The McClatchy (MNI) Reports April Revenues

The McClatchy Company (NYSE: MNI) reported that consolidated advertising revenues in April 2007 decreased 7.6% and total revenues were down 5.5% compared to pro forma revenues (including the addition of newspapers purchased in the Knight Ridder acquisition and excluding the Minneapolis Star Tribune newspaper). Year-to-date advertising revenues declined 6.0% and total revenues were down 5.1% on a pro forma basis.

Pat Talamantes, McClatchy's chief financial officer, said, "Also, internet advertising was down 2.1% in April and is continuing to be affected by the new affiliate agreement with CareerBuilder for online employment advertising. As we have noted in prior months, this agreement is helping to grow online employment revenues at the legacy McClatchy newspapers, but under the new affiliate agreement selected products are no longer available to be sold by the 20 acquired Knight Ridder newspapers thus depressing their internet revenues. We will begin cycling through this change in August 2007.

"We have our most difficult advertising comparison of the second quarter in May. We are managing through the challenges of cyclical and structural change with a strong focus on cost reduction, including the realization of the $70 million in synergies from the acquisition of Knight Ridder."

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