The New York Times Company just reported a losses for the first quarter. Now McClatchy, owner of California’s Bee newspapers, the Miami Herald, the Idaho Statesman, the Kansas City Star, and a fair number of other sizable dailies, is taking a Q1 beating:
The McClatchy Company (NYSE: MNI) today reported a net loss from continuing operations in the first quarter of 2008 of $993,000, or one cent per share. Adjusted for two items, (1) earnings from continuing operations were $1.6 million or two cents in the first quarter of 2008. Total net loss, including discontinued operations, was $849,000 or one cent per share. … Revenues in the first quarter of 2008 were $488.3 million, down 13.8% from revenues from continuing operations of $566.6 million in the first quarter of 2007. Advertising revenues were $404.0 million, down 15.3% from 2007, and circulation revenues were $67.9 million, down 5.6%. Online advertising revenues grew 10.6% in the first quarter of 2008 and were 11.3% of total advertising revenues compared to 8.6% of total advertising revenues for all of 2007.