By paulgillin | April 23, 2009 - 12:00 pm - Posted in Facebook

…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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1 Comment

  1. April 23, 2009 @ 7:00 pm

    I am amazed that people keep focusing on the READERS [ ] of the press when they were merely the final consumers (like being the last person at a “Train Pull”ing.)

    The press is going to be killer by the investors who will pull out their money as the media spirals round the drain.

    The advertisers are already web savvy and will have to make due with something with better integration and a higher ROI. (All together now… Awwww….) They’re bound to abandon print by accounting rules and opprobrium. (Nobody but an idiot ever bet on a three legged horse.)

    The printers are going the way of the buggy whip makers. Sad for them but its what is going to happen because nobody cares enough to put up the money. [Even President Obama will balk at that.])

    The reporters will just have to be in on the flowering, the renewal, of journalism as a profession. (No more slanting the news to fit the owners political/world view.)

    The new business model has already been revealed and its makes more sense as I discover new ramifications to it.

    Posted by msbpodcast