Published on July 24th, 2015 | by Sacramento Business Journal
Earnings for parent company of Sacramento Bee plummet dramatically second quarter
Sacramento-based McClatchy Co. reported Friday it made a negligible profit of $98,000 in the second quarter, down sharply from nearly $90 million in the same quarter last year.
Revenue was down less dramatically, to $262 million from $287 million in 2014.
A major factor in the profit drop was lower investment earnings. Last year in the second quarter the company reaped a $146 million pretax gain from sale of assets, including its interest in the site Apartments.com.