McClatchy Reports Third Quarter 2018 Results


McClatchy (NYSE American-MNI) reported net income in the third quarter of 2018 of $7.0 million, or $0.90 per share.

Results in the third quarter 2018 include after-tax non-cash impairments on newspaper mastheads of $12.7 million. In the third quarter of 2017 McClatchy reported a net loss of $260.5 million, or $34.11 per share that included after-tax non-cash charges of $230.9 million recorded in the third quarter of 2017. The 2017 non-cash charges related almost solely to a The company reported an adjusted net loss of $23.8 million, which excludes severance and certain other items in the third quarter of 2018, compared to an adjusted net loss of $2.6 

Craig Forman, McClatchys president and CEO, said, “This quarter both our total digital and digital-only advertising revenue surpassed our print newspaper advertising revenues. While headwinds in print newspaper advertising remain strong, this trend in our digital revenue signals that our relentless focus on digital transformation continues to be an effective The digital transformation not only includes advertising, but how we deliver local journalism that is essential to our communities and to our subscribers. We launched SportsPass, a sports-only subscription in select markets, which is an important illustration of the innovative approach we are pursuing to offer products that are tailored to customer needs and the flexibility that we have gained with our strategic investment in technology. We ended the third quarter with 137,000 digital-only subscribers, which represents growth of almost 48%”   …

[Read on via official release]

Source: US SEC
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