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MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com.

Published byAdele Barnett Modified over 9 years ago

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Presentation on theme: "MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com."— Presentation transcript:

1 MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com

2 Panelists John S. Sanders, Principal, Bond & Pecaro, Inc. Gary M. Greene, Managing Director, Cribb, Greene & Associates Frank J. Grueter, Jr., III, Senior Vice President, Publishing Group, Citizen’s Bank Nancy Trillo, Vice President – Enterprise Finance, Controller, and Treasurer, Freedom Communications, Inc. 9/14/20152

3 ’95-’00 CAGR: 6.5% ’00-’10 Reasonably Expected CAGR : 5.0%

4 ’95-’00 CAGR : 6.5% ’00-’10 CAGR: - 5.4% ’00-’10 Reasonably Expected CAGR : 5.0%

5

6

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8 Comparative Operating Performance and Valuations – 2010 to 2011 (Dollars in Thousands). 9/14/2015 Year Ending March 30, 2010 Year Ending March 30, 2011 Revenue Recurring EBITDAMargin Enterprise Value EBITDA Multiple Revenue Recurring EBITDAMargin Enterprise Value EBITDA Multiple McClatchy$1,411.5$413.129.3%$2,236.05.4 $1,343.3$382.528.5%$1,971.05.2 Lee 795.1 180.922.8% 1,269.07.0 771.4 177.523.0% 1,123.06.3 New York Times 2,424.2 398.916.5% 2,296.05.8 2,372.1 365.615.4% 2,244.06.1 Daily Journal 39.9 13.433.6% 94.07.0 34.5 12.034.8% 96.08.0 A. H. Belo 505.6 46.39.2% 107.02.3 483.7 35.47.3% 128.03.6 $5,176.3$1,052.620.3%$6,002.05.7 $5,005.0$973.019.4%$5,562.05.7 Percent Change -3.3%-7.6% -7.3%0.3%

9 Current Newspaper Valuation Issues Market Turbulence Has Caused a Multitude of Valuation Issues Economic Decision-making and Transaction Analysis (debt/equity swaps, financings, etc.) ASC 350 (Formerly FAS 142) Impairment Testing ASC 360 (Formerly FAS 144) Long-Lived Assets Including Tangibles ASC 805 (Formerly FAS 141) Business Combinations Property Tax Valuations Fresh Start Accounting Sec. 1031 Like Kind Exchanges and Ongoing IRS Controversy Regarding Masthead Valuation IRC 409A Appraisals in connection with stock options and deferred compensation Employee Stock Ownership Plans (ESOPs) – Dept. of Labor 9/14/20159

10 MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com

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