.The McClatchy Company saw continued double-digit drops in revenue in October with revenue dropping 17.8 percent to $176 million from $214 million in October 2007.
Advertising revenue was down 20.4 percent in October, the Sacramento-based company reported today, to $145 million from $181 million in October 2007.
Declines in print advertising drove the decline, falling 23.3 percent to $128 million in October. Online advertising revenue partially offset the decline, with a 12.4 percent gain in October to $16.4 million.
“The economic slowdown continues to hurt consumer confidence and as a result negatively impacts our advertising customers in the local markets we serve,” Pat Talamantes, McClatchy’s chief financial officer, said in a news release. “Online advertising continues to be a bright spot for the company, with online advertising up in all categories except employment advertising.”
For the first 10 months of the year, total revenue declined 15.5 percent for McClatchy, which publishes the Sacramento Bee and 29 other newspapers.
Wednesday, November 19, 2008
After the market closes, McClatchy releases revenue numbers -- October revenue falls 18 percent
Waiting until the markets had closed, McClatchy released its October revenue results, showing revenues down 18 percent:
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3 comments:
Note to self: Get Fire Fox / AdBlock Plus. Do not contribute to the delinquency of a loser.
Here's the hard numbers. It is the Wall Street Journal.
http://online.wsj.com/article/PR-CO-20081119-906582.html?mod=wsjcrmain
For God's sake, Sacto, do something. Make some decisions other than layoffs because November revenues are obviously going to be just as dismal. December looks likely to follow and a 20 percent downturn in revenues in Q4 now looks like it is in the cards.
So how about acknowledging that your business plan is broken. Irreparably broken. Pruitt's ambitious idea of recreating Knight-Ridder is only going to result in the same end: McClachy is going to disappear.
It is time to recognize this company neeeds new leadership. It does not need an executive who loads up MNI with vice presidents of the east and vice presidents of the west, whose only job is to bear some of the blame for this disaster.
Do not blame these miserable results only on the economy. That is only partly the problem. The central problem is that McClatchy is not printing compelling newspapers that people want to read. Note the word news in newspapers. That does not mean features, or thumb suckers, or travel sagas. It means hard breaking news.
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