24/7 Wall Street:
McClatchy (MNI), the large newspaper chain, reported dismal results for the month of Octobers. The company reported both consolidated advertising and total revenues in October 2007 decreased 9.9%. Classified advertising fell almost 20% and real estate classified revenue fell almost 30%. Revenue in the company's large California newspaper group was down 19%.
Henry Blodget:
October's revenue dropped $24 million year over last year: extrapolate that drop over a full quarter, and McClatchy's after-interest profit will quickly be wiped out. Extrapolate it over two quarters, and the company's operations will be burning cash. Time to start selling assets and restructuring. Or worse.
Jammie Wearing Fool is happy.
