Honey, the company keeps shrinking: McClatchy reports 4th quarter 2007 after-tax loss from continuing operations of $1.43 billion

The McClatchy Company today updated its Annual Report on Form 10-K for the year ended December 30, 2007. Street Insider:

The company's fourth quarter 2007 after-tax loss from continuing operations was $1.43 billion, or $17.42 per share including the effect of non-cash after-tax impairment charges related to goodwill and newspaper mastheads of $1.47 billion, or $17.86 per share. The company's total net loss, including the results of discontinued operations, was $1.43 billion, or $17.46 per share.

The loss from continuing operations for full year 2007 was $2.73 billion or $33.26 per share including the effect of the non-cash impairment charges taken in the third and fourth quarters. The company's total net loss, including the results of discontinued operations, was $2.74 billion, or $33.37 per share.

The previous quarter, McClatchy swallowed a $1.5 billion accounting charge. McClatchy's share price has fallen over the past year from $37.37 during February 2007, to around $10.00 per share today.

Previous related from November 2007:
Honey I shrunk the company: McClatchy swallows one-and-a-half billion dollar accounting charge

Honey I shrunk the company: McClatchy swallows one-and-a-half billion dollar accounting charge

McClatchy Company announced Thursday it was swallowing an accounting charge of nearly one-and-a-half billion dollars, reflecting the shrunken value of its assets. McClatchy announced last month it would be taking a write-down. From Joseph Hollack:

McClatchy, which owns The Bee, now says it lost $1.35 billion during the quarter. And while company executives say McClatchy's long-term future remains bright, the write-down shows that the near term will continue to be difficult.

The write-down, also known as an impairment charge, reflects in part the diminished value of the Knight Ridder acquisition as well as the overall sluggishness facing all of McClatchy's newspapers. It also is partially a reflection of the big drop in the company's stock price over the past year and a half.

Forbes article here. Editor & Publisher here. Reuters here.