The McClatchy Company Misses Estimates, Online Revenues Up (MNI)
Thu. October 15, 2009; Posted: 09:25 AM
Oct 15, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/15/2009 - The McClatchy Company (NYSE:MNI) reported Q3 EPS of $0.13, ex-items, missing consensus estimates of $0.14. Revenues for the quarter declined 23.1% year-over-year to $347.4 million, falling short of consensus estimates of $353.6 million. Chairman and CEO Gary Pruitt said, "Our advertising revenues in the third quarter showed some improvement from the second-quarter decline. Importantly, we reported growth in our online advertising revenues. Online advertising revenues were up 3.1% compared to the third quarter of 2008. Excluding employment advertising, a category that has been impacted both online and in print by the nationwide decline in jobs, online advertising revenues were up 28.4% in the quarter and up 27.2% year-to-date."
Write to Chip Brian at cbrian@tradethetrend.com
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