Overall McClatchy had a number they wanted to cut to. Since naturally bigger papers have more bodies to sacrifice, they cut deeper last time than smaller papers, yet the overall expense cut was applied to the company as a whole.
Thus, now that July numbers are coming in you see the smaller papers (who didn't necessarily have to cut deep) that are having to layoff more people, institute furloughs, etc., to make their internal numbers (margin).
Don't be surprised if you see "smaller" papers continue to trim off appendages. Also, we are past the threshold for a WARN notice, so there is no worry of that.
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20 comments:
But, but, but, you don’t understand, I’m getting a raise in August!
Rattle Rattle...do like the Japanese and cut from the top. So what if you cut off the head? The beast is in it's death throes anyway. Get rid of the dead weight like Vasche, Johnston (Modesto) and Vander Veen (Merced). They could have kept the Modesto production dept. and got rid of Merced's and ran the paper in Modesto or Fresno BUT NNNOOOOOOOOO, now they have a crappy looking paper delivered late. Good planning idiots!
Sunshine is a good thing. Don't ya think McClacthy? Bring the Krispy Kreme, and let's talk!
http://www.bloomberg.com/apps/news?pid=20601103&sid=aUxkShbdx0co
I admit that the stock price going up( over a buck fifty) may be short term. But i cant ignore the fact that the company seems to be doing exactly what it needs to do to survive.
The idea of bankruptcy and McClatchy shutting its doors is just not going to happen in the next couple of years. No matter how much some folks want it too.
Cuts and furloughs? they announced these awhile ago and only now that they are getting implemented do we see it mentioned in MW.
I'd be surprised if they filed bankruptcy too. It's a mortally wounded, poorly run company but they'll keep amputating arms and legs while they figure out how to make money online. If they get costs down to a nickel, six cents means a profit. It's pathetic and will cost most people their jobs. Along the way, they'll make a lot of enemies.
12:25 and 12:30 I'm glad you two hashed it out. Now, how much is my August raise going to be?
Short coverings and a couple of day traders can prop this lemon up for a short time, but nothing can hold it there while their net revenues and advertising is dropping at a 25 - 30% rate.
Anyone who thinks they can is an idiot. When the bleeding stops tell us how well run a company it is. For now you sound like a fool.
Surprise Layoffs! We're doing good baby! We're set for a run. Quick everyone, buy MNI with your severance pay! One of the Google Finance Bloggers said so!
@12:51
Typical of the trolls here. You spout out your ignorant opinion which really doesnt mean crap and then try to insult the poster. You bring nothing to the table that has not already been preached over and over on this site.
The reality is the company is going to survive and not the way it should have and not the way a lot of us want it to but they will and there is nothing you can do about it.
All you employees wishing for a buy out thinking the company will be done better think again. You have to decide if working more for less money at at the paper is for you if not, start looking because your not going to get the easy out like you want.
its a real simplt concept. They do not need to make the money they made years ago they just need to be making money. They are not winging it quarter to quarter, they have already made projections on what the cash flow will be for the remaining quarters of the year and have already scheduled cuts to meet this. This projection is a 30%reduction YOY in revenue. So far for the second quarter they had a 25% YOY drop in revenue which easly beat there projections. And like the second quarter, the third quarter is on pace to meet the same goals. I get my info from the inside and not from some random poster on a right wing blogging site.
So we see that cutting costs, getting rid of extra employees, forcing more productivity are having a positive impact on McClatchy.
Now, why can't you liberals apply the same logic to government.
Now, why can't you liberals apply the same logic to government.
Actually they do. They apply the same warped batch of bullshit, promise it is all better and then it works out exactly as they were warned it would.....Then they just say, "but no one could have known that. It was an experiment!"
You bring nothing to the table that has not already been preached over and over on this site.
If anyone has been rattling off the same shit over and over again it is you dude.
Oh yeah, they're calling for you on the stock scamming forum.
Every time posters tried to tell us about the stealth layoffs, the deniers here jumped all over them. MNI’s so-called health depends on laying off more people to make it look like they made a profit. It seems to me as long as the deniers still have ‘their’ jobs, they give Jack Schitt about anyone else. Believing false promises is not working all that well for liberals these days.
I get my info from the inside and not from some random poster on a right wing blogging site.
Bullshit. You get it from the google and yahoo finance blogs. Half your copy paste crap is all over there.
Bullshit. You get it from the google and yahoo finance blogs. Half your copy paste crap is all over there.
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so now you have to make stuff up to get your point accross. Show me where i copy/paste? show me an example?
you cant without making it up. All i did was tell you the truth because unlike yourself i dont have a hidden agenda and through all the BS this blog has to offer, it never hurts to throw out the facts once and awhile.
Now you can insult me and change the facts all you like to suit your agenda but that will not change the fact that McClatchy is getting back on track and unless the ecomomy tanks again they will not only survive this but probely continue to be a leading newspaper company in the nation.
Carry on..
McClatchy has not been a "leading newspaper company" for some time.
As for being profitable...success on the backs of its employees, burning the furniture and watering down the product, it's hardly an outcome to be proud of.
Do you remember Chainsaw Al Dunlop? McClatchy is just following his script.
Now folks at the bottom of the food chain are going to lose their jobs because the folks at the top of of the food chain did a lousy job.
McClatchy may survive in some form sort of the same way that TV Guide is still around, long after it's time passed.
Say, the dude says he gets his information from the "inside." How's that been working for McClatchy the past couple of years? Gotta love that "inside" info.
Most, not all, but most papers planned for furloughs in the second half of the year and now they're being implemented. The papers doing layoffs are the ones not making their financial projects. The papers making their financial projects will not have layoffs. And none of it has to do with the stock price. The stock price means almost nothing. It's all about cashflow and meeting the debt obligations to save the company.
To 5:39: Good post and probably very accurate. I'd say the fourth quarter is going to doom a lot of folks this year. No way the holiday season ad revenue is going to be the savior. There's more unemployement today than a year ago - much more. Look for some major hacking in January/February.
Is it just me, or is everyone who replied on this particular post in desperate need of an enema? Seriously folks. You all seem rather miserable. In fact, if this post were a party, I think we'd have people jumping off the balcony by now. Have a drink, for crying out loud.
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