McClatchy reported a net loss of $37.7 million in Q1 2009 compared to a net loss of $1 million in Q1 2008. Revenues decreased 25.1% to $365.6 million due to a 29.5% drop in advertising revenues, though circulation revenues rose 0.9%. The company expects costs cuts and higher circulation prices to partially offset declining ad revenues throughout 2009 as the economic downturn continues to negatively impact the business. Management remains focused on transitioning to a hybrid print and digital media company through cost reductions and growing its online audience and services.
Presentation / workshop delivered at the Women's Forum 2011 (Deauville). In this workshop, we looked at what is Twitter, why Twitter is of particular interest and the basics of how to use Twitter as an Executive.
This workshop was sponsored by Orange.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. McClatchy Reports First Quarter Results
Released: 04/23/2009
SACRAMENTO, Calif., April 23 /PRNewswire-FirstCall/ -- The McClatchy Company (NYSE:
MNI) today reported a net loss from continuing operations in the first quarter of 2009 of $37.7
million, or 45 cents per share. Adjusted for certain items, (1) the loss from continuing operations
was $22.9 million, or 28 cents.
Net loss from continuing operations in the first quarter of 2008 was $993,000, or one cent per
share. Adjusted for certain items, (1) earnings from continuing operations were $2.8 million, or
three cents in the first quarter of 2008.
Revenues from continuing operations in the first quarter of 2009 were $365.6 million, down
25.1% from the first quarter of 2008. Advertising revenues were $284.7 million, down 29.5%
from the first quarter of 2008, while circulation revenues were up 0.9% to $68.5 million.
Results in both the 2009 and 2008 quarters include certain unique items. Compensation in 2009
included $19.7 million in severance and related charges incurred in connection with the
restructuring plan announced by the company on March 9, 2009, while the 2008 quarter included
$2.1 million related to restructuring programs last year. Interest expense in the 2008 quarter
included a write-down of $3.4 million of deferred financing costs related to an amendment of the
company's bank credit agreement. Both years also included adjustments related to discrete tax
items.
The company noted that on April 15, 2009, it retired $31 million of unsecured notes which had
matured. McClatchy has no other debt maturities until 2011, expects no required pension
contributions until 2010, and has suspended cash dividends. Management expects to use cash
primarily for debt repayment for the remainder of 2009.
Management's Comments:
Commenting on McClatchy's results, Gary Pruitt, chairman and chief executive officer, said, quot;As
anticipated, our advertising revenues in the first quarter of 2009 were weaker than the fourth
quarter of 2008 and reflect the widening economic recession.
quot;The impact of the downturn had largely been limited to print advertising in 2008, but in the first
quarter of 2009 it began to have a greater effect on digital advertising as well. Still, all categories
of digital advertising are outperforming print advertising. In total, digital advertising revenues
decreased 4.7% in the first quarter of 2009. Digital advertising revenues were impacted by
employment advertising, the category most negatively affected by the economic recession and
which is down substantially in print and online. Excluding employment advertising, digital
advertising revenues grew 28.7% in the first quarter of 2009. Also, digital advertising
represented 15.3% of total advertising revenues, up from 11.6% of total advertising for all of
2008, and average monthly unique visitors to our websites grew 26.7% in the first quarter of
2009.
2. quot;To help offset the impact of declining advertising revenues, we implemented a number of
circulation and cost-related initiatives. We have increased circulation prices at a number of our
newspapers over the last several months which resulted in circulation revenue growth of 0.9%.
We have also taken several actions in recent months to reduce our cost structure, largely on a
permanent basis. Cash expenses, excluding the severance-related expenses, were down 18.0% as
the result of the steps we have taken, and we note that newsprint prices fell sequentially in each
month of the quarter. While we have recorded a good portion of the severance related to our
most recent cost restructuring initiatives in the first quarter, most of the benefits of these
initiatives will be realized over the next 12 months, starting in the second quarter of 2009. We
expect lower expenses and improved circulation revenues to continue to mitigate the impact of
advertising revenue declines throughout 2009.
quot;The economic environment is still weak and, like everyone else, our visibility on advertising
trends is limited. So far April's revenues are similar to the first quarter. We will remain focused
on realigning our cost structure as we continue transitioning our business to a hybrid print and
digital media company. We remain the leading local media company in some of the best growth
markets in the nation and are working hard to position the company to benefit from a stronger
economy once conditions improve.quot;
Pat Talamantes, McClatchy's chief financial officer, said, quot;At the end of the first quarter debt net
of cash on hand was $2.02 billion, compared to $2.03 billion at the end of 2008. Based on our
trailing 12 months of cash flow, our leverage ratio, as defined under our credit agreement, was
5.9 times cash flow at the end of the quarter and our interest coverage ratio was 2.8 times cash
flow, both of which are in compliance with the requirements of our credit agreement. We have
approximately $145 million in availability under our bank credit lines, and have no debt
maturities until June 2011. We expect to make further progress in paying down debt in 2009.quot;
The company's unaudited interim statement of income and statistical report, which summarizes
performance for the first fiscal quarter of 2009, follows.
At noon Eastern time today, McClatchy will review its results in a conference call (877-278-
1205 pass code 94228623) and webcast (www.mcclatchy.com). The webcast will be archived at
McClatchy's website.
(1) Adjusted (Loss) Income From Continuing Operations and EPS : Earnings in the first fiscal
quarter of 2009 and 2008 included the impact of certain events including: the impact of
implementing restructuring plans, write-offs of deferred financing costs related to amendments to
the company's credit agreement in 2008, and adjustments for certain discrete tax items in both
years. The impacts of these items on 2009 and 2008 results are summarized below (dollars in
thousands, except per share amounts):
Adjusted (Loss) Income From Continuing Operations
Three Months Ended
March 29, March 30,
3. 2009 2008
(Dollars in thousands, except per
share amounts)
Loss from continuing operations $(37,724) $(993)
Add back certain items, net of tax:
Restructuring related charges 16,129 1,232
Write-off of financing costs - 1,990
Loss on sale of assets 115 -
Certain discrete tax items
(credits)/charges (1,422) 606
Adjusted (loss) income from
continuing operations $(22,902) $2,835
Earnings per share:
Loss from continuing operations $(0.45) $(0.01)
Adjusted (loss) income from
continuing operations $(0.28) $0.03
Non-GAAP measures should not be considered a substitute for
GAAP measures. However, adjusted income from continuing
operations provides meaningful supplemental information
about the company's underlying results of operations,
and management believes it assists investors and financial
analysts in analyzing and forecasting future periods.
***THE McCLATCHY COMPANY***
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(In thousands, except per share amounts)
Three Months Ended
------------------
4. March 29, March 30,
2009 2008
---- ----
REVENUES - NET:
Advertising $284,689 $404,023
Circulation 68,480 67,864
Other 12,456 16,396
------ ------
365,625 488,283
OPERATING EXPENSES:
Compensation 183,308 218,853
Newsprint and supplements 54,376 60,458
Depreciation and amortization 34,377 36,382
Other operating expenses 104,426 115,856
------- -------
376,487 431,549
OPERATING (LOSS) INCOME (10,862) 56,734
NON-OPERATING (EXPENSES) INCOME:
Interest expense (33,921) (45,277)
Interest income 31 96
Equity income (losses) in unconsolidated
companies, net (3,130) (13,124)
Other - net (101) 914
---- ---
(37,121) (57,391)
LOSS FROM CONTINUING OPERATIONS
5. BEFORE INCOME TAX PROVISION (47,983) (657)
INCOME TAX (BENEFIT) PROVISION (10,259) 336
------- ---
LOSS FROM CONTINUING OPERATIONS (37,724) (993)
INCOME FROM DISCONTINUED OPERATIONS -
NET OF INCOME TAXES 209 144
--- ---
NET LOSS $(37,515) $(849)
======== =====
NET LOSS PER COMMON SHARE:
Basic:
Loss from continuing operations $(0.45) $(0.01)
Income from discontinued operation - 0.00
Net loss per share $(0.45) $(0.01)
Diluted:
Loss from continuing operations $(0.45) $(0.01)
Income from discontinued operation - 0.00
Net loss per share $(0.45) $(0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES:
Basic 83,020 82,177
Diluted 83,020 82,177
See notes to consolidated financial statements.
***The McClatchy Company***
Consolidated Statistical Report
(In thousands, except for preprints)
Quarter 1
6. ----------
Combined
--------
Revenues - Net: 2009 2008 % Change
---- ---- --------
Advertising
Retail $147,815 $190,758 -22.5%
National 27,554 38,225 -27.9%
Classified Total 81,552 140,210 -41.8%
Automotive 23,875 35,385 -32.5%
Real Estate 19,738 35,423 -44.3%
Employment 17,194 46,441 -63.0%
Other 20,745 22,961 -9.7%
Direct Marketing 27,408 34,429 -20.4%
Other Advertising 360 402 -10.4%
--- ---
Total Advertising $284,689 $404,024 -29.5%
Circulation 68,480 67,864 0.9%
Other 12,456 16,396 -24.0%
------ ------
Total Revenues $365,625 $488,284 -25.1%
======== ========
Advertising Revenues by Market:
California $51,763 $71,081 -27.2%
Florida 44,117 62,743 -29.7%
Texas 32,001 44,952 -28.8%
7. Southeast 80,886 117,663 -31.3%
Midwest 45,047 61,206 -26.4%
Northwest 30,857 45,990 -32.9%
Other 18 389 -95.4%
-- ---
Total Advertising $284,689 $404,024 -29.5%
Advertising Statistics for Dailies:
Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:*
Daily
Sunday
Quarter 1
----------
Print Only
----------
Revenues - Net: 2009 2008 % Change
---- ---- --------
Advertising
Retail $132,496 $180,795 -26.7%
National 22,517 34,525 -34.8%
Classified Total 58,479 108,309 -46.0%
Automotive 16,112 27,614 -41.7%
Real Estate 15,477 31,417 -50.7%
Employment 9,220 28,417 -67.6%
Other 17,670 20,861 -15.3%
8. Direct Marketing 27,408 34,429 -20.4%
Other Advertising 360 402 -10.4%
--- ---
Total Advertising $241,260 $358,460 -32.7%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California $44,275 $64,019 -30.8%
Florida 37,626 56,499 -33.4%
Texas 27,380 40,861 -33.0%
Southeast 67,624 102,832 -34.2%
Midwest 38,372 53,867 -28.8%
Northwest 25,983 40,382 -35.7%
Other 0 0 0.0%
-- --
Total Advertising $241,260 $358,460 -32.7%
Advertising Statistics for Dailies:
Full Run ROP Linage 5,315.4 6,959.2 -23.6%
Millions of Preprints Distributed 1,318.0 1,532.6 -14.0%
Average Paid Circulation:*
Daily 2,473.9 2,717.1 -9.0%
Sunday 3,110.4 3,328.3 -6.5%
Quarter 1
----------
Online Only
9. -----------
Revenues - Net: 2009 2008 % Change
---- ---- --------
Advertising
Retail $15,319 $9,963 53.8%
National 5,037 3,700 36.1%
Classified Total 23,073 31,901 -27.7%
Automotive 7,763 7,771 -0.1%
Real Estate 4,261 4,006 6.4%
Employment 7,974 18,024 -55.8%
Other 3,075 2,100 46.4%
Direct Marketing
Other Advertising
------- -------
Total Advertising $43,429 $45,564 -4.7%
Circulation
Other
Total Revenues
Advertising Revenues by Market:
California $7,487 $7,062 6.0%
Florida 6,491 6,244 4.0%
Texas 4,621 4,091 13.0%
Southeast 13,262 14,831 -10.6%
Midwest 6,675 7,339 -9.0%
Northwest 4,875 5,608 -13.1%
Other 18 389 -95.4%
10. -- ---
Total Advertising $43,429 $45,564 -4.7%
Advertising Statistics for Dailies:
Full Run ROP Linage
Millions of Preprints Distributed
Average Paid Circulation:*
Daily
Sunday
Columns may not add due to rounding
* Reflects average paid circulation based upon number of
days in period. Does not reflect ABC reported figures.
SOURCE McClatchy Company
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
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, LLC which operates the real
estate website homefinder.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, future dividend payments, cash flows,
debt levels, as well as future opportunities for the company and any other statements about
11. 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
quot;believes,quot; quot;plans,quot; quot;anticipates,quot; quot;expects,quot; quot;estimatesquot; 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 the economic recession
may reduce its income and cash flow greater than expected; McClatchy may not generate cash
from operations, or otherwise, necessary to reduce debt as expected; McClatchy may not
consummate contemplated transactions to 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, bankruptcies or financial strain of its major advertising
customers; McClatchy's ability to achieve and maintain compliance with NYSE listing standards,
including the NYSE share price standard and compliance with its market capitalization and
stockholders' equity standards; commencement by the NYSE of suspension and delisting
procedures if McClatchy fails to implement successfully a plan to correct non-compliance with
the NYSE listing standards; 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 28, 2008, 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.