McClatchy reports lower earnings in second quarter
07/28/2011 12:00 AM
07/28/2011 10:05 AM
SACRAMENTO, Calif. —Newspaper publisher McClatchy's second-quarter earnings fell 32 percent as advertising declined.
The results released today served as a reminder of the financial pressures facing the owner of The Eagle, Kansas City Star and 28 other daily newspapers.
McClatchy CEO Gary Pruitt says he will keep cutting costs to offset another anticipated decline in ad revenue in the current quarter ending in late September.
In the quarter that ended in late June, McClatchy earned $4.9 million, or 6 cents per share. That was down from net income of $7.3 million, or 9 cents per share, at the same time last year.
Total revenue fell 8 percent from last year to $314 million.
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