McClatchy's 2Q results dragged down by ad woes

By the Associated Press | July 28, 2011 | 10:44 AM EDT

SACRAMENTO, Calif. (AP) — Newspaper publisher McClatchy's second-quarter earnings fell 32 percent as advertising declined.

The results released Thursday served as a reminder of the financial pressures facing the owner of The Sacramento Bee, The Miami Herald and 28 other daily newspapers. In recent years, advertisers have shifted away from print to the less expensive alternatives on the Internet.

McClatchy Co. CEO Gary Pruitt says he will keep cutting costs to offset another anticipated decline in ad revenue in the current quarter ending in late September.

In the quarter that ended in late June, McClatchy earned $4.9 million, or 6 cents per share. That was down from net income of $7.3 million, or 9 cents per share, at the same time last year.

Total revenue fell 8 percent from last year to $314 million.