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Posts Tagged ‘Gary Pruitt’

McClatchy Posts 50 Percent Drop In Profits

McClatchy Co (MNI) reported a 50 percent drop in income on a 6 percent revenue slide. Advertising was down 6.4 percent and circulation fell 3.8 percent, though CEO Gary Pruitt said these numbers were slightly less bad than in previous quarters. Excluding unusual items, like a tax recalculation that saved the company some money in 2009 and one and a quarter million in restructuring costs in 2010, income was nearly flat at $10.5 million.

Digital ad revenue was up 1.6 percent and made up nearly a fifth of total ad revs.

The McClatchy Company publishes 30 daily newspapers including The Miami Herald, The Sacramento Bee, and the Fort Worth Star-Telegram.. The Bee, the Herald, the Charlotte Observer and Kansas City Star have all gone through recent layoffs.

According to the Sacramento Business Journal, McClatchy has cut more than 4150 newspaper jobs since June 2008.

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McClatchy Posts Q1 Loss

McClatchy Co. (MNI) posted a first-quarter loss of $2 million, despite reducing expenses by 21 percent or $68.8 million, not including severance costs, and refinancing a portion of its debt.

The publisher of The Miami Herald saw compensation costs decrease by 25 percent as revenue fell 8.2 percent, including an 11 percent drop in ad revenues.

“Even though we expect advertising revenues to be down in the second quarter, we believe the ad trend will continue to improve,” CEO Gary Pruitt said in a statement. “We will remain vigilant on costs,” he added.

Charlotte Observer To Cut 25

The_Charlotte_Observer_logo.pngThe McClatchy-owned Charlotte Observer is eliminating 25 full-time jobs, including the equivalent of 11 full-time newsroom positions, the paper reported.

The Observer reports: “Despite encouraging signs in recent months, the Observer’s ad sales remain weak, publisher Ann Caulkins said. Coupled with last year’s numbers, the losses are staggering, she said.”

Parent company McClatchy, struggling under $2 billion in debt, lifted a company-wide wage freeze last month though CEO Gary Pruitt admitted there could be “additional expense cuts” further down.

Indeed, this month many McClatchy-owned newspapers have enacted staff cuts: the Sacramento Bee announced it would cut 25 positions; the Raleigh News & Observer cut 21, and the Fort Worth Star-Telegram announced a 28-person staff reduction.

McClatchy Will Lift Year-Long Wage Freeze

Sacramento Bee
Good news and bad news for McClatchy Co. employees: the wage freeze that’s been in effect since September 2008 will be lifted, CEO Gary Pruitt said in an internal memo obtained by Romenesko.

However, the company—owner of the Sacramento Bee, the Miami Herald, and more, is still struggling, so 2010 may bring “additional expense cuts,” according to Pruitt. But he said that McClatchy wants to reward its employees for “helping us manage through these challenging times by lifting the wage freeze.”

The wage freeze will be lifted on a paper-by-paper basis.

McClatchy Employess Who Wanted Raises Next Month – SHOT DOWN

McClatchy Co (MNI) was considering ending its companywide pay freeze next month but has now announced it’s extending the pay freeze until the end of the year, the Sacramento Business Journal reports.

The company’s already laid off a third of its workforce at its 30 daily newspapers—including the Sacramento Bee and the Kansas City Star—implemented furloughs at many papers (KCS included), and (good for them) didn’t give chairman/CEO Gary Pruitt a bonus for the past two years.

Anyway, the company-wide pay freeze was instituted last September and was meant to continue for a year. Now the freeze will continue through December 2009, according to McClatchy treasurer Elaine Lintecum.

WTF McClatchy!?! Company Defies Analysts To Report $42 Million Profit

The McClatchy Company today reported profits of $42 million for Q2 2009, or 50 cents per share, despite analysts claims that today’s earnings report would show a loss of 8 cents per share and drive the company further toward bankruptcy.

Even after adjusting for “unusual items,” earnings remain high, at 30 cents a share or $25.2 million, up 42.9 percent from the same period last year.

Revenues were $365.3 million this quarter, down 25.4 percent from revenues in the same period last year.

The earnings, then, come primarily from cost-cutting measures; in March 2009, McClatchy laid off 15 percent of its workforce, suspended its company 401(k) match, and froze its pension plans. (The company’s compensation costs for Q2 2009 were almost $100 million less than its costs in Q2 2008.) In May, the company reduced its debt by about $100 million thanks to a complex debt exchange.

McClatchy chairman and executive officer Gary Pruitt looked ahead for the company. Advertising revenues were still down this quarter but “we saw an improving trend,” he said, adding that each of the company’s newspapers is “contributing positive cash flow.”

Online, the company ain’t doing so bad either: visitors to McClatchy-owned sites were up more than 30 percent this quarter and online advertising revenue grew by 24.7 percent. Digital advertising made up 16.5 percent of advertising in the quarter, up from 11.8 percent in Q2 2008.

McClatchy still has a large amount of outstanding debt, mostly from its 2006 purchase of Knight Ridder, but none of it is due until 2011. That buys the company a little more time.

The McClatchy company owns 30 daily newspapers, including its flagship The Sacramento Bee, the Miami Herald, the Fort Worth Star-Telegram, and more.