Mcclatchy Company (MNI) saw its loss narrow to $11.35 million, or $0.13 a share for the quarter ended Mar. 29, 2015. In the previous year period, the company reported a loss of $15.84 million, or $0.18 a share. On an adjusted basis, net loss from continuing operations for the quarter was $8.75 million, when compared with $6.12 million in the last year period.
Revenue during the quarter dropped 6.88 percent to $257.18 million from $276.17 million in the previous year period. Operating margin for the quarter stood at negative 0.45 percent as compared to a negative 1.70 percent for the previous year period.
Operating loss for the quarter was $1.16 million, compared with an operating loss of $4.70 million in the previous year period.
Pat Talamantes, McClatchy's president and CEO, said, "Our revenues in the first quarter were impacted by the continued decline in print retail and national advertising, particularly among large advertisers. To help offset advertising trends, we are undertaking a number of initiatives that involve incremental expense at the start of the projects, but which should be more than offset by cash flow benefits in the future. The first quarter is our seasonally lowest quarter for revenues, which magnified the impact of those expenses on our bottom line."
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