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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: October 17, 2006 The McClatchy Company (Exact name of registrant as specified in its charter) DELAWARE 1-9824 52-2080478 (state or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)
2100 Q Street
Sacramento CA 95816
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code (916) 321-1846
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (l7 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (l7 CFR 240-14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (l7 CFR 240.13e-4(c)) |
Item 9.01 |
Financial Statements and Exhibits |
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(c) Exhibits |
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99.1 |
Text of press release issued by The McClatchy Company dated October 17, 2006, "McClatchy Reports Third Quarter 2006 Earnings." |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
October 17, 2006 |
The McClatchy Company |
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Patrick J. Talamantes |
Contact: |
Investors Relations: Elaine Lintecum 916-321-1846 elintecum@mcclatchy.com |
McCLATCHY REPORTS THIRD QUARTER 2006 EARNINGS
SACRAMENTO, Calif., October 17, 2006 - The McClatchy Company (NYSE-MNI) today reported third quarter 2006 earnings of $51.8 million, or 64 cents per share, including a loss from discontinued operations of $8.9 million, or 11 cents per share.
Income from continuing operations was $60.7 million or 75 cents per share, and included a pre-tax gain of $9.0 million related to the sale of land. Income from continuing operations was $55.2 million or 68 cents per share excluding the gain on the land sale, compared to earnings of $38.6 million, or 82 cents per share, in the third quarter of 2005.
On June 27, 2006, the company completed the acquisition of Knight-Ridder, Inc. and its 32 daily newspapers. The company sold 12 former Knight Ridder newspapers, primarily because they did not fit with its strategy of operating in growth markets. Four of the 12 newspaper sales closed concurrently with the closing of the Knight Ridder acquisition, while eight of the newspapers were held by the company for a short time following the acquisition. The results of these eight newspapers are reported as discontinued operations. The company's third quarter results include the operations of the 20 former Knight Ridder newspapers it has retained.
Revenues for the newly combined company in the third quarter of 2006 were $680.9 million, with advertising revenues of $575.9 million and circulation revenues of $86.0 million.
On a pro forma basis, including the 20 former Knight Ridder newspapers in the third quarter of 2005, total revenues would have been down $9.3 million or 1.4%, with advertising revenues down $4.6 million, or 0.8%, and circulation revenues down $3.8 million, or 4.2%.
Earnings for the first nine months of 2006 were $123.7 million or $2.12 per share, including the loss from discontinued operations of $8.9 million, or 15 cents per share. Income from continuing operations was $132.6 million, or $2.27 per share, and was $127.0 million, or $2.17 per share, excluding the gain on the land sale discussed above. Earnings in 2005 were $115.1 million, or $2.45 per share.
Revenues in the first nine months of 2006 were $1.27 billion, up $390.9 million from 2005 revenues of $876.3 million, due primarily to the addition of the 20 former Knight Ridder newspapers beginning in the third quarter. Advertising revenues totaled $1.07 billion and circulation revenues were $164.8 million.
On a pro forma basis, including the 20 former Knight Ridder newspapers in the first nine months of both 2006 and 2005, total revenues in 2006 would have been $2.092 billion, up $1.1 million or 0.1%, with advertising revenues of $1.77 billion, up $16.9 million, or 1.0%, and circulation revenues of $265.2 million, down $11.9 million, or 4.3%.
Commenting on third quarter results, Gary Pruitt, chairman and chief executive officer, said, "The overall advertising environment was difficult in the third quarter. Although we were pleased with the continued rebound in retail advertising revenues, we generally saw worsening trends in the classified and national categories. Within classified, employment and automotive advertising declined, although real estate was strong despite difficult comparisons. National advertising declined compared to a strong third quarter 2005 pro forma growth rate of 6.7%. Online and direct marketing revenues continued to show strength and their growth helped offset some of the weakness in classified and national advertising."
"While the operating environment certainly is challenging, it is important not to lose sight that we now own the largest local media company in 30 high-growth markets throughout the country," said Mr. Pruitt. "The 20 premium markets we have added increase our revenue diversification and growth potential. We are working hard to integrate these newspapers into McClatchy and are focused on operating the company to meet the challenges and opportunities facing the industry today.
"As we look to the fourth quarter, we anticipate continued slowing in the overall advertising environment. We expect mixed results among categories of advertising and among regions of the country. Retail advertising continues to show relative strength. We still see growth in real estate advertising at some of our newspapers - although at diminishing rates, while other papers are seeing declines in real estate ads. Auto remains weak, although improving, while employment has slowed in most papers. However, online and direct marketing advertising remain strong and are expected to offset some of the weakness we see in classified advertising."
Pat Talamantes, McClatchy's vice president of finance and CFO, said, "Net debt at the end of the quarter was approximately $2.5 billion including public bonds we assumed in the Knight Ridder acquisition, which are valued at approximately $1.5 billion. Net debt included approximately $141 million of cash and cash equivalents held at the end of the quarter. We have used the proceeds from the sales of the newspapers to pay down a portion of the bank debt used to buy Knight Ridder. We have also used proceeds from the sale of internet investments and land sales to repay debt.
"In mid December 2006 we will pay income taxes including amounts due on the tax gains incurred in the sales of the assets and internet investments. We will use all of our excess cash and will draw down on our revolving line of credit to make these payments. In addition, we had expected to receive after-tax proceeds of about $118 million in the fourth quarter for land in Miami that Knight Ridder had contracted to sell in 2006. That transaction is now expected to close in the first half of 2007. As a result of these factors, we expect debt at the end of 2006 to be approximately $3.3 billion. Our focus is to continue to reduce debt."
The company noted the following items related to the Knight Ridder acquisition and other matters that impacted its 2006 third quarter and year-to-date results:
The company's pro forma statistical report, which summarizes its revenue performance for September, the third quarter and year-to-date periods in 2006, follows. This report includes advertising revenues for the 20 Knight Ridder newspapers the company has retained, but did not own in the first half of its fiscal 2006 or any part of fiscal 2005. The pro forma information is meant to provide investors a sense of what the advertising results of the combined company would have been in each interim period. However, none of Knight Ridder's results have been included in the company's financial statements through June 25, 2006. A reconciliation of pro forma revenues to reported revenues can be found on the company's website at the Investor Relations page.
At noon Eastern Time today, McClatchy will review its results in a conference call (877-278-1205 pass code 6472261) and webcast (www.mcclatchy.com). The webcast will be archived at McClatchy's website.
The McClatchy Company is the second largest newspaper company in the United States, with 32 daily newspapers and approximately 50 non-dailies. McClatchy-owned newspapers include the (Minneapolis) Star Tribune, The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer. In addition, McClatchy has a robust network of valuable internet assets, including leading local websites in each of its daily newspaper markets, offering readers information, comprehensive news, advertising, e-commerce and other services. The company also owns and operates McClatchy Interactive, an interactive operation that provides websites with content, publishing tools and software development; Real Cities, the largest national network of city and regional web sites, operating in more than 110 U.S. markets, and is part owner of CareerBuilder, the nation 's largest online classified employment listing service. McClatchy also owns 25 percent of Classified Ventures, a newspaper industry partnership that includes such online classified web sites as cars.com and apartments.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.
ADDITIONAL INFORMATION
This release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. These risks and uncertainties include national and local economic conditions that could affect advertising and circulation rates and volumes, changes in interest rates and/or newsprint prices, increased competition in our markets, the impact of any litigation or potential litigation, finalization of the purchase price allocations for the Knight Ridder acquisition, as well as the other risks detailed from time to time in the Company's publicly filed documents, including the Company's June 25, 2006 report on Form 10-Q filed with the U.S. Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.
THE McCLATCHY COMPANY |
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SUMMARY OF UNAUDITED RESULTS |
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) |
||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||
Sept. 24 |
Sept. 25, |
Sept. 24 |
Sept. 25, |
|||||||||||
2006 |
2005 |
2006 |
2005 |
|||||||||||
Revenues - net |
$ 680,928 |
$ 292,617 |
$1,267,166 |
$ 876,300 |
||||||||||
Operating expenses: |
||||||||||||||
Compensation |
272,383 |
119,980 |
522,113 |
361,746 |
||||||||||
Newsprint and supplements |
96,373 |
38,067 |
174,257 |
113,650 |
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Depreciation and amortization |
40,412 |
16,389 |
70,068 |
49,128 |
||||||||||
Other operating expenses |
144,438 |
53,982 |
251,516 |
156,831 |
||||||||||
Total operating expenses |
553,606 |
228,418 |
1,017,954 |
681,355 |
||||||||||
Operating income |
127,322 |
64,199 |
249,212 |
194,945 |
||||||||||
Net interest expense |
(46,387) |
(1,815) |
(50,069) |
(5,828) |
||||||||||
Equity (losses) income in unconsolidated companies, net |
(811) |
270 |
81 |
373 |
||||||||||
Gain on land sale and other - net |
8,445 |
46 |
8,390 |
217 |
||||||||||
Income from continuing operations before income tax provision |
88,569 |
62,700 |
207,614 |
189,707 |
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Income tax provision |
27,872 |
24,061 |
75,054 |
74,569 |
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Income from continuing operations |
60,697 |
38,639 |
132,560 |
115,138 |
||||||||||
Loss from discontinued operations, net of income taxes |
(8,866) |
- |
(8,866) |
- |
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Net income |
$ 51,831 |
$ 38,639 |
$ 123,694 |
$ 115,138 |
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Net income per common share: |
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Basic: |
||||||||||||||
Income from continuing operations |
$ 0.75 |
$ 0.83 |
$ 2.28 |
$ 2.47 |
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Loss from discontinued operations |
$ (0.11) |
$ - |
$ (0.15) |
$ - |
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Net income per share |
$ 0.64 |
$ 0.83 |
$ 2.13 |
$ 2.47 |
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Diluted: |
||||||||||||||
Income from continuing operations |
$ 0.75 |
$ 0.82 |
$ 2.27 |
$ 2.45 |
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Loss from discontinued operations |
$ (0.11) |
$ - |
$ (0.15) |
$ - |
||||||||||
Net income per share |
$ 0.64 |
$ 0.82 |
$ 2.12 |
$ 2.45 |
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Weighted average number of common shares: |
||||||||||||||
Basic |
81,013 |
46,639 |
58,173 |
46,581 |
||||||||||
Diluted |
81,191 |
46,994 |
58,416 |
46,997 |
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The McClatchy Company |
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Consolidated Statistical Report |
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(In thousands, except for preprints) |
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September |
|||||||||||||||||||||||||
Combined |
Print Only |
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*Pro Forma |
% |
*Pro Forma |
% |
||||||||||||||||||||||
Revenues - Net: |
2006 |
2005 |
Change |
2006 |
2005 |
Change |
|||||||||||||||||||
Advertising |
|||||||||||||||||||||||||
Retail |
$ 79,616 |
$ 78,648 |
1.2% |
$ 77,560 |
$ 77,565 |
0.0% |
|||||||||||||||||||
National |
17,340 |
20,828 |
-16.7% |
15,705 |
19,782 |
-20.6% |
|||||||||||||||||||
Classified Total |
72,077 |
75,064 |
-4.0% |
60,357 |
64,361 |
-6.2% |
|||||||||||||||||||
Automotive |
17,050 |
19,413 |
-12.2% |
14,952 |
17,589 |
-15.0% |
|||||||||||||||||||
Real Estate |
22,601 |
20,770 |
8.8% |
20,934 |
19,292 |
8.5% |
|||||||||||||||||||
Employment |
24,551 |
26,452 |
-7.2% |
17,148 |
19,695 |
-12.9% |
|||||||||||||||||||
Other Class |
7,875 |
8,429 |
-6.6% |
7,323 |
7,785 |
-5.9% |
|||||||||||||||||||
Direct Marketing |
15,195 |
13,461 |
12.9% |
15,195 |
13,461 |
12.9% |
|||||||||||||||||||
Other Adv Rev |
50 |
296 |
-83.1% |
50 |
296 |
-83.1% |
|||||||||||||||||||
Total Advertising |
$ 184,278 |
$ 188,297 |
-2.1% |
$ 168,867 |
$ 175,465 |
-3.8% |
|||||||||||||||||||
Circulation |
27,734 |
27,565 |
0.6% |
||||||||||||||||||||||
Other |
6,470 |
6,246 |
3.6% |
||||||||||||||||||||||
Total Revenues |
$ 218,482 |
$ 222,108 |
-1.6% |
||||||||||||||||||||||
Memo: Online Only Advertising Revenue |
$ 15,411 |
$ 12,832 |
20.1% |
||||||||||||||||||||||
Advertising Revenues by Market: |
|||||||||||||||||||||||||
California |
$ 33,116 |
$ 34,067 |
-2.8% |
$ 31,172 |
$ 32,384 |
-3.7% |
|||||||||||||||||||
Carolinas |
33,620 |
33,138 |
1.5% |
30,423 |
30,851 |
-1.4% |
|||||||||||||||||||
Florida |
26,187 |
26,028 |
0.6% |
24,057 |
24,619 |
-2.3% |
|||||||||||||||||||
Midwest |
44,444 |
47,876 |
-7.2% |
40,217 |
44,429 |
-9.5% |
|||||||||||||||||||
Northwest |
18,425 |
17,671 |
4.3% |
16,874 |
16,435 |
2.7% |
|||||||||||||||||||
Texas |
16,000 |
16,481 |
-2.9% |
14,753 |
15,676 |
-5.9% |
|||||||||||||||||||
Other |
12,486 |
13,036 |
-4.2% |
11,371 |
11,071 |
2.7% |
|||||||||||||||||||
Total Advertising |
$ 184,278 |
$ 188,297 |
-2.1% |
$ 168,867 |
$ 175,465 |
-3.8% |
|||||||||||||||||||
Advertising Statistics for Dailies: |
|||||||||||||||||||||||||
Full Run ROP Linage |
2,843.8 |
2,920.5 |
-2.6% |
||||||||||||||||||||||
Millions of Preprints Distributed |
636.1 |
621.2 |
2.4% |
||||||||||||||||||||||
Average Paid Circulation:** |
|||||||||||||||||||||||||
Daily |
3,228.4 |
3,346.9 |
-3.5% |
||||||||||||||||||||||
Sunday |
4,109.1 |
4,257.5 |
-3.5% |
||||||||||||||||||||||
* Pro Forma includes 20 former Knight Ridder newspapers.
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** Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures. |
The McClatchy Company |
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Consolidated Statistical Report |
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(In thousands, except for preprints) |
||||||||||||||||||||||||||||||||||||
Quarter 3 |
||||||||||||||||||||||||||||||||||||
Combined |
Print Only |
|||||||||||||||||||||||||||||||||||
*Pro Forma |
% |
*Pro Forma |
% |
|||||||||||||||||||||||||||||||||
Revenues - Net: |
2006 |
2005 |
Change |
2006 |
2005 |
Change |
||||||||||||||||||||||||||||||
Advertising |
||||||||||||||||||||||||||||||||||||
Retail |
$ 239,962 |
$ 236,872 |
1.3% |
$ 234,311 |
$ 233,757 |
0.2% |
||||||||||||||||||||||||||||||
National |
54,827 |
61,202 |
-10.4% |
49,881 |
57,849 |
-13.8% |
||||||||||||||||||||||||||||||
Classified Total |
234,547 |
241,414 |
-2.8% |
198,038 |
207,379 |
-4.5% |
||||||||||||||||||||||||||||||
Automotive |
56,379 |
62,232 |
-9.4% |
49,986 |
56,906 |
-12.2% |
||||||||||||||||||||||||||||||
Real Estate |
72,782 |
65,758 |
10.7% |
67,735 |
61,263 |
10.6% |
||||||||||||||||||||||||||||||
Employment |
80,288 |
87,129 |
-7.9% |
56,957 |
64,852 |
-12.2% |
||||||||||||||||||||||||||||||
Other Class |
25,098 |
26,295 |
-4.6% |
23,360 |
24,358 |
-4.1% |
||||||||||||||||||||||||||||||
Direct Marketing |
46,304 |
40,388 |
14.6% |
46,304 |
40,388 |
14.6% |
||||||||||||||||||||||||||||||
Other Adv Rev |
263 |
634 |
-58.5% |
263 |
634 |
-58.5% |
||||||||||||||||||||||||||||||
Total Advertising |
$ 575,903 |
$ 580,510 |
-0.8% |
$ 528,797 |
$ 540,007 |
-2.1% |
||||||||||||||||||||||||||||||
Circulation |
86,001 |
89,808 |
-4.2% |
|||||||||||||||||||||||||||||||||
Other |
19,024 |
19,942 |
-4.6% |
|||||||||||||||||||||||||||||||||
Total Revenues |
$ 680,928 |
$ 690,260 |
-1.4% |
|||||||||||||||||||||||||||||||||
Memo: Online Only Advertising Revenue |
$ 47,107 |
$ 40,503 |
16.3% |
|||||||||||||||||||||||||||||||||
Advertising Revenues by Market: |
||||||||||||||||||||||||||||||||||||
California |
$ 106,163 |
$ 105,305 |
0.8% |
$ 99,927 |
$ 99,907 |
0.0% |
||||||||||||||||||||||||||||||
Carolinas |
101,832 |
102,148 |
-0.3% |
92,542 |
94,909 |
-2.5% |
||||||||||||||||||||||||||||||
Florida |
80,572 |
79,147 |
1.8% |
74,971 |
74,829 |
0.2% |
||||||||||||||||||||||||||||||
Midwest |
137,031 |
146,523 |
-6.5% |
124,880 |
135,487 |
-7.8% |
||||||||||||||||||||||||||||||
Northwest |
57,319 |
54,322 |
5.5% |
52,651 |
50,565 |
4.1% |
||||||||||||||||||||||||||||||
Texas |
50,804 |
50,900 |
-0.2% |
47,430 |
48,399 |
-2.0% |
||||||||||||||||||||||||||||||
Other |
42,182 |
42,165 |
0.0% |
36,396 |
35,911 |
1.4% |
||||||||||||||||||||||||||||||
Total Advertising |
$ 575,903 |
$ 580,510 |
-0.8% |
$ 528,797 |
$ 540,007 |
-2.1% |
||||||||||||||||||||||||||||||
Advertising Statistics for Dailies: |
||||||||||||||||||||||||||||||||||||
Full Run ROP Linage |
9,076.0 |
9,280.1 |
-2.2% |
|||||||||||||||||||||||||||||||||
Millions of Preprints Distributed |
2,036.3 |
1,863.4 |
9.3% |
|||||||||||||||||||||||||||||||||
Average Paid Circulation:** |
||||||||||||||||||||||||||||||||||||
Daily |
3,099.5 |
3,213.8 |
-3.6% |
|||||||||||||||||||||||||||||||||
Sunday |
4,043.4 |
4,218.2 |
-4.1% |
|||||||||||||||||||||||||||||||||
* Pro Forma includes 20 former Knight Ridder newspapers. |
||||||||||||||||||||||||||||||||||||
** Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures. |
The McClatchy Company |
||||||||||||||||||
Consolidated Statistical Report |
||||||||||||||||||
(In thousands, except for preprints) |
||||||||||||||||||
September Year-to-Date |
|
|||||||||||||||||
Combined |
Print Only |
|||||||||||||||||
*Pro Forma |
*Pro Forma |
% |
*Pro Forma |
*Pro Forma |
% |
|||||||||||||
Revenues - Net: |
2006 |
2005 |
Change |
2006 |
2005 |
Change |
||||||||||||
Advertising |
||||||||||||||||||
Retail |
$ 726,938 |
$ 727,600 |
-0.1% |
$ 711,613 |
$ 718,841 |
-1.0% |
||||||||||||
National |
176,971 |
189,892 |
-6.8% |
163,972 |
180,885 |
-9.4% |
||||||||||||
Classified Total |
725,564 |
714,655 |
1.5% |
608,254 |
619,497 |
-1.8% |
||||||||||||
Automotive |
169,458 |
191,557 |
-11.5% |
151,242 |
176,552 |
-14.3% |
||||||||||||
Real Estate |
220,357 |
192,037 |
14.7% |
205,522 |
179,535 |
14.5% |
||||||||||||
Employment |
259,280 |
252,671 |
2.6% |
180,355 |
190,497 |
-5.3% |
||||||||||||
Other Class |
76,469 |
78,390 |
-2.5% |
71,135 |
72,913 |
-2.4% |
||||||||||||
Direct Marketing |
139,782 |
119,803 |
16.7% |
139,782 |
119,803 |
16.7% |
||||||||||||
Other Adv Rev |
1,207 |
1,641 |
-26.4% |
1,207 |
1,641 |
-26.4% |
||||||||||||
Total Advertising |
$1,770,462 |
$1,753,591 |
1.0% |
$1,624,828 |
$ 1,640,667 |
-1.0% |
||||||||||||
Circulation |
265,208 |
277,108 |
-4.3% |
|||||||||||||||
Other |
57,206 |
61,112 |
-6.4% |
|||||||||||||||
Total Revenues |
$2,092,876 |
$2,091,811 |
0.1% |
|||||||||||||||
Memo: Online Only Advertising Revenue |
$ 145,634 |
$ 112,924 |
29.0% |
|||||||||||||||
Advertising Revenues by Market: |
||||||||||||||||||
California |
$ 320,795 |
$ 307,313 30307317,313 |
4.4% |
$ 302,246 |
$ 292,551 |
3.3% |
||||||||||||
Carolinas |
309,536 |
308,209 |
0.4% |
280,983 |
288,055 |
-2.5% |
||||||||||||
Florida |
265,983 |
255,055 |
4.3% |
247,409 |
242,777 |
1.9% |
||||||||||||
Midwest |
423,843 |
439,892 |
-3.6% |
386,103 |
408,501 |
-5.5% |
||||||||||||
Northwest |
167,516 |
162,689 |
3.0% |
153,933 |
152,550 |
0.9% |
||||||||||||
Texas |
157,954 |
154,218 |
2.4% |
147,224 |
146,864 |
0.2% |
||||||||||||
Other |
124,835 |
126,215 |
-1.1% |
106,930 |
109,369 |
-2.2% |
||||||||||||
Total Advertising |
$1,770,462 |
$1,753,591 |
1.0% |
$1,624,828 |
$ 1,640,667 |
-1.0% |
||||||||||||
Advertising Statistics for Dailies: |
||||||||||||||||||
Full Run ROP Linage |
27,210.6 |
27,802.7 |
-2.1% |
|||||||||||||||
Millions of Preprints Distributed |
6,072.0 |
5,630.8 |
7.8% |
|||||||||||||||
Average Paid Circulation:** |
||||||||||||||||||
Daily |
3,192.9 |
3,305.3 |
-3.4% |
|||||||||||||||
Sunday |
4,132.6 |
4,318.4 |
-4.3% |
|||||||||||||||
* Pro Forma includes 20 former Knight Ridder newspapers. |
||||||||||||||||||
** Reflects average paid circulation based upon number of days in period. Does not reflect ABC reported figures. |