McClatchy Co (MNI) saw its loss widen to $95.58 million, or $12.60 a share for the quarter ended Mar. 26, 2017. In the previous year period, the company reported a loss of $12.74 million, or $1.58 a share. On an adjusted basis, net loss for the quarter was $14.49 million, when compared with $7.89 million in the last year period.

Revenue during the quarter dropped 7.05 percent to $221.21 million from $237.98 million in the previous year period. Operating margin for the quarter stood at negative 2.04 percent as compared to a negative 0.99 percent for the previous year period.

Operating loss for the quarter was $4.52 million, compared with an operating loss of $2.35 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $23.11 million compared with $30.84 million in the prior year period. At the same time, adjusted EBITDA margin contracted 251 basis points in the quarter to 10.45 percent from 12.96 percent in the last year period.

Craig Forman, McClatchy's president and chief executive officer, said, "No question the headwinds that have affected our industry for the past several years continued in the first quarter, including several retailer bankruptcies driving the loss of 40,000 retailing jobs. But at McClatchy, we are executing on our plan to accelerate the pace and cadence of our digital transformation while aligning our cost structure with the realities of the business environment. "This quarter also highlights the unwavering commitment to quality journalism that is McClatchy at its best." Forman added, "In all of our 30 newsrooms, we have dedicated ourselves to the kind of enterprise and ingenuity reflected in the projects recognized by the Pulitzer Committee, and we are grateful for our two Pulitzer Prizes this year - bringing to 54 the number awarded to McClatchy in our 160-year history."