Herald-Leader's parent company reports quarterly, annual losses

ssloan@herald-leader.comFebruary 7, 2013 

The McClatchy Company, the parent company of the Herald-Leader, reported a fourth-quarter loss on Thursday.

The California-based company, which publishes 30 daily newspapers, lost $30 million in the quarter, down from a profit of $42 million in the same period in 2011.

Driving the decline was a $60 million after-tax loss on debt refinancing, according to a company statement.

Revenue in the fourth quarter edged up 1 percent year over year to $355.7 million. That happened, though, because the 2012 quarter had one extra week compared to 2011 under the company's financial reporting period. Factoring out that benefit, revenue fell 5.3 percent year over year, according to a statement.

In a statement, CEO Pat Talamantes highlighted the success of a company-wide effort to require website readers to pay for certain levels of access. The program, dubbed Plus, saw $1.2 million in additional revenue in 2012, and Talamantes said he expects that to rise to more than $20 million in 2013.

For the full year, the company lost $144,000, essentially break-even results when viewed as earnings per share. That's down from $54.4 million, or 63 cents a share, for all of 2011. Revenues fell 3.1 percent to $1.2 billion.

Scott Sloan: (859) 231-1447. Twitter: @HeraldLeaderBiz.

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