Image via WikipediaThe McClatchy Co., owner of 50 daily newspapers, doubled its earnings compared to second quarter results a year ago, the media conglomerate announced today.
McClatchy earned 50 cents a share or $42.2 million net income compared to 2008 second quarter figures of 24 cents a share and $20 million profit respectively. Although the company bettered the forecast of Wall St. analysts and media naysayers, they're not uncorking the champagne at the company's Sacramento headquarters just yet as there was plenty of bad news to go around.
Reported advertising revenue of $283.7 million was down 30 percent from a year ago and total classifieds were down nearly 41 percent. McClatchy executives promised not to violate bank covenants in 2009, even if there is no uptick in advertising revenues over the remainder of 2009.