McClatchy losses due to advertising down 15%
By Alexandra Zeumer, Wednesday 23 April 2008 at 22:53 :: General :: #1569 :: rss
U.S. newspaper publisher McClatchy Co. reported a loss in the first quarter as advertising revenues plummeted 15 percent, the Associated Press reported Wednesday.
The company is planning on buying back millions of dollars of its public debt, Reuters reported.
The company said on Wednesday it lost US$849,000 in the three months ending in March, compared to $9 million in earnings from a year ago, according to the AP.
In the past year, McClatchy shares have dropped 73 percent. Wednesday morning, share prices slumped more than 9 percent to $8 in morning trading on the New York Stock Exchange, collapsing a new 52-week low, Reuters reported.
Revenues fell 13.8 percent to $488.3 million, as advertising revenues dropped 15.3 percent to $404 million. McClatchy earned $1.6 million, or two cents per share, when charges and discontinued operations are excluded; however, that is still two cents below analysts’ estimates, the AP reported
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