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Stock Market & Financial Investment News

News For MNI From The Last 14 Days
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February 12, 2016
09:08 EDTMNIMcClatchy announces contribution of real estate to defined benefit pension plan
The McClatchy (MNI) announced that as of close of business yesterday it has contributed certain company-owned real estate to its qualified defined benefit pension plan. The real estate includes six separate properties, inclusive of certain land and buildings located in Raleigh, NC; Charlotte, NC; Garner, NC; Gulfport, MS; Doral, FL; and Fresno, CA. The properties have been valued by independent appraisals at approximately $47.1M in total. The company is leasing back the property from its pension plan for 11 years and will pay aggregate annual rent of approximately $3.5M to the pension plan. The contribution of the property will have no impact on the company's day-to-day operations at its newspapers, office buildings and/or production centers at these locations. Pursuant to provisions under its bond indenture governing debt previously issued by Knight Ridder (KRI) and assumed by McClatchy in the 2006 acquisition of KRI the company will reduce debt by a minimum of $27.6M over the next 90 days.
February 10, 2016
09:07 EDTMNIMcClatchy plans to contribute $47M to pension plan in Q1
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09:06 EDTMNIMcClatchy sees FY16 Digital-only advertising revenue to maintain trend with Q4
Digital-only advertising revenues are expected to maintain the trend from the fourth quarter of 2015 and grow in the double-digit percentage range in 2016 while print advertising revenues, which remain volatile, are expected to be a smaller percent of total revenues. Audience revenues are expected to continue to be stable. Cash expenses, benefiting from the rollover impact from 2015 initiatives as well as new efforts in 2016, are expected to decline. The company expects that cash from operations and proceeds resulting from strategically monetizing real estate assets will be used to strengthen the company's financial position, including debt reduction. Cash will also be used to fund capital expenditures of $16 million to $20 million in 2016. As of the end of the fourth quarter of 2015, the company had $7.2 million remaining under its authorization for its share repurchase program which will expire at the end of fiscal year 2016.
09:06 EDTMNIMcClatchy plans to 'forge ahead' with innovative transition in FY16
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09:05 EDTMNIMcClatchy reports Q4 EPS 10c, one estimate 12c
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