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