Posted on 04/13/2006 6:53:16 AM PDT by abb
McClatchy 1Q Profit Falls 14 Percent As Automotive, National Advertising Declines
SACRAMENTO, Calif. (AP) -- Newspaper publisher McClatchy Co. said Thursday its first-quarter earnings fell 14 percent, as automotive and national advertising declined and the company began expensing stock options.
Earnings fell to $27.7 million, or 59 cents per share, down from $32.3 million, or 69 cents per share. Revenue edged up less than 1 percent to $282 million from $280.9 million.
Without stock-option expensing, McClatchy said it would have earned 62 cents per share. Analysts were looking for earnings of 67 cents per share -- after stock-option costs -- on revenue of $285.8 million, according to Thomson Financial.
"We faced our toughest comparison in quarter-over-quarter advertising revenue growth," Chief Executive Gary Pruitt said in a statement.
Looking to the second quarter, Pruitt said the company doesn't see any change in the sluggish automotive advertising category, and national advertising "remains upredictable." Real estate advertising, however, is expected to stay solid.
Stop it!
I'm getting all misty here...
:)
Gannet too
And you just know it will be the same next quarter and the quarter after that....
It's so much fun watching these bast@rds slowly die...
MNI's stock price already down over 1% this morning...
Some good news to go with your coffee this morning....
Another toilet flushing.
It's like boiling a frog. They don't even realize what's happening. They're too tied up in their own agenda(s) to figure it out.
MNI stock price now down $1/share, or 2%....
Oh, and just imagine what this does to their employee's 401k balances. Can't be good for morale...
My wife has had me doing Easter Honey Do Chores before the minor clan invasion on Easter.
You have been very busy this morning with all of this great news!
oops....I thought the headline was "McClatchy IQ Falls 14%"
Pittsburgh baseball fans are already aware of that!
"Some good news to go with your coffee this morning...."
Yes, I'm sitting down at my computer with my second cup of coffee after completing my early morning Easter Honey Do chores.
The coffee tastes great and is the perfect companion to your trifecta re the dinosaur fish wraps.
"It's like boiling a frog. They don't even realize what's happening. They're too tied up in their own agenda(s) to figure it out."
You nailed it. They have yet to realize that lying about our president 24/7 has turned off a lot of the 60 + million voters for GW.
Arrogance and lunatic lib insanity will be the eventful end of these lying and agenda pushing sobs.
I think its time for you to put up your patented newspaper stock chart prices, don't you?
I will wait a little until after the left wing controlled mutual funds shoot their wad to increase the stock prices of the fish wraps.
Reality hits the stock price of the lying/spinning left wing McClatchy fishwraps after a miserable 1st quarter.
NYT Co. had a run up early, but it's back down in the red now as is GCI and KRI. TRB's trying to stay green, but just barely...
I hate to dampen the party here, but I'm not sure that the misfortunes of these companies is really that much of a setback to the liberal media in the long run. Newspaper companies are in trouble more because they are outmoded and inefficient delivery systems more than anything else. Sure there are many of us who don't read the papers because of their obvious leftward political slant, but in the broad scheme of things, that's only part of why they are losing readers and ultimately advertisers - and almost certainly not the biggest part.
When this all shakes out, NYT, Tribune, McClatchy et. al. may go out of business or be severely diminished, but ultimately I suspect that many of the journalists who work for them will find some outlet on the Web or elsewhere that will run their biased content. I suppose there's a lot to be said for the idea that this process might even the playing field a little more as it is taking away some of the entrenched and established outlets which are living off their past reputations. Still, I can't help but think that conservatives will always have a disadvantage when it comes to media voice as we are the ones who are more likely to be out actively doing things, making money, etc. while the liberals are more naturally drawn to passively sitting around and commenting/second guessing on what others are doing (which, like it or not, is a good part of what modern journalism entails).
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