The McClatchy Co., the California-based media company that's the parent of The Olympian and The News Tribune, on Tuesday reported a net loss of $2 million, or 2 cents a share, in the year's first quarter.
The company blamed declining advertising revenues, particularly national advertising, and weaker circulation for the losses.
In this year’s first three months, revenues were down 9.5 percent from the same quarter in 2010, to $303.7 million.
McClatchy’s losses follow a national trend of softer advertising and weaker results in the newspaper industry as retailing and home building still show recession-caused difficulties. Both the nation’s largest newspaper chain, Gannett Co. Inc., and The New York Times have reported advertising declines for the quarter.
McClatchy Chairman Gary Pruitt noted that the quarterly advertising figures also were down because Easter fell later in April this year, and merchants doing holiday advertising shifted some of their ads to the second quarter.
On the brighter side, the media company reported that its digital advertising revenue grew by 2.2 percent in the first quarter. Total digital advertising represented 20.1 percent of the company’s advertising revenue in the year’s first three months. That compares with 17.5 percent in the first quarter last year.
Every one of the chain’s newspapers remains profitable, he said.
John Gillie: 253-597-8663 email@example.com