Business News

McClatchy Files Form 10-K and Reports Final Results for 2008

Tuesday 03. March 2009 - Reports additional loss from discontinued operations

The McClatchy Company (NYSE:MNI) today reported that it filed its Annual Report on Form 10-K for the year ended December 28, 2008 (the Report) with the Securities and Exchange Commission (SEC), which includes its final fourth quarter and full year 2008 results. The company’s fourth quarter 2008 after-tax loss from continuing operations was unchanged from the previously reported $20.4 million, or $0.25 per share. The company’s total net loss, including the results of discontinued operations, was $27.0 million, or $0.33 per share.

The income from continuing operations for full year 2008 was unchanged from the $2.8 million or $0.03 per share previously reported. The company’s total net loss, including the results of discontinued operations, was $4.0 million, or $0.08 per share.

In early 2009 various newspapers formerly owned by the Company filed for bankruptcy under Chapter 11 of the Bankruptcy Code. Certain amounts owed to the Company by these former newspapers may no longer be collectible and as a result, the Company has recorded reserves related to such amounts, net of taxes, of $5.3 million in discontinued operations.

The unaudited consolidated statement of income for the 2008 fourth quarter and full year is attached to this release.