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McClatchy’s Profit Plummets 83%

Ugh, earnings season. There’s another newspaper company reporting its second quarter earnings today and the numbers aren’t good. McClatchy, which publishes a number of daily papers across the country, like The Miami Herald and The Sacramento Bee, reported an 83 percent drop in second quarter profit over the same time last year.
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Net income fell from $42.2 million in 2009 to $7.3 million this quarter. Revenue dropped by 6.4 percent to $342 million, as both advertising revenue and circulation revenue fell by over 8 percent and 2.4 percent, respectively.

McClatchy’s CEO Gary Pruitt said revenue would continue to decline in the third quarter, but by not as much.

“As we look to the third quarter we expect continued improvement in advertising revenue trends,” said Pruitt in a statement. “So far in July ad revenue trends are in the same range as June and we expect ad revenues to be down in the mid-single digits for all of the third quarter.”

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