Magazine article Editor & Publisher

McClatchy Reports Profit -- but Also Takes a Charge

Magazine article Editor & Publisher

McClatchy Reports Profit -- but Also Takes a Charge

Article excerpt

McClatchy Co. swung to a profit following losses a year ago on the sale of its Minneapolis newspaper, but the publisher also said it would take a charge to reflect a sharp decline in its stock price.

The company's operating results continued to be hard-hit by the real estate downturn in California and Florida, where it owns several newspapers, and the company said the advertising picture for 2008 wasn't looking any better. McClatchy (nyse: MNI - news - people ) said it now expects first-quarter advertising to decline in the low double-digit percentage range.

McClatchy, the third-largest U.S. newspaper publisher by circulation, reported preliminary net income of $30.1 million for the final three months of the year, compared with a loss of $279.3 million in the same period a year earlier.

The latest figures did not include the expected impairment charge, which McClatchy said it would announce later when it files its annual regulatory filing.

The earnings were equivalent to 40 cents per share on continuing operations, which included an additional tax expense of 9 cents per share. …

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