- Consolidated revenues were $194 million, down 23% Y/Y
- Net income from continuing operations, was $2.3 million, or 4 cents per share, compared with a net loss from continuing operations of $608 million, or $11.20 per share, in 2Q08 (reduced by a non-cash, after-tax charges of $583 million).
- Net debt of $31.2 million, reflecting long-term debt of $73.1 million and cash and short-term investments of $41.9 million.
- Local, down 26% to $37.3 million
- National, down 29% to $16.9 million
- Other, which includes fees for carriage of the stations on cable systems, rose 41% to $6.5 million
- Political was $333,000, compared to $1.6 million in the 2008 quarter
- Local, down 28% to $23.6 million
- Classified, down 39% to $24.1 million
- National, down 25% to $5.0 million
- Preprint and other, down 17% to $19.3 million
- Online, down 25% to $7.3 million
Perhaps everyone knows that newspapers are in secular decline as the Internet consumes evermore daily visitors (and hours of media), but we took the above Y/Y decline figures as a sign of just how bad things are in the industry (the negative figures tend to hit readers over the head). In our view, the decline first ignited by technological change is being accelerated by the difficult economy, cementing the newspaper industry as a textbook example of Joseph Schumpeter's creative destruction.
© 2009 Jeffrey Walkenhorst
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