New Media Announces Solid Second Quarter 2019 Results

  • Total Revenues of $404.4 million
  • Operating income of $12.2 million
  • As Adjusted EBITDA of $47.5 million*
  • Free Cash Flow of $33.6 million*
  • Declared second quarter dividend of $0.38
  • Today announced the acquisition of Gannett in a concurrent press release. Management will host an investor call about the transaction and earnings at 4:15pm ET. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) 10 minutes prior to the scheduled start of the call; please reference access code “3747329”. A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis through each company’s website. Please visit www.newmediainv.com and www.gannett.com.

NEW YORK--()--New Media Investment Group Inc. (NYSE: NEWM) today reported its financial results for the second quarter ended June 30, 2019.

($ in million, except per share)

 

GAAP Reporting

Q2 2019

Revenues

$ 404.4

Operating income

$ 12.2

Net income attributable to New Media

$ 2.8

Non-GAAP Reporting*

Q2 2019

As Adjusted EBITDA

$ 47.5

Free Cash Flow

$ 33.6

*For definitions and reconciliations of Non-GAAP Reporting measures, please refer to the Non-GAAP Financial Measures Note and reconciliations below.

“Our results this quarter were in line with our expectations and reflect improvement over the first quarter in organic same store revenue by fifty basis points. Our growth businesses continue to perform well, with revenue at GateHouse Live up 82.9% over the prior year. Circulation revenue trends were in line with the first quarter and we continue to see strength in our strategy to grow subscribers, with digital subscriptions of 195,000, up 54.6% to prior year,” said Michael Reed, New Media President and Chief Executive Officer.

“As Adjusted EBITDA and Free Cash Flow were strong in the quarter at $47.5 million and $33.6 million respectively. We are also very excited to announce this morning our agreement to acquire Gannett, which will create the leading media and marketing services company in the U.S. The combined company will be well positioned to accelerate its digital transformation and unlock meaningful shareholder value through synergies.”

Second Quarter 2019 Financial Results

New Media recorded total revenues of $404.4 million for the quarter, up 4.0% compared to the prior year, and down 6.9% on an organic same store basis. The same store trend was an improvement of fifty basis points over the first quarter.

Traditional Print advertising revenue for the quarter decreased 15.3% on an organic same store basis compared to the prior year. This decline was fifty basis points worse than the first quarter.

Digital revenue increased 12.2% on a reported basis from the prior year to $51.2 million, representing 12.7% of total revenue in the second quarter. UpCurve generated $27.3 million in revenue, an increase of 13.7% as compared with the prior year on a reported basis.

Circulation revenue decreased 5.5% on an organic same store basis, which was in line with the first quarter trend. Our focus on growing subscriber volumes continues to perform well with digital-only subscribers growing to 195,000, an increase of 54.6% compared to the prior year.

Commercial Print, Distribution and Events revenue increased 9.7% compared to the prior year on an organic same store basis, driven by the 82.9% growth of GateHouse Live and Promotions. The second quarter typically is the largest for that business.

Operating income was $12.2 million for the quarter and Net income attributable to New Media was $2.8 million for the quarter.

As Adjusted EBITDA and Free Cash Flow were $47.5 million and $33.6 million, respectively, for the quarter.

Second Quarter 2019 Dividend

New Media’s Board of Directors declared a second quarter 2019 cash dividend of $0.38 per share of common stock. The dividend is payable on August 28, 2019 to shareholders of record as of the close of business on August 20, 2019.

The declaration and payment of any dividends are at the sole discretion of the Board of Directors, which may decide to change the Company’s dividend policy at any time.

Earnings Conference Call

In light of today’s announcement of the agreement to acquire Gannett Co., Inc., New Media’s management will host a conference call to discuss the transaction and earnings on Monday, August 5, 2019 at 4:15 P.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of New Media’s website, www.newmediainv.com.

All interested parties are welcome to participate. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) 10 minutes prior to the scheduled start of the call; please reference access code “3747329”. A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis through each company’s website. Please visit www.newmediainv.com and www.gannett.com.

The webcast replay of the conference call will also be available approximately two hours following the completion of the call on the Investor Relation section of New Media’s website.

About New Media Investment Group Inc.

New Media supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to our small and medium business partners. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 154 daily publications. As of June 30, 2019, New Media operates in over 600 markets across 39 states reaching over 21 million people on a weekly basis and serves over 200,000 business customers.

For more information regarding New Media and to be added to our email distribution list, please visit www.newmediainv.com.

Same Store and Organic Same Store Revenues

Same store results take into account material acquisitions and divestitures of the Company by adjusting prior year performance to include or exclude financial results as if the Company had owned or divested a business for the comparable period. The results of several acquisitions (“tuck-in acquisitions”) were funded from the Company’s available cash and are not considered material. Organic same store revenues are same store revenues adjusted to remove non-material acquisitions and non-material divestitures, and to adjust for Commercial Print revenues that are now intercompany.

Non-GAAP Financial Measures

The Company strongly urges stockholders and other interested persons not to rely on any single financial measure to evaluate its business. In addition, because Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow are not measures of financial performance under GAAP and are susceptible to varying calculations, these non-GAAP measures, as presented in this press release, may differ from and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow

The Company defines Adjusted EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest/financing expense, depreciation and amortization, and non-cash impairments. The Company defines As Adjusted EBITDA as Adjusted EBITDA before transaction and project costs, merger and acquisition related costs, integration and reorganization costs, gain/loss on sale or disposal of assets, non-cash items such as non-cash compensation, and Adjusted EBITDA from non-wholly owned subsidiaries. The Company defines Free Cash Flow as As Adjusted EBITDA less capital expenditures, cash taxes, interest paid, and pension payments.

Management’s Use of Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow

Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow are not measures of financial performance under GAAP and should not be considered in isolation or as alternatives to income from operations, net income (loss), cash flow from continuing operating activities or any other measure of performance or liquidity derived in accordance with GAAP. New Media’s management believes these non-GAAP measures, as defined above, are useful to investors for the following reasons:

  • Evaluating performance and identifying trends in day-to-day performance because the items excluded have little or no significance on the Company’s day-to-day operations; and
  • Providing assessments of controllable expenses that afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance.

We use Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow as measures of our deployed revenue generating assets between periods on a consistent basis. We believe As Adjusted EBITDA and Free Cash Flow measure our financial performance and help identify operational factors that management can impact in the short term, mainly our operating cost structure and expenses. We exclude mergers and acquisition, transaction, and project related costs such as diligence activities and new financing related costs because they represent costs unrelated to the day-to-day operating performance of the business that management can impact in the short term. We consider the loss on early extinguishment of debt to be financing related costs associated with interest expense or amortization of financing fees, which by definition are excluded from Adjusted EBITDA. Such charges are incidental to, but not reflective of our day-to-day operating performance of the business that management can impact in the short term.

Forward-Looking Statements

Certain statements in this communication may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect New Media’s current views regarding, among other things, the proposed transaction between New Media and Gannett, the expected timetable for completing the proposed transaction, the benefits and synergies of the proposed transaction and future opportunities for the combined company, as well as other statements that are other than historical fact. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “target(s),” “project(s),” “believe(s),” “will,” “aim,” “would,” “seek(s),” “estimate(s)” and similar expressions are intended to identify such forward-looking statements.

Forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could lead to actual results materially different from those described in the forward-looking statements. New Media can give no assurance that its expectations will be attained. The actual results, liquidity and financial condition may differ from the anticipated results, liquidity and financial condition indicated in these forward-looking statements. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially from expectations or estimates reflected in such forward-looking statements, including, among others:

  • continued declines in advertising and circulation revenues, economic conditions in the markets in which New Media operates, including natural disasters, tariffs and other factors affecting economic conditions generally, competition from other media companies;
  • the possibility of insufficient interest in New Media's digital and other businesses, technological developments in the media sector;
  • an ability to source acquisition opportunities with an attractive risk-adjusted return profile, inadequate diligence of acquisition targets, and difficulties integrating and reducing expenses, including at our newly acquired businesses;
  • New Media's and Gannett's ability to consummate the proposed transaction and to meet expectations regarding the timing and completion of the proposed transaction;
  • the satisfaction or waiver of the conditions to the completion of the proposed transaction, including the receipt of the required approval of New Media’s stockholders and Gannett’s stockholders with respect to the proposed transaction and the receipt of regulatory clearances required to consummate the proposed transaction, in each case, on the terms expected or on the anticipated schedule;
  • the risk that the parties may be unable to achieve the anticipated benefits of the proposed transaction, including synergies and operating efficiencies, within the expected time-frames or at all;
  • the risk that the committed financing necessary for the consummation of the proposed transaction is unavailable at the closing, and that any replacement financing may not be available on similar terms, or at all;
  • the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected;
  • the risk that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the proposed transaction;
  • general economic and market conditions;
  • the retention of certain key employees; and
  • the combined company’s ability to grow its digital marketing and business services initiatives, and grow its digital audience and advertiser base.

Additional risk factors that could cause actual results to differ materially from expectations include, but are not limited to, the risks identified by New Media in its most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K. Such forward-looking statements speak only as of the date on which they are made. Except to the extent required by law, New Media expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

No Offer or Solicitation

This communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between the Company and Gannett. The proposed transaction will be submitted to the Company’s stockholders and Gannett’s stockholders for their consideration. In connection with the proposed transaction, the Company intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to shares of the Company’s common stock to be issued in the proposed transaction and a joint proxy statement for the Company’s stockholders and Gannett’s stockholders (the “Joint Proxy Statement”), and each of the Company and Gannett will mail the Joint Proxy Statement to their respective stockholders and file other documents regarding the proposed acquisition with the SEC. Stockholders of the Company and Gannett are urged to read all relevant documents filed with the SEC, including the Registration Statement and the Joint Proxy Statement, as well as any amendments or supplements to these documents, carefully when they become available because they will contain important information about the proposed transaction. The Registration Statement, the Joint Proxy Statement and other relevant materials (when they become available) and any other documents filed or furnished by the Company or Gannett with the SEC may be obtained free of charge at the SEC’s web site, http://www.sec.gov. In addition, security holders will be able to obtain free copies of the Registration Statement and the Joint Proxy Statement from the Company upon written request to the Company at 1345 Avenue of the Americas, Floor 45, New York, NY 10105, or by calling (212) 479-3160.

Participants in Solicitation

The Company and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of the Company common stock and holders of shares of Gannett common stock in respect of the proposed transaction. Information about the directors and executive officers of the Company is set forth in the proxy statement for the Company’s 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2019. Information about the directors and executive officers of Gannett is set forth in the proxy statement for Gannett’s 2019 Annual Meeting of Stockholders, which was filed with the SEC on March 26, 2019. Investors may obtain additional information regarding the interest of such participants by reading the Registration Statement and the Joint Proxy Statement (once available). You may obtain free copies of these documents using the sources indicated above.

NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share data)
 
 
June 30, 2019 December 30, 2018
 
Assets
Current assets:
Cash and cash equivalents

$

20,029

 

$

48,651

 

Restricted cash

 

3,155

 

 

4,119

 

Accounts receivable, net of allowance for doubtful accounts of $8,694 and
$8,042 at June 30, 2019 and December 30, 2018, respectively

 

150,675

 

 

174,274

 

Inventory

 

19,647

 

 

25,022

 

Prepaid expenses

 

30,506

 

 

23,935

 

Other current assets

 

20,733

 

 

21,608

 

Total current assets

 

244,745

 

 

297,609

 

Property, plant, and equipment, net of accumulated depreciation of $243,304
and $219,256 at June 30, 2019 and December 30, 2018, respectively

 

330,942

 

 

339,608

 

Operating lease right-of-use asset, net

 

109,521

 

 

-

 

Goodwill

 

317,151

 

 

310,737

 

Intangible assets, net of accumulated amortization of $119,561 and $101,543
at June 30, 2019 and December 30, 2018, respectively

 

474,900

 

 

486,054

 

Other assets

 

10,619

 

 

9,856

 

Total assets

$

1,487,878

 

$

1,443,864

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt

$

3,296

 

$

12,395

 

Current portion of operating lease liabilities

 

14,492

 

 

-

 

Accounts payable

 

12,454

 

 

16,612

 

Accrued expenses

 

98,864

 

 

113,650

 

Deferred revenue

 

113,259

 

 

105,187

 

Total current liabilities

 

242,365

 

 

247,844

 

Long-term liabilities:
Long-term debt

 

434,672

 

 

428,180

 

Long-term operating lease liabilities

 

102,431

 

 

-

 

Deferred income taxes

 

6,486

 

 

8,282

 

Pension and other postretirement benefit obligations

 

23,747

 

 

24,326

 

Other long-term liabilities

 

10,817

 

 

16,462

 

Total liabilities

 

820,518

 

 

725,094

 

Redeemable noncontrolling interests

 

1,098

 

 

1,547

 

Stockholders’ equity:
Common stock, $0.01 par value, 2,000,000,000 shares authorized;
60,806,451 shares issued and 60,481,674 shares outstanding at
June 30, 2019; 60,508,249 shares issued and 60,306,286 shares
outstanding at December 30, 2018

 

608

 

 

605

 

Additional paid-in capital

 

677,574

 

 

721,605

 

Accumulated other comprehensive loss

 

(6,938

)

 

(6,881

)

(Accumulated deficit) retained earnings

 

(2,409

)

 

3,767

 

Treasury stock, at cost, 324,777 and 201,963 shares at June 30, 2019
and December 30, 2018, respectively

 

(2,573

)

 

(1,873

)

Total stockholders' equity

 

666,262

 

 

717,223

 

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$

1,487,878

 

$

1,443,864

 

 
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In thousands, except per share data)
 
 
Three months ended Six months ended
June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018
 
Revenues:
Advertising

$

184,767

 

$

187,609

 

$

363,462

 

$

350,868

 

Circulation

 

150,850

 

 

144,536

 

 

303,015

 

 

274,527

 

Commercial printing and other

 

68,770

 

 

56,657

 

 

125,510

 

 

104,172

 

Total revenues

 

404,387

 

 

388,802

 

 

791,987

 

 

729,567

 

Operating costs and expenses:
Operating costs

 

233,407

 

 

217,775

 

 

462,902

 

 

414,164

 

Selling, general, and administrative

 

130,040

 

 

126,837

 

 

261,548

 

 

245,656

 

Depreciation and amortization

 

23,328

 

 

19,935

 

 

44,251

 

 

39,182

 

Integration and reorganization costs

 

3,230

 

 

1,749

 

 

7,342

 

 

4,179

 

Impairment of long-lived assets

 

1,262

 

 

-

 

 

2,469

 

 

-

 

Net loss (gain) on sale or disposal of assets

 

947

 

 

(808

)

 

2,737

 

 

(3,979

)

Operating income

 

12,173

 

 

23,314

 

 

10,738

 

 

30,365

 

Interest expense

 

10,212

 

 

8,999

 

 

20,346

 

 

17,351

 

Other income

 

(311

)

 

(337

)

 

(571

)

 

(857

)

Income (loss) before income taxes

 

2,272

 

 

14,652

 

 

(9,037

)

 

13,871

 

Income tax (benefit) expense

 

(343

)

 

2,946

 

 

(2,297

)

 

2,830

 

Net income (loss)

 

2,615

 

 

11,706

 

 

(6,740

)

 

11,041

 

Net loss attributable to redeemable noncontrolling interests

 

(200

)

 

-

 

 

(449

)

 

-

 

Net income (loss) attributable to New Media

$

2,815

 

$

11,706

 

$

(6,291

)

$

11,041

 

 
 
Income (loss) per share:
Basic:
Net income (loss) attributable to New Media

$

0.05

 

$

0.20

 

$

(0.10

)

$

0.20

 

Diluted:
Net income (loss) attributable to New Media

$

0.05

 

$

0.20

 

$

(0.10

)

$

0.20

 

 
Dividends declared per share

$

0.38

 

$

0.37

 

$

0.76

 

$

0.74

 

 
Comprehensive income (loss)

$

2,588

 

$

11,638

 

$

(6,797

)

$

10,906

 

Comprehensive loss attributable to redeemable
noncontrolling interests

 

(199

)

 

-

 

 

(448

)

 

-

 

Comprehensive income (loss) attributable to New Media

$

2,787

 

$

11,638

 

$

(6,349

)

$

10,906

 

 
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
 
Six months ended
June 30, 2019 July 1, 2018
 
Cash flows from operating activities:
Net (loss) income

$

(6,740

)

$

11,041

 

Adjustments to reconcile net (loss) income to net cash provided
by operating activities:
Depreciation and amortization

 

44,251

 

 

39,182

 

Non-cash compensation expense

 

1,843

 

 

1,832

 

Non-cash interest expense

 

689

 

 

1,078

 

Deferred income taxes

 

(1,796

)

 

2,264

 

Net loss (gain) on sale or disposal of assets

 

2,737

 

 

(3,979

)

Impairment of long-lived assets

 

2,469

 

 

-

 

Pension and other postretirement benefit obligations

 

(649

)

 

(984

)

Changes in assets and liabilities:
Accounts receivable, net

 

26,707

 

 

15,591

 

Inventory

 

6,287

 

 

(4,858

)

Prepaid expenses

 

(6,035

)

 

(3,777

)

Other assets

 

(109,775

)

 

5,255

 

Accounts payable

 

(4,962

)

 

(806

)

Accrued expenses

 

3,328

 

 

(6,845

)

Deferred revenue

 

2,254

 

 

1,452

 

Other long-term liabilities

 

97,045

 

 

1,157

 

Net cash provided by operating activities

 

57,653

 

 

57,603

 

Cash flows from investing activities:
Acquisitions, net of cash acquired

 

(39,353

)

 

(149,604

)

Purchases of property, plant, and equipment

 

(4,934

)

 

(5,041

)

Proceeds from sale of real estate, other assets and insurance

 

7,107

 

 

12,585

 

Net cash used in investing activities

 

(37,180

)

 

(142,060

)

Cash flows from financing activities:
Payment of debt issuance costs

 

-

 

 

(500

)

Borrowings under term loans

 

-

 

 

49,750

 

Repayments under term loans

 

(11,296

)

 

(2,062

)

Borrowings under revolving credit facility

 

102,900

 

 

-

 

Repayments under revolving credit facility

 

(94,900

)

 

-

 

Payment of offering costs

 

-

 

 

(152

)

Issuance of common stock, net of underwriters' discount

 

-

 

 

111,099

 

Purchase of treasury stock

 

(700

)

 

(753

)

Payment of dividends

 

(46,066

)

 

(42,226

)

Net cash (used in) provided by financing activities

 

(50,062

)

 

115,156

 

Effect of exchange rate changes on cash and cash equivalents

 

3

 

 

-

 

Net (decrease) increase in cash, cash equivalents and
restricted cash

 

(29,586

)

 

30,699

 

Cash, cash equivalents and restricted cash at beginning of period

 

52,770

 

 

46,162

 

Cash, cash equivalents and restricted cash at end of period

$

23,184

 

$

76,861

 

 
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES
AS ADJUSTED EBITDA AND FREE CASH FLOW
(In thousands, except share data)
 
Three months ended Six months ended
June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018
 
Net income (loss)

$

2,615

 

$

11,706

 

$

(6,740

)

$

11,041

 

Income tax (benefit) expense

 

(343

)

 

2,946

 

 

(2,297

)

 

2,830

 

Interest expense

 

10,212

 

 

8,999

 

 

20,346

 

 

17,351

 

Impairment of long-lived assets

 

1,262

 

 

-

 

 

2,469

 

 

-

 

Depreciation and amortization

 

23,328

 

 

19,935

 

 

44,251

 

 

39,182

 

Adjusted EBITDA

 

37,074

 

 

43,586

 

 

58,029

 

 

70,404

 

Non-cash compensation and other expense

 

6,255

 

 

4,224

 

 

12,454

 

 

10,674

 

Integration and reorganization costs

 

3,230

 

 

1,749

 

 

7,342

 

 

4,179

 

Net loss (gain) on sale or disposal of assets

 

947

 

 

(808

)

 

2,737

 

 

(3,979

)

As Adjusted EBITDA

 

47,506

 

 

48,751

 

 

80,562

 

 

81,278

 

Interest Paid(1)

 

(9,928

)

 

(8,652

)

 

(19,495

)

 

(16,332

)

Net capital expenditures

 

(2,692

)

 

(3,112

)

 

(4,934

)

 

(5,041

)

Pension payments

 

(373

)

 

(615

)

 

(649

)

 

(984

)

Cash taxes(2)

 

(908

)

 

(699

)

 

(921

)

 

(699

)

Free Cash Flow

$

33,605

 

$

35,673

 

$

54,563

 

$

58,222

 

Basic weighted average shares outstanding

 

60,030,748

 

 

59,279,159

 

 

59,997,891

 

 

56,106,899

 

Diluted weighted average shares outstanding

 

60,030,748

 

 

59,720,010

 

 

59,997,891

 

 

56,486,474

 

(1) Average interest paid during 2019 for the six month period.
(2) Cash paid, net of refunds.
 

NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES

SAME STORE AND ORGANIC SAME STORE REVENUES
(In thousands)
 
Three months ended Six months ended
June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018
 
 
Total revenues from continuing operations

$

404,387

 

$

388,802

 

$

791,987

 

$

729,567

 

Revenue adjustment for material acquisitions

 

-

 

 

-

 

 

-

 

 

-

 

Same Store Revenues

 

404,387

 

 

388,802

 

 

791,987

 

 

729,567

 

Tuck-in Acquisitions(1)

 

(47,196

)

 

(4,959

)

 

(120,255

)

 

(6,034

)

Organic Same Store Revenues

$

357,191

 

$

383,843

 

$

671,732

 

$

723,533

 

(1)

Tuck-in acquisitions are adjusted to remove non-material acquisitions and non-material divestitures, and to adjust for Commercial Print revenues that are now intercompany.

 

Contacts

Ashley Higgins, Investor Relations
ir@newmediainv.com
(212) 479-3160
Source: New Media Investment Group Inc.

Contacts

Ashley Higgins, Investor Relations
ir@newmediainv.com
(212) 479-3160
Source: New Media Investment Group Inc.