McClatchy reports 50 cents/share 2Q earnings

McClatchy release
Second-quarter revenues were $365.3 million, down 25.4% from 2Q 2008. Advertising revenues were $283.7 million, down 30.2% from 2008, and circulation revenues were $69.4 million, up 5.0%. "We reduced cash expenses in the second quarter of 2009 by 29.3%, excluding severance and other benefit charges related to our restructuring plan, resulting in operating cash flow of $92.4 million," says CEO Gary Pruitt. (A Monday AP story said analysts expected McClatchy to lose $6.45 per share. That's been corrected to a loss of eight cents per share.)
> McClatchy shares up nearly 60% in early trading

  • Jim Romenesko

    From 1999 to 2011, Jim Romenesko maintained the Romenesko page for the Poynter Institute, a Florida-based non-profit school for journalists. Poynter hired him in August of 1999, after seeing his MediaGossip.com, a hobby site he started in May of 1999.

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