Thursday, July 30, 2009

Alan Mutter: "don't get carried away over 2nd quarter newspaper profits"

McClatchy and Gannett had better-than-expected 2nd quarter profits, thanks to serious cost cutting. But Mutter says the cuts weren't deep enough for the companies to stay ahead of the catastrophic ad revenue plunge plaguing papers. Click here for the story.


Anonymous said...


From: Evans, Von Ceil
Sent: Thursday, July 30, 2009 12:04 PM
Subject: Furlough Announcement

Please Read!
Sent on behalf of Gary Wortel

In March, we notified you that we were planning a one-week unpaid furlough program in the 2nd half of the year based upon business conditions at that time.

It’s been an extremely tough year for everyone at the Star-Telegram and all media in general. Thanks to your dedication and commitment we are seeing improvements in many areas, including online behavioral targeting revenue, classified sales initiatives, retail territory growth and magazine and niche product efforts. With that said, the economic climate continues to be difficult as evidenced by the June unemployment rate of 8.3%. We need to remain diligent in reducing expenses and focusing efforts on growing ad revenue.

For those reasons, it is necessary for us to move forward with implementing a one week unpaid furlough program. The furlough period will be from August 17 through December 27, 2009. Shortly, you will be receiving:

A scheduling form to complete and return to your manager no later than August 10th.
Q & A to assist you in understanding how the program works

Human Resources will be scheduling open meetings to answer any questions you might have. While the documents are comprehensive in nature, we want you to have the opportunity to come with any questions you might have regarding the plan. Those meeting times will be communicated no later than end of business
July 31st.

I appreciate your continued hard work and dedication.


Anonymous said...

He forgot the "we thank you for all that you do" line. BTW, McClatchy stock is tanking today, almost below $2 a share and may finish belong that mark when the market closes.

Anonymous said...

I like how a publisher can't even send out his own email.

Anonymous said...

BTW, McClatchy stock is tanking today, almost below $2 a share and may finish belong that mark when the market closes.


Daytraders have this one firmly by the nuts. Short sellers were scrambling to borrow shares yesterday.

Any price over 2 dollars starts to bring in the real, much better headed class of daytrader that actually operate in cash amounts of around 100k.

Pros are still way out of the picture. They won't touch it.

Anonymous said...

Have any of you read the paper lately? It's terribly sad.

Anonymous said...

Hate to be the bearer of bad news but if the stock can average $1.70 for the next 7 business days then McClatchy will start the clock over on the $1 30 day average and $75m market cap.

Anonymous said...

1:45 PM

No it won't and you're stupid for even trying to portray that nonsense.

Anonymous said...

Check the math idiot. For every $.50 over $1 that will average out when the stock was $.50. Thus giving you an average of $1.

The only way for this to not happen would be for the stock in the next 10 business days to drop below $1 and stay there.

Stock trying to portray yourself as a stock god as you have been repeatedly shown to be wrong.

Anonymous said...

Stop portraying yourself as knowing anything at all about what you're talking about. Go read the policy and stop picking out the little tidbits you like.

Kids like you deserve the lessons you're going to get. Don't give up though. Getting wiped out once or twice will smarten you up plenty junior.

You don't have a magical 30 day clock that resets if the company pumps the stock for a few days.

Anonymous said...

McClatchy Receives Compliance Notice From NYSE
Released: 06/02/2009

The McClatchy Company (NYSE: MNI) reported that it has been notified by the New York Stock Exchange (NYSE) that the company is now in compliance with the exchange's continued listing standard for total market capitalization and stockholders' equity.

The NYSE received approval from the Securities and Exchange Commission (SEC) to amend the NYSE's continued listing standard applicable to average market capitalization and shareholders equity through October 31, 2009. The average market capitalization requirement has been lowered from no less than $75 million over a 30-trading-day period to no less than $50 million over a 30-trading-day period and the stockholders' equity requirement has been lowered from no less than $75 million to no less than $50 million.

As a result of these changes, McClatchy is now considered in compliance under the NYSE's amended continued listing standard for market capitalization and stockholders' equity.

McClatchy previously announced in February 2009 that it had been notified by the NYSE that it was not in compliance with the NYSE's continued listing standard for the average price per share of the company's Class A publicly traded common shares of less than $1.00 over a consecutive 30-trading-day period. Subsequently, the NYSE announced that this standard was temporarily suspended through June 30, 2009. As a result, McClatchy currently has until December 7, 2009, to bring the company into compliance with this listing standard.

Anonymous said...

Junior, we're aware of McClatchy's press release. That is what it is, a press release.

You need to read the policies not the propaganda and then you'll understand that delisting policies and procedures are much more involved that that little public relations memo they put out for your consumption.

Yes, McClatchy got a reprieve. They would have been delisted long ago without it, but they still have to be able to maintain the average and even then, their standing is decided on a case by case basis.

There is no magical clock that triggers safety when you manage to pump the price for a week or two.

Don't you think they would have seen that once or twice in the past?

Wise up.

Anonymous said...

im not the guy you have been arguing with but you bring nothing to the table. At least he put out a press release. What have you got? nothing but smart remarks that make you look stupid.

Post something here to show us you know what your talking about?

Anonymous said...

I think you are and if you paid attention he said, Read the policy, not the press release you stupid little leftist bitch.