Showing articles 1 - 1 of 1 tagged as "newspaper industry"

McClatchy profits grow

Sacramento-based McClatchy Co. on Tuesday announced a surge in second-quarter earnings following the latest round of company-wide downsizing. More cutbacks are still in the works to staunch a continued loss in revenue. Next week, members of the editorial employee union at The Sacramento Bee, the company's flagship, will vote on a proposal to use accrued vacation days rather than face unpaid furloughs this year. However, a small amount of hiring is still taking place. Net quarterly profit rose to $42.2 million, up from $19.7 million in the second quarter of 2008. Per-share earnings grew to 50 cents, up from 24 cents for the same period last year, according to the report released Tuesday

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