Magazine article Editor & Publisher

Gannett Q3 Earnings Slip on 14% Decline in Newspaper Revenue -- but Still Profitable

Magazine article Editor & Publisher

Gannett Q3 Earnings Slip on 14% Decline in Newspaper Revenue -- but Still Profitable

Article excerpt

Gannett Co. Inc. remained profitable in the third quarter, reporting Friday earnings per share of 69 cents, down from $1.01 a share a year ago. Without a $23 million charge for severance costs, Gannett said, its earnings per share would have been 76 cents.

Total operating revenue for the quarter was $1.64 billion, compared with $1.80 billion in the same quarter a year ago.

"The decline was due to softer publishing advertising demand resulting primarily from weak economic conditions in the U.S. and the U.K., offset partially by Olympic and political ad spending in broadcasting and revenues from the consolidation of CareerBuilder and ShopLocal," Gannett said.

Gannett's newspaper operating revenue, including revenue from its Newsquest chain in Britain, was $1.36 billion for the quarter -- down 14.4% from the year-ago period.

Total publishing advertising revenue slumped 17.6% to $977.1 million. Ad revenue was down 14.9% in the U.S., and 23.6% in Britain.

Overall retail ad revenue was down 10.1%; national was down 7.8%; and classified down 28.5%.

At its U.S. Community Publishing newspapers, Gannett said, classified revenue fell 26.5%.

Real estate classified dropped 33. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.