Thursday, April 23, 2009

McClatchy’s Worrisome 1st Quarter Report

From Market Watch today - - -

The McClatchy Co. (MNI: news, chart, profile) said Thursday it swung to
a first-quarter loss of $37.7 million, or 45 cents a share, from a loss of $993,000, or 1 cent a share in the year-ago period. Adjusted loss in the latest period totaled 28 cents a share. Revenue at the Sacramento, Calif. company dropped 25% to $366 million. Analysts expected a loss of 3 cents a share, according to a survey by FactSet Research. (emphases added)


My comments:

The report has to be worrisome for McClatchy employees who know the company’s burdened with $2 bil in debt, junk ratings on its bonds, sharp revenue declines, penny stock status and a warning from the NY Stock Exchange that it faces delisting.

McClatchy Watch has a lot more here including links to WSJ, E&P, and AP reports.