[Data center: chart shows change from year-ago period]
Gannett's operating revenue fell 7.7% during the April period, the company says, in its just-released monthly statistical summary. Across the board (see chart, above) the performance was better than in March vs. March 2007, the report says. (This year's period was March 31 - May 4.)
Hurt again by classified advertising losses, Gannett said operating revenue totaled $639.6 million vs. $693.3 million in April 2007. Classified revenue plunged 15.8%, with these categories the weakest:
Hurt again by classified advertising losses, Gannett said operating revenue totaled $639.6 million vs. $693.3 million in April 2007. Classified revenue plunged 15.8%, with these categories the weakest:
- Real estate: down 23.8%
- Employment: down 20.0%
- Automotive: down 13.2%
At flagship USA Today, advertising revenue fell 6.4% during the period, March 31 - May 4. It is the only paper Gannett breaks out.
The company released the report after stock markets closed. After hours, GCI shares traded down less than 1%. In regular trading, shares closed at $29.80, up five cents, Google Finance says.
Looks like more bodies are needed to go. And the summer numbers will get worse. Not to mention the pull-back associated with Gannett's buyouts. The psychology of local retailers will be to wait for the dust to settle. And what about those reduced advertising rates to reflect lower circulation numbers. Or did we all forget about that?
ReplyDeleteHow on God's green Earth are you going to accomplish getting more done with fewer people? If the staff felt over-worked before the buyouts, now what? Was Gannett really carrying that much dead weight? And I thought that Dubow was going to announce four weeks vacation for everyone...and Italian Water Ice on Friday afternoons. And a return to those Christmas bonuses. Oh, sorry, the heat...it must be the heat.
ReplyDeleteIn the past Gannett employees use to get nervous about buyouts, outsourcing and layoffs around Christmas time. Now thanks to the gamble of the Information Center and videos that look like they were shot by a 6th graders, Christmas comes often in Gannett land.
ReplyDeleteJim:
ReplyDeleteHere's an article in Seeking Alpha, a business blog. The article tracks media CEO pay versus stock performance.
http://seekingalpha.com/article/78004-newspaper-stocks-down-3x-more-than-ceo-pay?source=yahoo
With actual performance being as poor as it is and the forecast for future revenue even worse, it is amazing that Gannett hasn't divested from their failing digital partnerships like ShopLocal and Planet Discover.
ReplyDeleteIs Gannett planning on joining the Yahoo group?