McClatchy Co., one of the largest newspaper companies in the United States, stated Tuesday its profits and revenue for the third quarter have dipped sharply, leading the company to take a non-cash charge due to a 57 percent drop in its stock price since January and continued difficulty for the daily newspapers sector.

McClatchy said it is still deciding how much the charge will be, and expects to disclose an amount in the company's quarterly regulatory filing on or before Nov. 9, the Associated Press reported.

Excluding the charge, McClatchy reported third quarter earnings for the three-month period ending in September from continuing operations are at $23.5 million, or 29 cents per share. That's down from $51.8 million, or 64 cents per share, the same time last year.

McClatchy CEO Gary Pruitt said in a statement he expects advertising declines to continue into the fourth quarter, and that the company's Florida and California newspapers have taken a huge hit due to the downturn of the housing markets in those areas, causing a slump in real estate advertising, according to the AP.