The McClatchy Co. reported a smaller quarterly loss Tuesday despite continued slippage in revenue.
Sacramento-based McClatchy, which publishes The Sacramento Bee and 28 other daily newspapers, said it lost $1.1 million during the quarter, compared to a $2.8 million loss the year before. The per-share loss came to 1 cent, vs. 3 cents a year ago.
In terms of income from continuing operations, McClatchy said it earned a profit of $3.2 million in the quarter, compared to a $700,000 loss a year ago.
The company said total revenue fell 7 percent to $258.1 million. Advertising revenue declined 10.2 percent. The company cited a “decline in print-related revenue, which was partially offset” by growth in digital advertising.
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Audience revenue, formerly known as circulation, fell 2.2 percent despite a 12.4 percent jump in digital audience revenue.
“Despite challenging headwinds, our revenue and expense initiatives continue to gain traction,” said President and Chief Executive Pat Talamantes in a prepared statement. “This is evidenced by the improvement we saw in our operating cash flow trend in the third quarter compared to the first two quarters of 2015. We expect this trend to continue to improve with growth in operating cash flow in the fourth quarter.”
Like other newspaper publishers and traditional media, McClatchy is struggling with increased competition and the transition to a media landscape dominated by the Internet.