SACRAMENTO, Calif. (AP) - 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 Miami Herald, The Sacramento Bee and other newspapers said Friday that 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, McClatchy earned $16.1 million, or 19 cents per share, up from adjusted earnings of $9 million, or 10 cents, last year. In the latest quarter, McClatchy benefited from accounting adjustments related to taxes and debt reduction.
Its stock rose 16 cents, or 9.5 percent, to close Friday at $1.84.