By: PR Newswire
The McClatchy Company (NYSE: MNI) today reported second quarter 2013 earnings, excluding the net impact of certain items discussed below, of $11.1 million.
Earnings in the second quarter of 2012, adjusted for similar items, were $16.1 million and included a favorable tax item of $7.9 million as noted below.On a GAAP basis, net income in the second quarter of 2013 was $11.8 million or 14 cents per share. In the second quarter of 2012 the company reported net income of $26.9 million or 31 cents per share.
Total revenues in the second quarter of 2013 were $308.8 million, down 3.5% from the second quarter of 2012. Circulation revenues were $88.5 million, up 4.8% and advertising revenues were $207.7 million, down 6.7% from the same quarter in 2012. Total digital-only revenues, which include digital-only revenues from advertising and circulation, were up 10.6% compared to the same quarter last year.
Results in the second quarter of 2013 included the following items:accelerated depreciation totaling $1.8 million ($1.0 million after-tax) related to relocating Miami newspaper operations; severance and other charges totaling $4.3 million ($2.7 million after-tax); a write-off of production equipment at one newspaper totaling $3.2 million ($2.0 million after-tax); and a gain related to the sale of the Miami property of $10.0 million ($6.4 million after-tax).
The company also noted that adjusted earnings in the second quarter of 2012 included a favorable tax item of $7.9 million for the release of tax reserves and related interest resulting from the expiration of statutes for certain state tax years.Operating cash expenses, excluding severance and other charges discussed above, declined approximately $5.2 million, or 2.1%, from the 2012 quarter. Operating cash flow was $68.9 million in the second quarter of 2013, down 8.2%.
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