I'm not sure investors want financial advice from the guy who ran McClatchy into the ground. But fresh on the heels of declaring a massive accounting charge, Gary Pruitt is offering free financial advice. Here's Pruitt telling investors what they should be looking at:
"We believe investors should focus on the more important fundamentals of our business. We continue to produce strong cash flows and are quickly moving to become a successful hybrid print and online news company."
And to show he is still delusional about the long-term outlook for the newspaper industry, Pruitt says this:
"It's important to understand that this non-cash charge does not reflect our view of the long-term health of the newspaper industry or the value of McClatchy," Pruitt said.
Looking at mid-morning trading, it looks like investors are ignoring Pruitt's advice: McClatchy shares are down more than four percent as of 11:20 AM.
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