Friday, March 14, 2008

Report: February revenue falls more than 7%

Just hours before today's meeting with Wall Street analysts, Gannett disclosed that monthly operating revenue fell 7.2% in February from a year ago. Overall, the trends shown in the monthly statistical report were slightly better than in January (see chart, above). Plus, USA Today turned in a second, consecutive strong performance.

But investors are showing no mercy, on a day when overall stock markets are way down. Gannett shares skidded nearly 6%, trading as low as $28.16.

In its report, Gannett said newspaper ad revenue fell 8.3%, on more double-digit declines in classified advertising. Classified real estate revenues -- which we'll likely hear plenty about at the early-afternoon analysts conference -- plunged nearly 21%.

At the company's flagship, USA Today, ad revenue jumped 14.5% from February 2007.

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