The McClatchy Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Year 2018
For the nine months, the company reported net revenues of $594,271,000 compared to $658,936,000 a year ago. Operating loss was $20,408,000 compared to operating income of $12,202,000 a year ago. Loss before income taxes was $55,200,000 compared to $232,221,000 a year ago. Net loss was $52,268,000 compared to $393,497,000 a year ago. Basic and diluted loss per share was $6.74 compared to $51.67 a year ago. EBITDA was $62,477,000 compared to LBITDA of $112,658,000 a year ago. Adjusted EBITDA was $69,588,000 compared to $102,261,000 a year ago. Adjusted net loss was $47,344,000 compared to $20,918,000 a year ago.
The company expects to end the year with a stronger fourth quarter 2018. The company expects audience revenues to continue the trend from the third quarter. Putting this all together, the company expects improvement in the trend of total revenues in the second half of 2018 compared to the first half of the year. Management expects to reduce GAAP and adjusted operating expenses through cost savings initiatives taken this year that are expected to have a greater impact in the fourth quarter.