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McClatchy Reports Fourth Quarter 2010 Earnings

SACRAMENTO, Calif. Feb. 8, 2011 The McClatchy Company $15.8 million 18 cents $32.4 million 38 cents $33.6 million 39 cents $49.6 million 59 cents $14.9 million 17 cents $25.8 million 30 cents

$21.4 million Miami

$369.9 million $287.4 million $69.0 million

$4.3 million $120.9 million

Full Year Results:

$33.2 million 39 cents $58.0 million 68 cents $36.3 million 43 cents

$60.3 million 72 cents $60.6 million 72 cents $54.1 million 65 cents

$1.4 billion $1.5 billion $1.0 billion $272.8 million

$108.5 million $382.1 million

Other Recent Events:

December 2010 $24.3 million

January 2011 $49.6 million Feb. 1, 2011 The Miami Herald $16.5 million

Management’s Comments

Gary Pruitt

"Looking at the fourth quarter of 2010, advertising revenues were down year-over-year by 6.9% compared to declines of 6.4% in the third quarter, 8.2% in the second quarter and 11.2% in the first quarter of the year. The declines in retail and classified advertising were similar to our third quarter year-over-year declines, but the decline in national advertising revenues accelerated. National advertising is a volatile advertising category, and while it helped our trend earlier in the year, that momentum, unfortunately, did not carry into the fourth quarter.

"Our digital advertising revenue grew 5.1% in the fourth quarter and was up 2.4% for all of 2010. In 2010 digital ads represented 18.1% of our total advertising revenue. Our local daily unique visitors continue to grow strongly, up 13.1% in the fourth quarter and 17.3% for all of 2010.

$12.2 million to $382.1 million

January 2010

"In response to this year’s weak start, we have increased our ad sales efforts companywide and have initiated expense cuts at those newspapers that have seen the more significant ad revenue declines in December and January. We are determined to improve advertising revenue trends and control costs as we move through the year. We will continue to pay down debt and improve our financial condition at every opportunity."

Pat Talamantes $1.775 billion $174 million $17 million Miami $18 million

"Based on our trailing 12 months of cash flow, our leverage ratio, as defined under our credit agreement, was 4.6 times cash flow at the end of the fourth quarter compared to 5.3 times at the end of 2009. Our interest coverage ratio was 2.4 times. Both of these ratios are well within the covenant requirements under our current credit agreement of a leverage ratio of less than 6.75 times and an interest coverage ratio of greater than 1.5 times."

(1) Adjusted Earnings From Continuing Operations and EPS :

Earnings in the fourth quarters and the full years of 2010 and 2009 included the impact of several unusual events, including:

  • $10.7 million
  • Compensation in 2010 and 2009 included pre-tax severance charges incurred in connection with the restructuring plans.
  • May 21, 2009 June 25, 2009 $3.4 million $24.2 million $102.8 million $375,000 February 2010
  • During 2010 and 2009, the company recorded accelerated depreciation on production equipment associated with the outsourcing of printing at various newspapers.
  • Miami, Florida
  • In 2009 the company refined its estimate of its projected effective annual tax rate and applied the revised rate to the unusual items resulting in a significant adjustment in the fourth quarter of 2009.
  • Both 2010 and 2009 included net benefits for certain discrete tax items, and the reversal of interest on income taxes related to certain of those discrete tax items.

The impact of these items on the 2010 and 2009 results are summarized below:

Three Months Ended

Year Ended

(Dollars in thousands, except per share amounts)

December 26,
2010

December 27,
2009

December
26, 2010

December
27, 2009

Income from continuing operations

$15,789

$32,384

$33,190

$60,264

Unusual items, net of tax:

  Gain (loss) on extinguishment of debt

1,979

20

6,713

(27,780)

  Restructuring related charges

1,881

1,596

6,086

15,672

  Impairment related charges

15,331

17,834

15,331

17,834

  Accelerated depreciation on equipment

1,583

3,676

5,794

  Reversal of interest on tax settlements

(205)

(3,839)

(657)

(3,839)

  Impact of revised projected annual tax rate

6,442

  Other

4

61

(271)

Certain discrete tax items

(2,787)

(4,797)

(6,408)

(7,061)

Adjusted income from continuing operations

$33,571

$49,644

$57,992

$60,613

Diluted earnings per share:

Income from continuing operations

$    0.18

$         0.38

$  0.39

$          0.72

Adjusted income from continuing operations

$    0.39

$         0.59

$  0.68

$          0.72

Non-GAAP Financial Measures:

the United States

  • the ability to make more meaningful period-to-period comparisons of the company’s on-going operating results;
  • the ability to better identify trends in the company’s underlying business;
  • a better understanding of how management plans and measures the company’s underlying business; and
  • An easier way to compare the company’s most recent operating results against investor and analyst financial models.

Operating income, non-operating expenses and income, income taxes, net income and diluted earnings per share excluding certain special or unusual items should not be considered a substitute or an alternative to these computations calculated in accordance with and required by GAAP. Nor are operating cash flow and operating cash flow margins to be considered replacements for cash provided by operating activities as shown in the company’s statement of cash flows.

The company’s statistical report, which summarizes revenue performance for the 2010 fourth fiscal quarter and fiscal year 2010, follows.

noon Eastern time 877-278-1205 40320329 www.mcclatchy.com

About McClatchy

the United States The Miami Herald, The Sacramento Bee, Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer The News & Observer Raleigh .

McClatchy also owns a portfolio of premium digital assets, including 14.4% of CareerBuilder, the nation’s largest online job site, 25.6% of Classified Ventures, a newspaper industry partnership that offers two of the nation’s premier classified websites: the auto website Cars.com and the rental site Apartments.com and 33.3% of HomeFinder, which operates the real estate website HomeFinder.com. McClatchy is listed on the New York Stock Exchange under the symbol MNI.

Additional Information:

Dec. 27, 2009

***THE McCLATCHY COMPANY***

CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

(In thousands, except per share amounts)

Three Months Ended

Year Ended

December 26,

December 27,

December 26,

December 27,

2010

2009

2010

2009

REVENUES – NET:

  Advertising

$     287,369

$     308,659

$  1,049,964

$  1,143,129

  Circulation

69,041

71,396

272,776

278,256

  Other

13,517

13,179

52,492

50,199

369,927

393,234

1,375,232

1,471,584

OPERATING EXPENSES:

  Compensation

125,035

128,758

519,179

582,241

  Newsprint and supplements

38,717

33,981

136,642

167,164

  Depreciation and amortization

33,031

32,204

133,404

142,889

  Other operating expenses

88,288

94,072

347,124

380,778

285,071

289,015

1,136,349

1,273,072

OPERATING INCOME

84,856

104,219

238,883

198,512

NON-OPERATING (EXPENSES) INCOME:

  Interest expense

(43,393)

(24,501)

(177,641)

(127,276)

  Interest income

30

1

550

47

  Equity gain (losses) in unconsolidated companies, net

3,599

(1,511)

11,752

2,338

  (Loss) gain on extinguishment of debt

(3,142)

(32)

(10,661)

44,117

  Write-down of investments and land

(24,297)

(28,322)

(24,297)

(28,322)

  Other – net

119

309

265

(5)

(67,084)

(54,056)

(200,032)

(109,101)

INCOME  FROM CONTINUING OPERATIONS

  BEFORE INCOME TAX PROVISION

17,772

50,163

38,851

89,411

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