In a release on February 7, the Company reported that total net income in 2010 including discontinued operations was $14.8 million or 17 cents per share in the fourth quarter.
Revenues in the fourth quarter of 2011 were $351.4 million, down 5.0 percent from the fourth quarter of 2010. Advertising revenues were $270.9 million, down 5.7 percent from 2010, and circulation revenues were $67.0 million, down 3.0 percent.
Results in the fourth quarter of 2011 included the following items:
-Non-cash impairment charges of $3.1 million ($1.9 million after- tax) recorded in other operating expenses related to assets sold and intangible assets.
-Accelerated depreciation and certain cash charges totaling $2.1 million ($1.3 million after-tax) primarily related to relocating Miami newspaper operations.
-Severance charges totaling $0.6 million ($0.4 million after- tax) related to continued restructuring of the company's operations.
-A gain on the extinguishment of debt totaling $1.3 million ($0.8 million after-tax) related to bonds repurchased in the open market.
-A favorable adjustment totaling $0.4 million ($0.2 million after- tax) primarily related to the reversal of interest accruals resulting from the expiration of open tax years.
-A favorable adjustment to the tax provision of $1.4 million primarily related to the recognition of a tax loss carryforward.
Net income from continuing operations in the fourth quarter of 2011 excluding the net impact of these items was $43.2 million compared to net income from continuing operations in the fourth quarter of 2010 adjusted for similar items of $33.5 million.
Operating cash expenses, excluding charges associated with restructuring plans, declined $22.8 million, or 9.2 percent, from the 2010 quarter. Operating cash flow, a non-GAAP measure, was $125.2 million in the fourth quarter of 2011, up 3.6 percent.
Net income for fiscal 2011 was $54.4 million or 63 cents per share. Income from continuing operations for fiscal 2010 was $33.1 million or 39 cents per share. Total net income including discontinued operations was $36.2 million or 43 cents per share in 2010.
Revenues in 2011 were down 7.7 percent to $1.3 billion compared to $1.4 billion in 2010. Advertising revenues in 2011 totaled $956.3 million, down 8.9 percent, and circulation revenues were $262.3 million, down 3.8 percent.
Results in 2011 included the following items:
-Severance charges totaling $13.9 million ($8.5 million after- tax) related to continued restructuring of the company's operations.
-Non-cash impairment charges of $14.5 million ($9.1 million after- tax) recorded in other operating expenses related to assets sold and intangible assets.
-Accelerated depreciation and certain cash charges totaling $2.1 million ($1.3 million after-tax) primarily related to relocating Miami newspaper operations.
-A loss on the extinguishment of debt totaling $1.2 million ($0.7 million after-tax) primarily reflecting the non-cash write-off of purchase accounting discounts related to bonds repurchased in the open market.
-A gain of $1.9 million ($1.2 million after-tax) for additional cash received on a previously sold internet asset.
-A favorable adjustment to the company's net income totaling $12.7 million for a tax settlement related primarily to state tax positions previously taken and the recognition of a tax loss carryforward. The $12.7 million included a tax benefit of $9.8 million and $4.8 million ($2.9 million after-tax) of related interest expense.
Net income from continuing operations in 2011 excluding the net impact of these items was $60.1 million compared to net income from continuing operations in 2010 adjusted for similar items of $57.9 million.
Operating cash expenses, excluding costs associated with restructuring plans, declined $75.5 million, or 7.6 percent, from 2010. Operating cash flow, a non-GAAP measure, was $352.1 million, down 7.9 percent.
Pat Talamantes, McClatchy's chief financial officer, said, "We expect the capital expenditures for the construction of new facility in Miami to be approximately $23 million in 2012 and approximately $9 million in 2013. We are very pleased to find a solution for both our production and office needs in one location in Miami-Dade County. This office building and production facility will allow us to optimize the work environment for a modern media company. We congratulate the team in Miami for developing such a strong, cost- effective project. We are comfortable that we can still make good progress in continuing to reduce debt while making this important investment."
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