McClatchy reports losses in 1st Quarter

McClatchy, the parent company of The Star, reported losses in its 1st Quarter earnings statement.

The owner of The Kansas City Star, The Miami Herald, The Sacramento Bee and other newspapers said it lost $2.1 million, or 2 cents per share, in the January-March period. That compares with a loss of $2 million, or 2 cents per share, a year ago.

Revenue fell 5 percent to $288.3 million from $303.7 million.

Advertising revenue fell 7 percent to $209.8 million from $225.1 million. Digital advertising revenue grew 3 percent and accounted for about 22 percent of total ad revenue, the company said.

Not surprisingly, the company said the losses were due to declining ad revenue, though it said digital revenue had increased.
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