...where are those grave diggers the McClathcy newspaper chain lamented as underemployed due to the success of the surge? I think they'd be perfect to shovel dirt over the news agency's coffin.
AP story here:
The McClatchy Co., whose newspapers include The Miami Herald and El Nuevo Herald, said second-quarter earnings fell 44 percent as ad revenue continued to shrink.
Net income slid to $19.7 million, or 24 cents per share, from $35.2 million, or 43 cents per share, a year ago.
The result adjusted to exclude one-time items is $17.3 million, or 21 cents per share. That is equal to the average estimate of analysts surveyed by Thomson Financial.
Revenue dropped 16 percent to $489.7 million, as advertising sales shrank 17 percent.