McClatchy announced its losses of US$21.7 million, or 26 cents per share, in the final quarter of 2008. More deep cost-cutting plans are expected this year, The Associated Press reported.

The depressing results reflect the declining value of its papers, including The Miami Herald and El Nuevo Herald. According to the company, it plans to cut more costs by $100 million to $110 million.

McClatchy has already frozen wages companywide throughout September. Beginning March 31, pension plans and matches to its 401(k) retirement plans will also be suspended.

The publisher took a $59.6 million charge to account for the reduced value of its newspapers, according to the AP article posted by the Miami Herald.

"We're facing the same forces, which are impacting the majority of South Florida businesses," David Landsberg, publisher and president of The Miami Herald Media Company said. "This has put us in the unfortunate position of having to cut costs again. We will do that in a way that will ensure our long-term success as a business.''

Excluding one-time charges, McClatchy earned 26 cents a share in the quarter, while revenue dropped 18 percent to $470.9 million year-over-year.

Internet advertising revenue increased 10 percent, which, however, only contributed 11 percent of total ad revenue, and was not enough to compensate the print losses, the AP reported.