The McClatchy Co. reported a sharp increase in second-quarter net income despite lower revenue, mostly because last year's results were hurt by charges for severance and markdowns on property it had sold.
The owner of the Idaho Statesman, The Miami Herald, The Sacramento Bee and other newspapers said it earned $26.9 million, or 31 cents per share, in the three months through June 24. That's up from earnings of $4.9 million, or 6 cents, in the same period a year earlier.
Revenue fell 5 percent to $299 million from $314 million. Advertising revenue fell 6 percent to $223 million, while circulation revenue dropped 2 percent to $63.6 million. Other revenue was flat at $13 million.
Without one-time items related to severance, restructuring and other expenses and gains, the Sacramento, Calif.-based company earned $16.1 million, or 19 cents per share, up from adjusted earnings of $9 million, or 10 cents, last year. McClatchy benefited from accounting adjustments related to taxes and debt reduction.