McClatchy CEO optimistic

Update: Gary Pruitt “said that advertising revenue is ‘finally, finally, improving,’ that all 30 of [McClatchy’s] newspapers are profitable and that McClatchy expects to maintain, if not grow, cash flow in 2010,” Editor & Publisher reported after McClatchy’s presentation to the UBS Global Media and Communications Conference Tuesday morning.

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McClatchy’s Gary Pruitt, a day after reinstituting employee raises (see post below), said Tuesday that the company expects revenue trends to continue to improve going into the first quarter of 2010.

Pruitt’s projection is that fourth quarter revenue wll be less-bad than it has been — “down in the low- to mid-20s percent range compared to down 28.1 percent in the third quarter and 30.2 percent in the second quarter.” Also, because of mass layoffs — “our focus on permanently reducing our costs” —  “we expect operating cash flow in the fourth quarter to grow compared to last year. Similarly, in 2010 we expect to at least maintain if not grow operating cash flow,” Pruitt said in a news release.

McClatchy management was to review the company’s business and strategies in a presentation at the UBS 37th Annual Global Media & Communications Conference at the Grand Hyatt New York Tuesday morning. The presentation is to be posted on its Web site.

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