McClatchy posts fourth-quarter loss on refinancing

SACRAMENTO -- The McClatchy Co. on Thursday reported lower profits and revenue for the fourth quarter, citing disappointing December advertising.

McClatchy, which owns the Sun-Star, said profits excluding one-time adjustments fell to $33.8 million from $43.2 million.

The one- time adjustments -- including a $60 million after-tax loss because of the costs of a major debt refinancing -- plunged McClatchy into a bottom-line, net income loss for the quarter and all of 2012.

Revenue grew 1.2 percent during the quarter, but that was because the 2012 quarter had 14 weeks vs. the 13 weeks for the 2011 quarter. On a comparable basis, revenue fell 5.3 percent and advertising revenue fell 6.3 percent.

The results showed that McClatchy, while making progress, has been unable to shake an advertising downturn.