The McClatchy Co., which owns The Telegraph and 29 other daily newspapers, on Thursday reported lower profits for the second quarter of 2013 during a continued downturn in advertising revenue.
Excluding some one-time adjustments, profits were down to $11.1 million from $16.1 million for the same period a year ago, according to a news release. With those adjustments included, total net income fell to $11.8 million this quarter from $26.9 million last year.
Total revenue in the second quarter was $308.8 million, down 3.5 percent from the second quarter of 2012, the release stated. Circulation revenue was $88.5 million, up 4.8 percent, and advertising revenue was $207.7 million, down 6.7 percent from the same quarter in 2012.
Earnings per share dropped to 14 cents in the second quarter from 31 cents in the same period 2012.
In the first six months, total revenues of 2013 were down 3.7 percent to $603.9 million compared to $626.8 million in 2012, the release stated. Advertising revenues in the 2012 period totaled $404.8 million, down 6.4 percent, and circulation revenues were $174.3 million, up 3 percent.
We believe that we will continue to benefit in the future as our efforts to build our circulation revenues gain even more traction, Pat Talamantes, McClatchys president and CEO, said in the release. The subscriber response to our new digital subscription packages, known as our Plus Program, exceeded our initial expectations and we are on target to meet our guidance of generating approximately $25 million in new revenues in 2013.
To contact writer Linda S. Morris, call 744-4223.