The McClatchy Company today reported that consolidated revenues in January 2008 decreased 14.4% and advertising revenues were down 15.7% compared to revenues in January 2007.
Pat Talamantes, McClatchy's chief financial officer, said, "We were disappointed in our revenue performance in January, and foresee similar performance during the rest of the quarter. As we anticipated, a majority of the decline continued to come from newspapers in California and Florida, two states severely affected by the real estate downturn, and we are feeling the impact of worsening economic trends. We are intensely focused on cost controls to mitigate the impact on our profitability."
Too bad McClatchy's performance can't match the performance of Iraq's oil production.
