The McClatchy Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 24, 2017; Provides Revenue Guidance for the Fourth Quarter of 2017 and Earnings Guidance for the Full Year 2017
For the nine months, the company reported net revenues of $658,936,000 compared to $714,914,000 a year ago. Operating income of $12,202,000 compared to $3,877,000 a year ago. Loss before income taxes was $232,221,000 compared to $58,010,000 a year ago. Net loss was $371,878,000 compared to $37,279,000 a year ago. Basic and diluted loss per share was $48.83 compared to $4.77 a year ago. LBITDA was $112,658,000 compared to EBITDA of $73,964,000 a year ago. Adjusted EBITDA was $93,155,000 compared to $112,323,000 a year ago. Adjusted net loss was $26,465,000 compared to $11,514,000 a year ago. Capital expenditures were totaled $7.4 million for the first 9 months.
For the fourth quarter of 2017, the company expects to grow digital-only advertising revenue, finishing the full year in the low double digit range. The company expects that print advertising will continue to become a smaller portion of advertising and total revenue. Audience revenues are expected to be down in the low single-digit percentage range in the fourth quarter and full year compared to 2016 periods, in part as a result of loosening pay walls during various weather-related events this year.
The company expects full year adjusted EBITDA to be lower than last year.