Newspaper chain McClatchy reports decreased revenue, net and operating loss in Q1
The new year did not start well for The McClatchy Company as the company reported a net and operating loss in the first quarter of 2014. Total revenue was down, though circulation revenue did increase in Q1.
Advertising revenue fell 6.7 percent to $183.9 million, while total digital-only revenue grew 11.6 percent.
The newspaper company, which owns the Sacramento Bee, the Miami Herald and other papers, received a $147 million cash distribution from Classified Ventures following the company’s sale of Apartments.com to CoStar Group.
“The total revenue trend improved this quarter compared to the first quarter of 2013. We consider this a meaningful result accomplished in the face of the unusual snow and ice storms that hit the Midwest and Southeast during the quarter and the shift in the Easter holiday from the first quarter last year to the second quarter this year,” said Pat Talamantes, McClatchy’s CEO. “Importantly, we continue to see revenue growth from direct marketing, digital advertising and circulation. Our digital audience is showing healthy growth. Monthly unique visitors were up 33.0% in the quarter compared to the same quarter last year and mobile users represented 43.0% of total monthly unique visitors in the quarter compared to 40.0% in the fourth quarter of 2013.”