SACRAMENTO, Calif., July 24 CA-McClatchy-2Q-Earns
SACRAMENTO, Calif., July 24 /PRNewswire-FirstCall/ -- The McClatchy
Company (NYSE: MNI) today reported net income from continuing operations in
the second quarter of 2008 of $20.1 million, or 24 cents per share. Adjusted
earnings from continuing operations(1) excluding several unusual items in the
second quarter of 2008 were $17.3 million or 21 cents per share. Total net
income including discontinued operations was $19.7 million, or 24 cents per
share.
Earnings in the second quarter of 2008 included the impact of several
unusual events including: a gain on the sale of a one-third interest in SP
Newsprint Company (SP), a gain on the extinguishment of debt related to a bond
tender, the charges related to implementing a previously announced
restructuring plan, the write-down of certain internet investments and a
charge for certain discrete tax items.
The company's second quarter 2007 earnings from continuing operations were
$34.5 million, or 42 cents per share, and included the effect of an after-tax
non-cash loss of $4.7 million, or six cents per share, related to the
settlement of litigation and amendment to a Joint Operating Agreement paid by
the Seattle Times Company (STC) in which McClatchy is a 49.5% owner. The
company's total net income for the second fiscal quarter of 2007, including
the results of discontinued operations, was $35.2 million, or 43 cents per
share.
Revenues in the second quarter of 2008 were $489.7 million, down 15.6%
from revenues from continuing operations of $580.0 million in the second
quarter of 2007. Advertising revenues were $406.3 million, down 16.8% from
2007, and circulation revenues were $66.1 million, down 5.2%. Online
advertising revenues grew 12.5% in the second quarter of 2008 and were 11.8%
of total advertising revenues compared to 8.6% of total advertising revenues
for all of 2007.
On March 31, 2008 (the first day of the company's second fiscal quarter),
McClatchy and its partners, affiliates of Cox Enterprises, Inc. and Media
General, Inc., completed the sale of SP Newsprint Company, of which McClatchy
was a one-third owner. The pre-tax gain on the sale of SP was $32.0 million
and proceeds of $55 million from the sale were used to reduce debt.
In May 2008, the company purchased $300 million aggregate principal amount
of its outstanding publicly traded debt securities for $282.4 million and
recorded a pre-tax gain of $19.5 million. The Company repaid $294.7 million
in debt in the second quarter reducing total debt to $2.10 billion from $2.40
billion at the end of the first quarter.
On June 16, 2008, the company announced a restructuring plan which is
expected to result in $95 million to $100 million in annual savings over the
next four quarters. This plan includes a reduction in workforce of
approximately 10% and is expected to result in severance of approximately $30
million. The company expects to reduce non-newsprint cash expense in the low
double-digit percentage range over the balance of 2008 excluding the
severance. Second quarter 2008 results include related severance and
retirement plan curtailment charges of $23.3 million.
On June 30, 2008 (the first day of the company's third fiscal quarter) the
company sold its 15.0% interest in ShopLocal, LLC for $7.875 million and used
the proceeds to reduce debt. A tax benefit from the sale is expected to
result in cash tax savings of approximately $5.6 million in the fourth quarter
of 2008. The company reduced its carrying value of ShopLocal to match the
sales price. In addition, one of the internet companies in which McClatchy has
an investment incurred an impairment on a product and as a result, the company
recognized a charge related to this investment in the second quarter. The
total non-cash pre-tax charges related to impairments of internet investments,
including ShopLocal, in the second quarter were $21.5 million.
First Six Months Results:
Income from continuing operations for the first six months of 2008 was
$19.1 million or 23 cents per share, and was affected by the issues discussed
above as well as two additional items in the first quarter of 2008 which are
discussed in the table of adjusted earnings(1) below. Adjusted earnings from
continuing operations were $20.0 million or 24 cents in the first half of
2008. The company's total net income for the first six months of 2008
including the results of discontinued operations was $18.8 million, or 23
cents per share.
Earnings from continuing operations for the first half of 2007 were $49.0
million or 60 cents per share including the settlement of litigation and
amendment to a Joint Operating Agreement paid by the Seattle Times Company.
The company's total net income, including the results of discontinued
operations, for the first half of 2007 was $44.3 million, or 54 cents per
share. Discontinued operations reflect the results of the (Minneapolis) Star
Tribune newspaper which was sold on March 5, 2007.
Revenues from continuing operations in the first six months of 2008 were
down 14.7% to $978.0 million compared to $1.1 billion in 2007. Advertising
revenues in 2008 totaled $810.4 million, down 16.1% and circulation revenues
were $133.9 million, down 5.4%. Online advertising revenues grew 11.5% in the
first half of 2008 and represented 11.6% of total advertising revenues.
Debt repayments totaled more than $370 million in the first six months of
2008 and the company noted that debt was $ 2.10 billion as of June 29, 2008.
Management's Comments:
Commenting on McClatchy's results, Gary Pruitt, chairman and chief
executive officer, said, "Our advertising revenues in the second quarter of
2008 were down in the mid-teen percentage range and continued to be hurt by
the weak economy and the secular shift in advertising to the internet.
"We were pleased to see strength in our online business in the second
quarter, reflected in both audience growth and advertising sales. Through the
second quarter, unique visitors to our websites were up 24.7% following 41.4%
growth in the first quarter.
"Online advertising revenues grew a strong 12.5% in the second quarter of
2008. Excluding employment advertising, which is the category most tied to
print up-sell advertising and which has declined nationally both in print and
online, our online advertising grew 58.5% in the second quarter of this year.
We were pleased to note that nearly 50% of our online advertising came from
ads placed only online; they were not tied to a print up-sell.
"Despite the strong growth in our online business, the advertising
environment continues to be weak and we expect revenues to continue to be
down. Whether revenues improve from recent trends depends upon the direction
of the overall economy.
"We are not standing idly by; we are investing significantly in our online
operations, including adding sales staff, realigning sales incentives to focus
on driving sales and expanding online sales training budgets and efforts. We
are working with industry peers and technology companies to offer the best
online products. Our partnership with Yahoo will enhance audience reach and
enable us to build and refine capabilities for highly targeted advertising and
online search, further growing online revenues. In June we named Stephen
Bernard to a newly-created position as corporate vice president for
advertising to better serve our large retail and national customers both
online and in print.
"We are also focused on our cost structure. The continuing decline in
print advertising means we have accelerated plans to become a smaller, more
efficient company well-positioned for future success in an increasingly
competitive environment. We are aggressively pursuing synergies with other
newspapers, such as the announcement to partner with Pioneer Newspapers to
print our Boise, Idaho, and Bellingham, Wash., papers beginning in 2009. On
June 16 we announced a plan to reduce our workforce through both voluntary and
involuntary separations by about 1,400 full-time equivalent employees. We are
retaining our strategic focus on sales, news and online operations as we
realign our cost structure, but are taking advantage of opportunities to
streamline operations. Excluding severance and other benefit charges related
to this restructuring plan, cash expenses were down 9.1% in the second
quarter, and were down 10.0% in the first half of 2008.
"We are committed to doing more if revenues decline further in the second
half. Our board will meet during the third quarter to consider dividend
policies and we will look at additional cost saving measures as necessary. But
we know that economic slowdowns do not last forever and our 151-year-old
company has been successful by taking a long-term view and staying true to our
strategic plan. So while we will remain focused on realigning our cost
structure as we transition to an integrated multimedia company in print and
online, we are also focused on continuing to be the leading local media
company in some of the best growth markets in the nation. We are working hard
to position the company to benefit from a stronger economy once conditions
improve."
Pat Talamantes, McClatchy's chief financial officer, said, "We continue to
generate significant cash. Our cash flow, coupled with asset sales and the
income tax refund related to our sale of the (Minneapolis) Star Tribune in
2007, allowed us to repay more than $370 million of debt in the first half.
Debt at the end of the quarter was $2.1 billion, compared to $2.5 billion at
the end of 2007. As a result, our interest expense declined $12.9 million or
26% from second quarter 2007. We have met all of our financial obligations,
including the financial covenants in our credit agreement, and we expect to
continue to do so. We continue to monitor our financial position and have good
relationships with our bank group, and we will seek an amendment to our
covenants if necessary. We still expect to make further progress in
deleveraging our balance sheet and expect total debt to be in the $2 billion
range by the end of 2008."
(1) Adjusted Earnings From Continuing Operations and EPS:
Earnings in the second quarter of 2008 included the impact of several
unusual events including: the sale of a one-third interest in SP Newsprint
Company (SP), a gain on the extinguishment of debt related to a second quarter
bond tender, the impact of implementing a previously announced restructuring
plan, the write-down of certain internet investments and a charge for certain
discrete tax items. The company's 2008 first quarter results included two
charges: a charge related to an amendment to the company's bank agreement that
provides the company greater flexibility under its debt covenants, and a
charge for certain discrete tax items. The impacts of these items on 2008
results are summarized below (dollars in thousands, except per share amounts):
Three Months Ended Six Months Ended
Amount Per share Amount Per share
Income(loss) from continuing
operations$20,051 $0.24$19,057$0.23
Unusual items, net of tax:
Gain on sale of SP Newsprint Co
interest (19,393)(0.23) (19,393) (0.23)
Gain on extinguishment of debt (12,299)(0.14) (12,299) (0.14)
Restructuring related charges 13,188 0.16 14,373 0.17
Impairments related to internet
investments13,532 0.16 13,532 0.16
Write-off of financing costs,
net of tax ---- 1,914 0.02
Certain discrete tax items 2,245 0.02 2,851 0.03
Adjusted income from continuing
operations$17,324 $0.21$20,035$0.24
Non-GAAP measures should not be considered a substitute for GAAP measures.
However, the adjusted income from continuing operations provides meaningful
supplemental information about the company's 2008 underlying results of
operations, and management believes it assists investors and financial
analysts in analyzing and forecasting future periods.
The company's statistical report, which summarizes revenue performance for
June, the second fiscal quarter and first half of 2008, follows.
At noon Eastern Time today, McClatchy will review its results in a
conference call (877-278-1205 pass code 53484230) and webcast
(http://www.mcclatchy.com). The webcast will be archived at McClatchy's
website.
About McClatchy
The McClatchy Company is the third largest newspaper company in the United
States, with 30 daily newspapers, approximately 50 non-dailies, and direct
marketing and direct mail operations. McClatchy also operates leading local
websites in each of its markets which extend its audience reach. The websites
offer users comprehensive news and information, advertising, e-commerce and
other services. Together with its newspapers and direct marketing products,
these interactive operations make McClatchy the leading local media company in
each of its premium high growth markets. McClatchy-owned newspapers include
The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas
City Star, the Charlotte Observer, and The (Raleigh) News & Observer.
McClatchy also owns a portfolio of premium digital assets, including 14.4%
of CareerBuilder, the nation's largest online job site, and 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. McClatchy is listed on the New York Stock
Exchange under the symbol MNI.
Additional Information:
Statements in this press release regarding future financial and operating
results, including revenues, anticipated savings from cost reduction efforts,
cash flows, debt levels, as well as future opportunities for the company and
any other statements about management's future expectations, beliefs, goals,
plans or prospects constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Any statements that are
not statements of historical fact (including statements containing the words
"believes," "plans," "anticipates," "expects," estimates and similar
expressions) should also be considered to be forward-looking statements.
There are a number of important risks and uncertainties that could cause
actual results or events to differ materially from those indicated by such
forward-looking statements, including: the duration and depth of an economic
recession in markets where McClatchy operates its newspapers may reduce its
income and cash flow greater than expected; McClatchy may not consummate
contemplated transactions which may enable debt reduction on anticipated terms
or at all; McClatchy may not achieve its expense reduction targets or may do
harm to its operations in attempting to achieve such targets; McClatchy's
operations have been, and will likely continue to be, adversely affected by
competition, including competition from internet publishing and advertising
platforms; McClatchy's expense and income levels could be adversely affected
by changes in the cost of newsprint and McClatchy's operations could be
negatively affected by any deterioration in its labor relations, as well as
the other risks detailed from time to time in the Company's publicly filed
documents, including the Company's Annual Report on Form 10-K for the year
ended December 30, 2007, filed with the U.S. Securities and Exchange
Commission. McClatchy disclaims any intention and assumes no obligation to
update the forward-looking information contained in this release.
***THE McCLATCHY COMPANY***
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 29, July 1, June 29, July 1,
2008 2007 2008 2007
REVENUES - NET:
Advertising$406,328 $488,277 $810,351 $965,300
Circulation 66,05569,707 133,919141,587
Other17,30022,04333,696 39,698
489,683 580,027 977,966 1,146,585
OPERATING EXPENSES:
Compensation229,057 228,959 447,910465,283
Newsprint and supplements64,18972,186 124,647147,603
Depreciation and amortization36,64938,35773,031 76,190
Other operating expenses116,073 123,144 231,929252,740
445,968 462,646 877,517941,816
OPERATING INCOME43,715 117,381 100,449204,769
NON-OPERATING (EXPENSES) INCOME:
Interest expense(36,668) (49,556) (81,945) (103,341)
Interest income 47542 571106
Equity losses in unconsolidated
companies, net(366) (11,198) (13,490) (20,947)
Impairments related to
internet investments (21,515) -- (21,515)--
Gain on sale of SP Newsprint 31,976--31,976 --
Gain on extinguishment of debt 19,500--19,500 --
Other - net 105 791 1,019743
(6,493) (59,921) (63,884) (123,439)
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAX PROVISION 37,22257,46036,565 81,330
INCOME TAX PROVISION17,17122,92917,508 32,286
INCOME FROM CONTINUING OPERATIONS 20,05134,53119,057 49,044
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS - NET OF INCOME TAXES (386) 705 (242)(4,778)
NET INCOME $19,665 $35,236 $18,815$44,266
NET INCOME PER COMMON SHARE:
Basic:
Income from continuing
operations $0.24 $0.42 $0.23 $0.60
Income (loss) from
discontinued operations(0.00) 0.01 (0.00) (0.06)
Net income per share $0.24 $0.43 $0.23 $0.54
Diluted:
Income from continuing
operations $0.24 $0.42 $0.23 $0.60
Income (loss) from
discontinued operations (0.00) 0.01 (0.00) (0.06)
Net income per share $0.24 $0.43 $0.23 $0.54
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES:
Basic 82,26481,97682,220 81,931
Diluted 82,31782,03782,274 82,010
See notes to consolidated financial statements.
***The McClatchy Company***
Consolidated Statistical Report
(In thousands, except for preprints)
June
Combined
Revenues - Net: 2008 2007% Change
Advertising
Retail$56,715 $65,433 -13.3%
National 10,853 14,635 -25.8%
Classified Total 40,355 57,234 -29.5%
Automotive 10,949 13,731 -20.3%
Real Estate 10,204 16,637 -38.7%
Employment 11,832 19,582 -39.6%
Other 7,3707,284 1.2%
Direct Marketing 10,947 10,168 7.7%
Other Advertising 123 273 -54.9%
Total Advertising $118,993 $147,743 -19.5%
Circulation 19,813 21,112 -6.2%
Other 5,5775,736 -2.8%
Total Revenues $144,383 $174,591 -17.3%
Advertising Revenues by Market:
California$21,877 $30,459 -28.2%
Florida16,622 20,595 -19.3%
Texas 12,796 15,323 -16.5%
Southeast 34,558 41,133 -16.0%
Midwest19,169 22,239 -13.8%
Northwest 13,875 17,480 -20.6%
Other 96 514 -81.3%
Total Advertising $118,993 $147,743 -19.5%
Print Only
Revenues - Net: 20082007% Change
Advertising
Retail $52,851 $63,225 -16.4%
National 9,552 13,980 -31.7%
Classified Total 30,394 46,336 -34.4%
Automotive 8,152 11,750 -30.6%
Real Estate 8,746 15,438 -43.3%
Employment 6,835 12,344 -44.6%
Other6,661 6,804 -2.1%
Direct Marketing 10,947 10,168 7.7%
Other Advertising123 273 -54.9%
Total Advertising $103,867$133,982 -22.5%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California $19,479 $28,277 -31.1%
Florida 14,431 18,590 -22.4%
Texas 11,486 14,169 -18.9%
Southeast 29,757 36,824 -19.2%
Midwest 16,533 20,119 -17.8%
Northwest 12,181 15,620 -22.0%
Other 0 383-100.0%
Total Advertising $103,867$133,982 -22.5%
Advertising Statistics for Dailies:
Full Run ROP Linage2,237.4 2,592.6 -13.7%
Millions of Preprints Distributed458.2 501.2 -8.6%
Average Paid Circulation:*
Daily 2,501.1 2,606.1 -4.0%
Sunday 3,149.1 3,309.0 -4.8%
Online Only
Revenues - Net: 20082007% Change
Advertising
Retail$3,864 $2,208 75.0%
National 1,301 655 98.6%
Classified Total 9,961 10,898 -8.6%
Automotive 2,797 1,981 41.2%
Real Estate 1,458 1,199 21.6%
Employment 4,997 7,238 -31.0%
Other 709 480 47.7%
Direct Marketing - - -
Other Advertising Marketing- - -
Total Advertising $15,126 $13,761 9.9%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California$2,398 $2,182 9.9%
Florida2,191 2,005 9.3%
Texas 1,310 1,154 13.5%
Southeast 4,801 4,309 11.4%
Midwest2,636 2,120 24.3%
Northwest 1,694 1,860 -8.9%
Other 96 131 -26.7%
Total Advertising $15,126 $13,761 9.9%
* Reflects average paid circulation based upon number of days in period.
Does not reflect ABC reported figures.
***The McClatchy Company***
Consolidated Statistical Report
(In thousands, except for preprints)
Quarter 2
Combined
Revenues - Net: 2008 2007 % Change
Advertising
Retail $196,497 $213,340 -7.9%
National 36,682 46,065 -20.4%
Classified Total 135,144 187,941 -28.1%
Automotive 35,997 43,778 -17.8%
Real Estate 34,412 54,724 -37.1%
Employment 40,423 66,310 -39.0%
Other24,312 23,129 5.1%
Direct Marketing 37,590 40,246 -6.6%
Other Advertising 415 685 -39.4%
Total Advertising $406,328 $488,277 -16.8%
Circulation 66,055 69,708 -5.2%
Other17,300 22,042 -21.5%
Total Revenues $489,683 $580,027 -15.6%
Advertising Revenues by Market:
California$72,433 $95,226 -23.9%
Florida58,229 72,616 -19.8%
Texas 44,139 50,745 -13.0%
Southeast 119,619 138,365 -13.5%
Midwest64,027 71,828 -10.9%
Northwest 47,524 57,899 -17.9%
Other 3571,598 -77.7%
Total Advertising $406,328 $488,277 -16.8%
Print Only
Revenues - Net: 20082007 % Change
Advertising
Retail $184,681$206,801 -10.7%
National 32,447 44,290 -26.7%
Classified Total 103,085 153,475 -32.8%
Automotive 27,563 37,740 -27.0%
Real Estate 29,891 50,926 -41.3%
Employment 23,722 43,341 -45.3%
Other 21,909 21,468 2.1%
Direct Marketing 37,590 40,246 -6.6%
Other Advertising415 685 -39.4%
Total Advertising $358,218$445,497 -19.6%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California $64,771 $88,488 -26.8%
Florida 51,550 67,127 -23.2%
Texas 40,081 47,112 -14.9%
Southeast104,150 124,319 -16.2%
Midwest 55,555 65,120 -14.7%
Northwest 42,111 52,081 -19.1%
Other 0 1,250-100.0%
Total Advertising $358,218$445,497 -19.6%
Advertising Statistics for Dailies:
Full Run ROP Linage7,237.9 8,560.7 -15.5%
Millions of Preprints Distributed 1,535.0 1,645.9 -6.7%
Average Paid Circulation:*
Daily 2,624.2 2,720.5 -3.5%
Sunday 3,232.0 3,360.8 -3.8%
Online Only
Revenues - Net: 20082007 % Change
Advertising
Retail $11,816 $6,539 80.7%
National 4,235 1,775 138.6%
Classified Total 32,059 34,466 -7.0%
Automotive 8,434 6,038 39.7%
Real Estate 4,521 3,798 19.0%
Employment 16,701 22,969 -27.3%
Other2,403 1,661 44.7%
Direct Marketing -- ----
Other Advertising -- ----
Total Advertising $48,110 $42,780 12.5%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California$7,662 $6,738 13.7%
Florida6,679 5,489 21.7%
Texas 4,058 3,633 11.7%
Southeast 15,469 14,046 10.1%
Midwest8,472 6,708 26.3%
Northwest 5,413 5,818 -7.0%
Other357 348 2.6%
Total Advertising $48,110 $42,780 12.5%
* Reflects average paid circulation based upon number of days in period.
Does not reflect ABC reported figures.
***The McClatchy Company***
Consolidated Statistical Report
(In thousands, except for preprints)
June Year-to-Date
Combined
Revenues - Net: 2008 2007 % Change
Advertising
Retail $387,255 $419,529 -7.7%
National 74,90791,216-17.9%
Classified Total 275,355 376,612-26.9%
Automotive 71,38385,933-16.9%
Real Estate 69,835 109,911-36.5%
Employment 86,864 136,027-36.1%
Other 47,27344,741 5.7%
Direct Marketing 72,02076,892 -6.3%
Other Advertising814 1,051-22.5%
Total Advertising $810,351 $965,300-16.1%
Circulation133,919 141,587 -5.4%
Other 33,69639,698-15.1%
Total Revenues $977,966$1,146,585-14.7%
Advertising Revenues by Market:
California $143,514 $187,712-23.5%
Florida 120,971 154,797-21.9%
Texas 89,09199,185-10.2%
Southeast237,281 271,116-12.5%
Midwest 125,234 138,965 -9.9%
Northwest 93,514 110,472-15.4%
Other746 3,053-75.6%
Total Advertising $810,351 $965,300-16.1%
Print Only
Revenues - Net: 20082007 % Change
Advertising
Retail $365,476$407,096 -10.2%
National 66,972 88,037 -23.9%
Classified Total 211,395 308,239 -31.4%
Automotive 55,178 74,249 -25.7%
Real Estate 61,308 102,427 -40.1%
Employment 52,139 89,963 -42.0%
Other 42,770 41,600 2.8%
Direct Marketing 72,020 76,892 -6.3%
Other Advertising814 1,051 -22.5%
Total Advertising $716,667$881,315 -18.7%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California $128,790$174,532 -26.2%
Florida 108,048 143,466 -24.7%
Texas 80,942 92,302 -12.3%
Southeast206,982 243,312 -14.9%
Midwest 109,422 125,900 -13.1%
Northwest 82,493 99,302 -16.9%
Other 0 2,501-100.0%
Total Advertising $716,677$881,315 -18.7%
Advertising Statistics for Dailies:
Full Run ROP Linage 14,197.216,467.5 -13.8%
Millions of Preprints Distributed 3,067.6 3,325.3 -7.7%
Average Paid Circulation:*
Daily 2,670.6 2,775.4 -3.8%
Sunday 3,280.3 3,420.7 -4.1%
Online Only
Revenues - Net: 20082007 % Change
Advertising
Retail $21,779 $12,433 75.2%
National 7,935 3,179 149.6%
Classified Total 63,960 68,373 -6.5%
Automotive 16,205 11,684 38.7%
Real Estate 8,527 7,484 13.9%
Employment 34,725 46,064 -24.6%
Other4,503 3,141 43.4%
Direct Marketing -- ----
Other Advertising -- ----
Total Advertising $93,674 $83,985 11.5%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California $14,724 $13,180 11.7%
Florida 12,923 11,331 14.0%
Texas 8,149 6,883 18.4%
Southeast 30,299 27,804 9.0%
Midwest 15,812 13,065 21.0%
Northwest 11,021 11,170 -1.3%
Other746 552 35.1%
Total Advertising $93,674 $83,985 11.5%
* Reflects average paid circulation based upon number of days in period.
Does not reflect ABC reported figures.
SOURCE The McClatchy Company
