McClatchy stock up. Feel better, Star readers?
Second-quarter reports came in earlier this week, bringing heartening word that earnings for the Kansas City Star-owning McClatchy Co. were way up.
According to the trade magazine Editor & Publisher:
McClatchy posted earnings of $42.2 million, or 50 cents per share, more than double its year-ago earnings and its first-quarter 2009 results.
While advertising revenue slid 30 percent, McClatchy Chairman and CEO Gary Pruitt told analysts that the rate of decline in ad revenue slowed with every month of the quarter, and that July was shaping up to be much like June.
“Our company remains profitable and each of our newspapers is contributing positive cash flow,” Pruitt declared.
Yesterday’s Star included a note from the Associated Press that “Higher subscription rates led to a 5 percent rise in subscription revenue, though the company’s total weekday circulation was down 12 percent, to 2.3 million.”
As a die-hard subscriber who’s been paying more for my daily delivery, I wondered whether this good news meant I’d be getting my real paper back. Alas, this week is still the same pathetic all-in-one National/Local/Business/Opinion section, followed by a disproportionately large Sports section that appears untouchable despite economic realities, and an FYI that’s worthless except for Doonesbury.
I guess I’ll get my old paper back when all the laid-off journalists get their old jobs back.
