McClatchy Company (MNI) Reports Decline in November Revenues

The McClatchy Company (NYSE: MNI) reported that consolidated advertising revenues in November 2006 decreased 4.7% and total revenues declined 4.3% compared to pro forma revenues (including the addition of the 20 newspapers purchased and retained in the Knight Ridder acquisition).

Year-to-date pro forma advertising revenues were up 0.1% and total pro forma revenues were down 0.6%.

Gary Pruitt, chairman and CEO of McClatchy, said, "As we look to next year we expect strength in internet operations and direct marketing, offset by lower advertising in our print products. Among core revenue categories, we expect classified to continue to be challenged as automotive stabilizes, but real estate and employment advertising continues to decelerate. Retail may still be choppy in 2007, but we expect it to show some growth. Taken together, we anticipate advertising revenues on a pro forma basis to be down in the first half. We don't have enough visibility right now to project revenue trends in the second half of 2007 with any confidence, but rest assured that we will be innovative in our sales strategies no matter the economic climate or secular changes taking place."

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