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SACRAMENTO -- McClatchy Co., owner of the Merced Sun-Star, said Tuesday that net income improved in the most recent quarter, as it cut expenses and saw advertising revenue fall at a lower rate. McClatchy earned $42 million, or 49 cents per share, in the quarter that ended Dec. 25. That compares with $14.8 million, or 17 cents, a year earlier. Excluding one-time items, earnings were $43.2 million, or 50 cents. Analysts polled by FactSet were on average expecting 42 cents. Adjusted earnings were $33.5 million, or 39 cents, a year ago, when the company took a $24.4 million writedown on investments and land held for sale.
