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GateHouse Media Q3 Loss Widens, but Revenue Dips Slowing

Magazine article Editor & Publisher

GateHouse Media Q3 Loss Widens, but Revenue Dips Slowing

Article excerpt

GateHouse Media reported a third-quarter net loss of 18.5 million Friday, an increase from the year-ago period of $8.8 million -- but the community newspaper publisher also showed revenue declines that were more modest than its peers during this reporting season.

GateHouse said its same-store "as adjusted" revenue of $174.6 million represented a decrease of 5.1%, which compares favorably with the double-digit Q3 revenue declines newspaper companies have reported over the past two weeks.

For GateHouse, online revenue was also a good news story, as same-store sales jumped 34% over the third-quarter of 2007.

But the Fairport, N.Y.-based publisher of 92 dailies reported continuing cash flow shrinkage. GateHouse reports "as adjusted" EBITDA, which includes earnings before interest and taxes, but not depreciation, amortization, and several other non-cash items. GateHouse said its cash flow calculated this way fell 20.8% on a same-store basis to $32.7 million.

Local advertising revenues "continued to hold up well given the current economic environment," declining only 1. …

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