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.