McClatchy Loses $37.7 Million In Q1 2009

If you were expecting good news from an earnings report, go somewhere else. The McClatchy Company today announced losses of $37.7 million, a 4500% increase over last year’s loss in Q1 2008.
Revenue fell 25% this quarter compared to Q1 2008, to $365.6 million.
The company said that its digital advertising was outperforming print; digital advertising revenue fell 4.7 percent while overall advertising revenue dropped 29.5 percent. However, much of digital’s decline was due to a downturn in employment advertising, as far fewer employers have a need to advertise for open positions. Digital advertising revenue not including employment advertising rose 28.7 percent and made up 15.3% of McClatchy’s total advertising revenue.
McClatchy has no debt due to pay before 2011 and plans to aggressively pay down debt in the remainder of 2009; the company has suspended dividends to stockholders and will not contribute to any pensions until 2010.
The McClatchy company owns 30 daily newspapers, including its flagship The Sacramento Bee, the Miami Herald, the Fort Worth Star-Telegram, and many more.