McClatchy 4Q Profit Falls 42% On Revenue Drop
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SACRAMENTO, Calif. (AP) — Newspaper publisher McClatchy is reporting a 42 percent drop in fourth-quarter earnings, hurt by a decline in revenue and rising interest expenses on its debt.
It’s also warning that spending on advertising is dropping faster this year. It says ad revenue in January fell 10 percent from a year ago, compared with a 7 percent decline in the fourth quarter.
Its stock fell 48 cents, or nearly 10 percent, to $4.51 in morning trading Tuesday.
The publisher of The Sacramento (Calif.) Bee, The Miami Herald and other newspapers says it earned $14.9 million, or 17 cents per share, in the quarter that ended Dec. 26. That’s down from $25.8 million, or 30 cents per share, in the same quarter a year earlier.
Overall revenue fell 6 percent to $370 million.
(Copyright 2011 by The Associated Press. All Rights Reserved.)