Exceeding expectations, the company reported a 30.2 percent increase in operating profit for the quarter and 21.6 percent decline in operating costs. The company said it had also worked to reduce its debt by $140 million through aggressive cost-cutting. The company has cut its spending by doing things like revamping benefit plans for nonunion employees (saving them $18 million) and renegotiating the labor agreements with Boston Globe employees, earning $10 million in savings in the second half of 2009 and a projected $20 million next year.

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The company reported a net income of $23.6 million for the quarter, up $4.2 million during the same period last year. Adjusted earnings also grew from 2008, reaching $11 million compared to $10.4 million last year.

However, revenue dropped 23.1 percent during the quarter compared to last year. Advertising revenues were $266.1 million, down 28.1 percent from 2008, but circulation revenues increased 6.7 percent to $69 million.

And as McClatchy moves towards becoming an integrated print and online publishing company, online advertising revenues grew 3.1 percent during the quarter. They now make up 17.6 percent of total advertising revenues compared to 12.2 percent of total advertising revenues in the third quarter of last year, McClatchy said.

Read the full earnings release.

Earlier: McClatchy Dailies Joine AP’s Mobile News Network

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