McClatchy, in the doghouse with investors for most of the year, reported another disappointing quarter today, eking out a profit of $98,000 on $262 million in revenues.
Despite growing digital ad revenues, holding circulation revenues even and reducing debt and interest payments compared to the same quarter a year ago, the results were dragged down by a 12.5 percent decline in total advertising revenues.
McClatchy is first among the public newspapers to report for the second quarter so drops of nearly the same magnitude seem likely at other companies. As Gannett (which will report Wednesday) indicated as it spun off to a separate newspaper company a month ago, second quarter ad revenues have been weak there as well.
McClatchy said print advertising declines for the quarter were 16.3 percent. Read more