2015 Annual Report
2015 Annual Report The McClatchy Company is a 21st century news and information leader, publisher of iconic brands such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. McClatchy operates media companies in 28 U.S. markets in 14 states, providing each of its communities with high-quality news and advertising services in a wide array of digital and print formats. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange under the symbol MNI. Financial Highlights (in thousands except per share amounts) 2015 2014 % change For the Year Net revenues $1,056,574 $1,146,552 -7.8% Operating expenses 1,301,913 1,064,229 22.3% Income (loss) from continuing operations (300,162) 375,977 NM* Income (loss) from continuing operations per diluted share (3.47) 4.26 NM* Operating cash flow (1) 178,381 210,496 -15.3% At Year End Total assets $1,923,034 $2,540,716 -24.3% Long-term debt 905,425 994,812 -9.0% Stockholders’ equity 192,763 503,385 -61.7% Shares outstanding: Class A shares 57,130 62,555 -8.7% Class B shares 24,432 24,586 -0.6% * Not meaningful Reconciliation of Operating Cash Flow to Free Cash Flow (in thousands) 2015 2014 % change Operating cash flow (1) $178,381 $210,496 -15.3% Cash interest paid (80,514) (121,375) -33.7% Cash taxes from operations (2) (15,943) (11,968) 33.2% Capital expenditures (18,605) (23,441) -20.6% Free cash flow from operations $ 63,319 $ 53,712 17.9% (1) Operating cash flow represents operating (loss)/income ($245,339 loss in 2015 and $82,323 income in 2014) plus severance charges ($12,927 in 2015 and $5,488 in 2014) plus depreciation and amortization ($101,595 in 2015 and $113,638 in 2014) plus other charges ($309,198 in 2015 and $9,047 in 2014).
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