Sunday, April 20, 2008
Earnings preview: Quarterly profit, sales to drop
Gannett reports first-quarter financial results Monday morning, before stock markets open at 9:30 a.m. ET. Wall Street stock analysts expect the company will disclose earnings of 77 cents a share, on average -- 14% below the comparable quarter a year ago. Also, they forecast $1.7 billion in revenue, down 8.7% from a year ago. Management will discuss the results during a 10 a.m. conference call with analysts. The call will be webcast from the company's site.
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Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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Will any of the institutional holders of GCI stock seriously question Dubow's performance at the annual meeting? I am still sick over his whopping bonus, given company performance and decimation of shareholder value over the past year. To award $1.75 million to a manager who is hollowing out the internal structure of the company, with no results to show for it, borders on malfeasance by the compensation committee.
ReplyDeleteIf the shareholders with the greatest financial clout don't call out this management, who will?
Charles Fruit, Donna Shalala, Neil Shapiro, Duncan MacFarland, Jeffrey Louis and the rest of the Gannett board members need to seriously take a look at Gracia Martore's and Craig Dubow's performance. I have heard that she is running Gannett and Dubow is no where to be found. Some insiders are saying that Dubow is considering stepping down. I am not sure who would succeed him, but I am sure he/she has to be better than what he (and Gracia) has done. I also think the board is smart enough figure this out asap. I wonder how long the big investors will wait before becoming active and throwing out the board and the ceo/cfo.
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