. Keep at it 11:32. They are just mad and bitter about being let go.

Anonymous said...

I may be "no rocket scientist" But can somebody explain to me why they ALWAYS say " Excluding employment advertising"

Employment advertising WAS money last year, and counted, why can they just "mark it short and be done with it"?

NO FLAME PLEASE!

Anonymous said...

Cutting through all the rhetoric and revenue numbers, the bottom line is this: Are you happy working for McClatchy? My guess is that 95 perent of current employees are dissatisfied and hoping to hook up elsewhere. You can't freeze wages, cut wages, hack benefits and increase the workload without destroying morale. That is not the sign of a healthy company.

Anonymous said...

12:19 PM

"employment advertising" declined by something close to 51% ...

if they include it, their percentages are a lot worse than if it is excluded.

In other words, excluding it makes their revenues seem better.

Anonymous said...

11:59AM

I don't think the laid off folks are bitter, they after all got buyouts. You my little friend may not get anything.

You sound like one of those cheaper inferior corporate types that have been kept on.

Anonymous said...

Clearly, things still stink because employees are being furloughed or having to vote between that and a vacation burn.

Anonymous said...

Get over it. We cut you loose you money sucking retards and MNI is profitable again! We didn't need your sorry, complaining ways before and we don't need you now. You can whine all you want but this company has turned a corner and you and your sorry republican friends are disappearing in our rear view mirror. Buh Bye.

Anonymous said...

...meanwhile the vacation burn continues, along with the short staffing, wage freeze, benefit whacking...what a great company. enjoy what time remains for you my little troll...bwahahaha...

Anonymous said...

4:30 PM Cut him some slack. It's pretty clear that fanboy is some employee's kid who thinks he is helping mom or dad.

You know, like when they tell the brat to act a fool in school so mom can get an increase in welfare payments for a disturbed kid. Junior just thinks he is helping out.

Anonymous said...

3:30PM

I agree the company has turned the corner, retard shaky hands like you is all thats left

Anonymous said...

Don't worry all of you has been hacks that were cut loose...eventually you might find a job working at Walmart, or at least our "savior" will bail you out with more unemployment after your severance runs out!

Anonymous said...

Most weren't cut loose, they left willingly. It's the inept leftovers, the pathetic flotsam that still toils at McClatchy who are embarrassing themselves daily.

Anonymous said...

7:25PM

At least Walmart will be around for a long time, can't say the same thing for the sinking ship mni