The McClatchy Company Announces Final Results of its Offer to Purchase for Cash Up to $406 Million of its 2022 Senior Secured Notes
Nov 13 14
The McClatchy Company announced the final results of its offer to purchase for cash up to $406 million of its 2022 senior secured notes. Based on the count provided by the trustee for the notes, none of the 2022 senior secured notes were tendered prior to the offer's expiration at 5 p.m., Eastern time on Nov. 12, 2014. In compliance with the indenture for its 9.00% notes due 2022, McClatchy was required to offer to purchase for cash up to $406 million of the outstanding 9.00% notes at par as a result of selling its interest in Cars.com.
The Mcclatchy Company Enters into Agreements to Repurchase Senior Secured Notes due 2022 and 2017
Nov 5 14
On November 5, 2014, in privately-negotiated transactions The McClatchy Company entered into agreements with Chatham Asset Management, LLC and Leon G. Cooperman and Omega Charitable Partners, L.P. to repurchase approximately $259.35 million in aggregate principal amount of its 9.00% Senior Secured Notes due 2022 and approximately $150.0 million in aggregate principal amount of its 5.75% Notes due 2017 for a total amount of $459.5 million in cash, plus accrued and unpaid interest. The Transactions are subject to a condition that no more than $95.5 million of the 9% Notes are submitted in the Company's current asset purchase offer for the 9% Notes by November 12, 2014, the expiration date for the Offer. If more than $95.5 million of the 9% Notes are submitted in the Company's current Offer, the amount of 9% Notes and 5.75% Notes subject to repurchase in the Transactions will be reduced ratably for the amount in excess of $95.5 million. The company anticipates that the closing of these repurchases will occur on November 13, 2014.
The McClatchy Company Presents at UBS 42nd Annual Global Media and Communications Conference, Dec-09-2014 11:30 AM
Oct 27 14
The McClatchy Company Presents at UBS 42nd Annual Global Media and Communications Conference, Dec-09-2014 11:30 AM. Venue: Westin New York Times Square, 270 West 43rd Street (at 8th Avenue), New York, New York, United States. Speakers: Patrick J. Talamantes, Chief Executive Officer, President, Director and Member of Pension & Savings Plans Committee.
The McClatchy Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 28, 2014; Provides Revenue Guidance for the Fourth Quarter and Full Year 2014
Oct 23 14
The McClatchy Company reported unaudited consolidated earnings results for the third quarter and nine months ended September 28, 2014. For the quarter, the company reported net revenues of $277,639,000 compared to $287,046,000 a year ago. The decline reflects the impact of a sluggish print retail environment, a substantial decline in the national advertising category and the loss of revenues from Apartments.com. Operating income was $18,550,000 compared to $26,695,000 a year ago. Loss from continuing operations before income taxes was $6,779,000 compared to income from continuing operations before income taxes of $9,300,000 a year ago. Net loss was $2,760,000 or $0.03 per basic and diluted share compared to net income of $7,265,000 or $0.07 per basic and diluted share a year ago. Operating cash flow was $44,811,000 compared to $55,987,000 a year ago. Excluding the net impact of certain items, the adjusted loss from continuing operations was $0.7 million, compared to income from continuing operations, adjusted for similar items, of $6.4 million in the third quarter of 2013.
For the nine months period, the company reported net revenues of $850,261,000 compared to $877,291,000 a year ago. Operating income was $41,159,000 compared to $76,669,000 a year ago. Income from continuing operations before income taxes was $111,998,000 compared to $8,381,000 a year ago. Net income was $71,347,000 or $0.81 per diluted share compared to $6,276,000 or $0.07 per diluted share a year ago. Operating cash flow was $138,642,000 compared to $175,745,000 a year ago. The company recorded a loss from continuing operations for the first nine months of 2014, excluding the net impact of certain items, of $4.0 million. Income from continuing operations for the first nine months of 2013, when adjusted for similar items, was $15.5 million.
For the fourth quarter, the company expects digital-only advertising to continue to grow strongly and to be up in the double-digit range for all of 2014 excluding the impact of selling Apartments.com compared to 2013. Direct marketing revenues are expected to be down in the low-to-mid single-digits in the fourth quarter of 2014 as a result of culling several niche products.
The company expects audience revenues to grow in the mid-single digit range in the quarter and for full year 2014.