McClatchy reports fourth quarter results

McClatchy, Co. today released its fourth quarter 2008 results. While the news wasn't encouraging, it wasn't nearly as bad as fourth quarter 2007, when the company posted a loss of over $1.4 billion.
For the fourth quarter 2008, the company lost $21.7 million, bringing total net income for 2008 to $1.4 million.
CEO and Chairman Gary Pruitt commented:

2008 was a difficult and disappointing year. We faced troubled economic times and structural changes in our business. Still, 2008 was a good year for our online business; online audiences and revenues rose sharply. In the fourth quarter, average monthly unique visitors to our websites were up 25.3% and were up 33.5% for all of 2008... But the economy remains mired in recession and our industry is still in a period of transition.

The company also plans to reduce spending by roughly $100 million in 2009, although details for the plan have not been finalized.
It will also freeze pension plans, and stop matching 401(k) contributions for the time being. The current salary freeze for senior executives will be extended through 2009, as well.

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