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TheStreet Open House

McClatchy Holds 2013 Annual Meeting Of Shareholders

Stocks in this article: MNI

SACRAMENTO, Calif., May 14, 2013 /PRNewswire/ --  The McClatchy Company (NYSE: MNI) shareholders today elected 11 directors to one-year terms and ratified the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for 2013. 

Shareholders elected Clyde W. Ostler, a former executive with Wells Fargo & Company, as a new Class A director and also re-elected Elizabeth Ballantine and Kathleen Foley Feldstein as Class A directors. Leroy Barnes, Molly Maloney Evangelisti, Brown McClatchy Maloney, Kevin S. McClatchy, William McClatchy, Theodore R. Mitchell, Patrick J. Talamantes and Frederick R. Ruiz were re-elected as Class B directors.

The company also said farewell to S. Donley Ritchey, who retired today from the company's board after nearly 28 years of service.

Kevin McClatchy, the company's chairman of the board, noted that Ritchey had served as a board member since 1985 and that his wisdom and leadership would be missed. "Don has contributed greatly to McClatchy, and we wish him all the best in his retirement," he said.

Talamantes, McClatchy's president and chief executive officer, reviewed the company's results for 2012 and the first quarter of 2013, highlighting the impact of innovation.  "What I see throughout McClatchy is innovation," he said.  "It's taking place every day – transforming our company for a successful future and keeping our news mission as important and relevant as it's ever been." 

Talamantes referenced the progress the company had made on refinancing and reducing its debt in 2012 and early 2013.  Talamantes said, "Toward the end of the year, we took advantage of a historically strong bond market and completed the refinancing of a significant portion of our debt. We sold $910 million in new senior secured bonds due in 2022 with an interest rate of 9% and used the proceeds to buy a majority of our senior secured notes due in 2017, which carried a higher interest rate of 11.5%.  All but $83.6 million of the 11.5% bonds were retired in December and the remainder was retired in early 2013." 

Talamantes noted that debt was reduced in total by $145.9 million in the first quarter of 2013, bringing total debt down to $1.57 billion.

Talamantes also commented on the company's progress in continuing to use updated technology to centralize and standardize systems for greater efficiency and savings. Talamantes said, "Almost all of these systems make use of cloud computing, which lessens the need for frequent and costly hardware and software purchases and enables us to consolidate our IT support across the company."

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