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MCLATCHY NEWSPAPERS REPORTS THIRD QUARTER EARNINGS

 SACRAMENTO, Calif., Oct. 19 /PRNewswire/ -- McClatchy Newspapers Inc. (NYSE: MNI) today reported third quarter earnings of $7.3 million or 25 cents per share versus $8.7 million or 30 cents per share in the year-ago quarter.
 Earnings in the 1993 quarter were reduced four cents per share for tax adjustments related to higher rates of recently enacted tax laws. Income before taxes was slightly ahead of 1992.
 Revenues increased 0.7 percent to $111.3 million. Advertising revenues declined 0.6 percent to $86.5 million and circulation revenues increased 3.0 percent to $20.9 million. Operating expenses increased 1.3 percent resulting in a 2.7 percent decline in operating income.
 Earnings for the nine-month period were $20.6 million or 72 cents per share, roughly even with the 1992 period. Revenues rose 2.2 percent to $330.0 million. Advertising revenues were $256 million, up 1.2 percent, and circulation revenues gained 5.2 percent to $62.7 million. Operating expenses were held to a 2.2-percent increase, resulting in operating income of $43.9 million, up 2.1 percent.
 Erwin Potts, chief executive officer, noted that while new tax laws were responsible for most of the 1993 quarterly earnings decline, the advertising climate is still weak in Northern California. "We don't see any dramatic change anytime soon," said Potts. "We will continue to focus on cost controls and operating efficiencies at McClatchy."
 With headquarters in Sacramento, McClatchy Newspapers publishes 12 daily newspapers and eight non-daily newspapers located principally in western coastal states and South Carolina.
 It also publishes a group of senior citizen tabloids in the West, and is one of six partners in the Ponderay newsprint mill in Usk, Wash.
 McCLATCHY NEWSPAPERS INC.
 Summary of Unaudited Results
 (in thousands, except per share amounts)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues - net $111,282 $110,503 $330,022 $322,964
 Operating expenses:
 Compensation 49,976 49,285 149,950 146,766
 Newsprint and supplement 14,970 14,826 44,568 44,549
 Depreciation and
 amortization 8,761 8,465 26,168 24,898
 Other operating expense 21,179 21,071 65,432 63,768
 Total 94,886 93,647 286,118 279,981
 Operating income 16,396 16,856 43,904 42,983
 Partnership loss 1,300 1,680 4,550 4,920
 Other nonoperating (income)
 expenses - net (125) 163 214 830
 Income before taxes and
 cumulative effects of
 accounting changes 15,221 15,013 39,140 37,233
 Income tax provision 7,880 6,314 18,517 16,215
 Income before cumulative
 effects of accounting
 changes 7,341 8,699 20,623 21,018
 Cumulative effects of
 accounting changes -- -- -- (341)
 Net income $ 7,341 $ 8,699 $ 20,623 $20,677
 Earnings per share:
 Earnings before cumulative
 effects $ 0.25 $ 0.30 $ 0.72 $ 0.73
 Cumulative effects of
 accounting changes -- -- -- (0.01)
 Net income per share $ 0.25 $ 0.30 $ 0.72 $ 0.72
 Weighted average shares
 outstanding 28,864 28,772 28,843 28,753
 -0- 10/19/93
 /CONTACT: Elaine Lintecum, investor relations manager of McClatchy Newspapers, 916-321-1846/
 (MNI)


CO: McClatchy Newspapers Inc. ST: California IN: PUB SU: ERN

PK -- SF008 -- 3933 10/19/93 11:35 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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