McClatchy opened the 3rd quarter earnings season for newspaper companies today reporting weak financial results typical of the industry so far this year.
The company recorded a loss of $1.1 million on revenues of $251.2 million. Advertising revenues were off 10.2 percent compared to the same quarter in 2014.
Print revenues fell more than that — though the company no longer breaks them out separately. (Independent forecaster Kantar Media has reported print revenues at local papers like McClatchy’s down 14.9 percent year-to-year in the first half).
Digital ad revenues were up modestly for the quarter as was national advertising. But the company achieved its roughly break-even result mainly through aggressive cost reductions with operating expenses 7.2 percent less than in the third quarter a year ago. Read more