McClatchy shares gain on Gannett

eragywaqer.wordpress.com
The Sacramento-based company — publisher of 30 daily including — had one of its best days on Wall at least based onpercentage increase. The company’ s stock improved 14 cents to 56 centsper share. McClatchy MNI) benefited after its longtime rival posteda better-than-expected second giving hope to the besieged Inc., publisher of USA TODAY and aboug 80 daily newspapers, enjoyed a $70.5 millionj profit, or 30 cents per share. The Va.-based company had a $29.23 billion loss, or $10.03 per a year ago.
Excluding special the newspaper publisher reported adjustedf earnings of 46 centsper share, easily exceedintg the 36-cent per share estimate on Wall according to Thomson Reuters. Gannett, which owns KXTV Channel 10 in endured an 18 percenr decline in revenueto $1.41 compared to last year. But cost-cuttiny efforts generated the profit. Gannett’s performance givese hope to investorsof McClatchy, whicbh is expected to release its second-quarter earningsd Tuesday. Despite the hefty increase of itsstock Wednesday, McClatchy is down about 90 percent from its one-yeare high, and much lower than the $4.50 stock price July 15, 2008.
similar to most newspapers nationwide, is battling a dramaticf decline in advertising revenue and fewedr paidprint subscribers. The compan y has taken aggressive actions to curbits money-losing operations, eliminating abour 4,000 positions — or almost a third of its work forcre — and cutting executive pay and dividends, puttingv retirement contributions on hold and implementing furloughs for