McClatchy Co. posts loss in first quarter

MCCLATCHYApril 25, 2013 

— The McClatchy Co. reported a first-quarter loss Tuesday, April 25 because of a continued decline in advertising and some one-time costs.

Sacramento-based McClatchy, which owns The Bellingham Herald, said it lost $12.7 million, or 15 cents a share, compared with a year-ago loss of $2.1 million, or 2 cents a share.

Excluding certain one-time expenses, this year's loss came to $700,000, vs. $2.5 million a year ago.

The company said advertising revenue fell 6 percent, continuing a slump that has enveloped much of the newspaper industry and other traditional media since 2006. Total revenue fell 4 percent to $276.7 million, with circulation revenue rising 1.6 percent.

McClatchy's digital advertising was up 1.5 percent; digital now accounts for 24 percent of total advertising.

President and Chief Executive Pat Talamantes said the company was pleased to see circulation revenue grow. He cited McClatchy's recent rollout of its online subscription packages, which generated $5.8 million in new revenue.

The program "continues to exceed our expectations," he said in a press release.

McClatchy shares jumped 8 cents to $2.52 in early New York Stock Exchange trading.

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