Magazine article Editor & Publisher

McClatchy Widens Q1 Loss on Nearly 30% Slide in Ad Revenue

Magazine article Editor & Publisher

McClatchy Widens Q1 Loss on Nearly 30% Slide in Ad Revenue

Article excerpt

The McClatchy Co. Thursday reported a first-quarter loss that exceeded expectations on newspaper advertising revenue that plunged 29.5%.

McClatchy reported a loss of $37.7 million, or 45 cents a share, from a loss of $993,000, or 1 cent a share, in the first quarter of 2008. Adjusted for certain items, such as severance payments from a wave of layoffs, the loss from continuing operations was $22.9 million, or 28 cents a share. The consensus of analysts had been for an 11-cent loss per share.

Overall revenue from continuing operations in the first quarter of 2009 was $365.6 million, down 25.1% from the first quarter of 2008.

Advertising revenue was $284.7 million -- down 29.5% from the year-ago period.

Classified advertising revenue plummeted 41.8% on big declines in the three major categories of automotive, down 32.5%, real estate, down 44.3%, and employment -- down a staggering 63%.

Digital advertising also declined in the quarter, falling 4.7% on a big drop in help-wanted ads. Excluding employment advertising, McClatchy said, digital revenue increased by 28.7%.

Digital advertising revenue accounted for 15. …

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