McClatchy Reports Smaller Q4 Profit

Newspaper publisher McClatchy (MNI) reported net profits today of $15.8 million for the fourth quarter of 2010, down about 50 percent from Q4 2009’s earnings of $32.4 million.

Revenues were also down, though not as much: down 6 percent to $369.9 million. Both ad revenue and circulation fell in the quarter, though digital revs grew 5 percent to $51 million, now making up 17.8 percent of total ad revenues.

Other tidbits from the earnings report:
McClatchy spent $1.8 million on severance in the past quarter, but saved $3 million on salaries.

Despite (presumably) printing fewer copies of its papers, its newsprint costs were way up–to $38 million from $34 million a year previous. The cost of newsprint increased “significantly” in the last quarter, the company said.

If a deal to sell land near the Miami Herald hadn’t been canceled, McClatchy would have $21.4 million more to be throwing around this quarter.

McClatchy is the publisher of The Miami Herald, the Sacramento Bee, the Kansas City Star, and more. A number of prominent McClatchy papers announced more layoffs last week.