McClatchy Q4 Profit Spikes - Quick Facts

(RTTNews) - McClatchy Co.'s (MNI) fourth-quarter 2014 net income from continuing operations for the fourth quarter 2014, which includes the gain on the sale of McClatchy's interest in Cars.com, was $303.0 million, or $3.45 per share, compared with last year's $11.9 million, or $0.13 per share. Excluding the net impact of certain items listed below, adjusted net income from continuing operations in the fourth quarter of 2014 was $11.0 million, compared to net income from continuing operations, adjusted for similar items, of $29.4 million in the fourth quarter of 2013.

The company said that the discontinued operations had no material impact on net income in the recent quarter. Net income for the prior-year quarter, including the impact of discontinued operations, was $12.5 million, or $0.14 per share.

Quarterly total revenues were $317.6 million, down 5.9% year-over-year. Advertising revenues were $209.2 million, a 10.8% decrease compared with the previous year. The softness in the print retail and national advertising environment continued to negatively impact print and direct marketing advertising revenues, according to McClatchy.

Looking to full year 2015, the company plans to continue its digital transformation and revenue diversification. Nearly two-thirds of its revenues are derived from sources other than print newspaper advertising. In 2015, the company expects to focus on growing revenue sources that include digital and direct marketing advertising, audience and other non-traditional revenues.