McClatchy net income drops 67%

Newspaper publishing firm McClatchy Co. reported sharply lower profit as modest gains in online ad sales were not nearly enough to make up for plunging print advertising revenue.

McClatchy, based in Sacramento, said net income was $9 million, or 11 cents a share, for the first three months of the year. That is a 67% drop from the $27.7 million, or 59 cents, earned during the same period last year.

Bolstered by the addition of 20 newspapers acquired from Knight Ridder last year, McClatchy’s revenue for the first quarter was $566.6 million, compared with $194.5 million in the same period last year.

McClatchy’s shares lost 95 cents, or 3%, to $30.55.