McClatchy Releases Second Quarter Earnings

The McClatchy-Company released its second quarter earnings today in a press release claiming net income of $42.0 million or "more than double the earnings per share in the second quarter of 2008."

The Sacramento-based company—owners of The Miami Herald, The Sacramento Bee, The Fort Worth Star-Telegram, and others—reported revenues were down 25.4 percent to $365.3 million." Advertising revenues were also in decline from this time last year by some 30.2 percent ($283.7 million). But—here's a small silver lining for anyone who wonders if people are reading the printed paper anymore—circulation revenues rose 5.0 percent.

As Poynter's Jim Romenesko points out, the report was met favorably by investors: The stock is up $.20.

If you're catching a whiff of triumphalism in this release—or in Gannett's second quarter report from last week—keep in mind McClatchy slashed 1,600 jobs in March (some 15% of its staff), cut salaries of others, and froze employee pensions and temporarily ended 401(k) matching.

As nearly all industry observers are quick to remind you, newspapers are still in trouble.

On Thursday, The New York Times Company will release its second quarter earnings: Expect more bleak numbers if the leaked internal memo to employees from Arthur Sulzberger, Jr. and Janet Robison is any indication.