McClatchy reports profit after slashing expenses

(McClatchy Newspapers) SACRAMENTO, Calif. — The McClatchy Co., which owns The Kansas City Star, Belton Star Herald and Cass County Democrat Missourian, reported a first-quarter profit at the end of April and said its advertising slump is easing.
The newspaper conglomerate recorded a net loss from continuing operations, but that included one-time charges related to a major refinance of its loans. Without those charges, McClatchy earned $4.8 million from continuing operations compared
to a loss of $22.9 million a year earlier.
McClatchy said advertising revenue fell 11.2 percent from a year earlier, and total revenue was down 8.2 percent to $335.6 million. Executives with the Sacramento newspaper chain called that a marked improvement from last year, when ad revenue was plunging as much as 30 percent. As recently as last fall, ad sales were off 20 percent.
McClatchy made major cuts in staffing and other expenses, cutting cash expenses $69 million — 21% — in the first quarter, not counting severance costs.
Other newspaper chains are reporting similar results: higher profits and an easing of the revenue decline.

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