McClatchy doubles second-quarter profit

The McClatchy Co. reported a big jump in quarterly profits Tuesday, as major cost cutting overwhelmed the effect of a continued slump in revenue.

Sacramento-based McClatchy said its second-quarter profits soared to $42.2 million from $19.7 million a year earlier. Per-share earnings rose to 50 cents from 24 cents.

The improvement came in spite of a 25.4 percent decline in revenue, including a a 30.2 percent drop in advertising sales.

The results marked a substantial turnaround. In the first quarter, the company reported a $37.5 million loss — the first time in its history as a public company that McClatchy lost money on a day-in, day-out basis.

In the second quarter, however, a 29.3 percent drop in expenses returned the publisher of the Bee and 30 other daily newspapers to profitability.