McClatchy 2Q Profit Plummets

McClatchy (MNI), which publishes 30 daily papers and many non-dailies across the U.S., today reported an adjusted second-quarter profit of $8.6 million, down from $25.2 million in the year-ago quarter. Including special items like tax items and restructuring charges, the company posted net income of $7.3 million, vs. $42 million in the second quarter of 2009.
Revenue fell 6.4% year over year to $342.0 million. Ad revenue fell 8.2% to $260.5 million. Circulation revenue slipped 2.4% to $67.7 million.
“We continue to see signs of recovery,” said CEO Gary Pruitt in a statement. “Notably, employment advertising, more than half of which is now online, was up 1.5% in May and 0.8% in June. In fact, May 2010 was the first month with growth in employment advertising revenue in four years.” He also said he expected revenue trends to continue to improve in coming quarters.