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McClatchy (NYSE American-MNI) notified a net loss in the third quarter of 2019 of $304.7 million

On Wednesday McClatchy (NYSE American-MNI) stock plunged -14.18% and closed at 2.24. The stock opened the session at $2.44 and touched its highest price point at $2.44. Its recent trading capacity is 48385 shares versus to its average trading volume of 8082 shares. The company’s stock’s lowest price point for the session stood at $2.18.MNI traded as low as $ OTTW in the past 52 weeks, and shares hit its peak level to $8.25.

On Nov. 13, 2019, McClatchy (NYSE American-MNI) notified a net loss in the third quarter of 2019 of $304.7 million, or $38.43 per share including a non-cash charge of $295.3 million for impairment of goodwill and masthead intangible assets. This compares to net income of $7 million, or $0.90 per share in the third quarter of 2018.

Although still facing headwinds, we are pleased to report 4.6% growth in adjusted EBITDA in the third quarter of 2019 — the first increase in eight years, said Craig Forman, McClatchy’s President and CEO. The adjusted EBITDA trend also improved sequentially, swinging to growth from ever-narrowing year-over-year declines in three prior consecutive quarters. This result reflects our discipline in controlling costs while making strategic changes to accelerate our digital transition.

The trend in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved sequentially for the fourth consecutive quarter. Adjusted EBITDA, excluding the impact of real estate gains, was up 2.0% for the quarter compared to the third quarter of 2018. Adjusted EBITDA does not include the non-cash charge related to goodwill and masthead asset impairments.

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