…and they were optimistic. McClatchy dumped water today on an already soggy earnings parade by checking in with a loss of $37.5 million, or 45 cents per share, for the first quarter. Excluding one-time charges, McClatchy said it lost $22.9 million, or 28 cents a share. Analysts had projected a loss of 11 cents.
The results are way down from a quarterly loss of $849,000 a year ago. What may be worse is that the company’s revenue fell to $365.6 million, down nearly $66 million from a year ago and well below analysts’ consensus expectations of $391 million.
The only good news is that McClatchy said it remained in compliance with debt obligations, which means it isn’t in danger of bankruptcy at the moment. They’re debating what this means at McClatchy Watch.
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