McClatchy management today gave a promising business outlook for 2011, which includes improving ad revenue trends. Surprisingly, they stated that classified advertising, and particularly employment classifieds, led the upward ad trend in 2010.
CEO Gary Pruitt noted that revenues from online advertising of its newspaper websites brings in 18.2% of McClatchy’s total ad revenue. It’s expected the company will generate about $190 million in digital advertising in 2010.
According to the company’s CFO, McClatchy has repaid more than $174 million in debt in 2010. It still has a $1.775 billon of outstanding debt.
The company’s stock enjoyed a .41 cent increase in morning trading hours.