By: E&P Staff
The McClatchy Co. reported at the close of the market that total revenue in February slid 11.7% to $156 million while advertising revenue plunged 13.3% to $130 million on weakness in the classified category.
The comparisons are year-over-year.
Retail advertising revenue fell 2.3% to $62 million. National was down 12.7% to $12.4 million.
Classified declined 25.2% to $44.5 million. Within the category, real estate fell 35.7%, while employment dropped 33.3%. Auto declined 15.8%.
By region, California and Florida experienced the largest losses. Newspapers in California reported that revenue declined 19.6% to $23 million. Total revenue for the Florida region plummeted 20.3% to $20 million.
Said Pat Talamantes, McClatchy CFO, in a statement:”We continue to see a majority of the decline in advertising revenue from newspapers in California and Florida, two states severely affected by the real estate downturn. We are heartened by the strong growth in online advertising, up 15.9% in February as we continue to focus on our interactive operations.”