The McClatchy Company (NYSE:MNI) – Today’s First Hour Active Mover
The McClatchy Company (NYSE:MNI) – McClatchy posts higher 2Q profit despite slump
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The McClatchy Co. (NYSE:MNI) reported a big jump in quarterly profits today, as major cost cutting overwhelmed the effect of a continued slump in revenue.Sacramento-based McClatchy said its second-quarter profits soared to $42.2 million from $19.7 million a year earlier. Per-share earnings rose to 50 cents from 24 cents.
The improvement came in spite of a 25.4 percent decline in revenue, including a a 30.2 percent drop in advertising sales.
The results marked a substantial turnaround. In the first quarter, the company reported a $37.5 million loss - the first time in its history as a public company that McClatchy lost money on a day-in, day-out basis.
But in the second quarter, a 29.3 percent drop in expenses returned The Bee's parent to profitability. In March, the company announced the third major round of job cuts in less than a year. Since last summer, the company has trimmed payroll by about 35 percent, imposed pay cuts at the corporate level and several of its newspapers, and made other expense reductions.According to the Journal, six of CIT's largest bondholders -- including Pacific Investment Management Co., Oaktree Capital, Silver Point Capital, and Centerbridge Partners -- agreed to the proposal, which would see investors providing $3 billion in funds and committing to other steps to help strengthen CIT's financial position.
After touching an intraday high of $0.90 in an opening trade, the Stock is currently trading at $0.79 moved up about 46% on over 2.45 million shares. In the last 52-week, the stock has been trading within a range of $0.35-$5.38.
About The McClatchy Company
The McClatchy Company (McClatchy) is a hybrid print and online, news and advertising company. The Company’s newspapers range from the dailies serving metropolitan areas to non-daily newspapers serving small communities. On March 5, 2007, the Company sold the (Minneapolis) Star Tribune newspaper and other publications and Websites related to the newspaper. McClatchy-owned newspapers include, among others, The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, The Charlotte Observer, and The (Raleigh) News & Observer. McClatchy also has a portfolio of digital assets. In addition to its local websites, which offer users information, news, advertising, e-commerce and other services, McClatchy owns 14.4% of CareerBuilder, LLC (Career Builder), the online job site and 25.6% of Classified Ventures, LLC (Classified Ventures), a newspaper industry partnership that offers two websites: the auto Website, cars.com, and the rental site, apartments.com.
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