It fell 3.9% last month from November 2006, Gannett said this morning, as losses especially in real estate-related advertising pinched results once more. "Real estate revenues declined 17%, employment revenues were down 14.4%, and automotive revenues were 10% lower," GCI said in a statement.Gannett has been hurt in recent months by the national slowdown in U.S. real estate markets as the subprime-credit shakeout limits access to loans. For GCI, the weakness has been especially pronounced in four states: Arizona, California, Florida and Nevada.
Last month's results were the best since April, when ad revenue fell 3.1%. (See chart, above, showing monthly changes from the year-ago period.) At USA Today -- the only paper Gannett breaks out -- ad revenue fell just 1.6%, one of the best performances of the year. In early trading today, Gannett shares rose modestly.
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