McClatchy Posts 50 Percent Drop In Profits

McClatchy Co (MNI) reported a 50 percent drop in income on a 6 percent revenue slide. Advertising was down 6.4 percent and circulation fell 3.8 percent, though CEO Gary Pruitt said these numbers were slightly less bad than in previous quarters. Excluding unusual items, like a tax recalculation that saved the company some money in 2009 and one and a quarter million in restructuring costs in 2010, income was nearly flat at $10.5 million.

Digital ad revenue was up 1.6 percent and made up nearly a fifth of total ad revs.

The McClatchy Company publishes 30 daily newspapers including The Miami Herald, The Sacramento Bee, and the Fort Worth Star-Telegram.. The Bee, the Herald, the Charlotte Observer and Kansas City Star have all gone through recent layoffs.

According to the Sacramento Business Journal, McClatchy has cut more than 4150 newspaper jobs since June 2008.