Magazine article Editor & Publisher

GateHouse Media Swings to Q1 Loss on Big Earnings Drop

Magazine article Editor & Publisher

GateHouse Media Swings to Q1 Loss on Big Earnings Drop

Article excerpt

GateHouse Media, publisher of 92 community dailies and hundreds of non-dailies, reported a first-quarter operating loss of $10.3 million from a year-ago profit of $200,000.

Total revenue fell by 15% to $139.2 million, and was down by 16.3% to $138.6 million on a same-property basis, comparing the results of newspapers and other businesses that have been operating continuously since the first quarter of 2008.

On a same-property basis, so-called "adjusted EBITDA" (earnings before interest, taxes, depreciation and amortization) plummeted 67.4% compared to the year-ago quarter.

Revenue was driven down primarily by print classified advertising, which GateHouse said dropped 37.2% on a same-property basis.

Local advertising, including preprints and online, fell 13.4% on a same-property basis.

GateHouse CEO Mike Reed, in a statement accompanying the quarterly results, said the Fairport, N.Y.-based company is "highly focused on liquidity and improving our cash position. …

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