Tuesday, July 21, 2009
McClatchy reports 50 cents per share income
McClatchy Company today reported net income from continuing operations in the second quarter of 2009 of $42.0 million, or 50 cents per share - more than double the earnings per share in the second quarter of 2008. Adjusted earnings from continuing operations,(1) excluding several unusual items in the second quarter of 2009, were $25.2 million, or 30 cents per share, up 42.9% from the 2008 quarter. Total net income including discontinued operations was $42.2 million, or 50 cents per share.
The company's second-quarter 2008 earnings from continuing operations were $20.1 million, or 24 cents per share. Adjusted earnings from continuing operations,(1) excluding several unusual items in the second quarter of 2008, were $17.3 million, or 21 cents per share. Total net income including discontinued operations was $19.7 million, or 24 cents per share.
Click on the headline to read the full news release from McClatchy.
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Another take on McClatchy's earnings report from Poynter:
McClatchy Surprises Wall Street With Stellar Second Quarter
Posted by Rick Edmonds at 6:53 PM on Jul. 21, 2009
McClatchy, once much admired but lately the poster child for excessive debt, delivered some bracingly positive news in its second quarter earnings report released Tuesday. It earned a 25 percent profit on a cash flow basis, which works out to an 11.5 percent operating profit including depreciation and amortization.
In a conference call, analysts and investors fell all over themselves congratulating CEO Gary Pruitt on what looks like the start of a modest turnaround.
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