From Bloomberg News:
Gannett Co., the owner of 82 newspapers as well as television stations, reported first-quarter profit decreased 23% as circulation and print advertising continued to decline.
Net income fell to $90.5 million, or 37 cents a share, from $117.2 million, or 49 cents, a year earlier, the McLean, Va.-based company said today in a statement. Excluding some items, earnings fell to 41 cents a share, matching the average of analysts’ estimates compiled by Bloomberg.
Gannett, whose newspapers include USA Today, is the first large newspaper owner to report its results for the quarter, making it an indicator of how the industry is faring. Publishing revenue, including advertising and circulation, declined 6.2% to $929.8 million. Digital revenue rose 12%.
Total revenue fell 3.7% to $1.25 billion, matching the average analysts’ estimate.
Gannett shares dropped 30 cents, to $14.50, or 2%, to $14.46 at 9:49 a.m. ET in New York Stock Exchange composite trading. The shares had lost 1.9% this year before today.
Gannett Co., the owner of 82 newspapers as well as television stations, reported first-quarter profit decreased 23% as circulation and print advertising continued to decline.
Net income fell to $90.5 million, or 37 cents a share, from $117.2 million, or 49 cents, a year earlier, the McLean, Va.-based company said today in a statement. Excluding some items, earnings fell to 41 cents a share, matching the average of analysts’ estimates compiled by Bloomberg.
Gannett, whose newspapers include USA Today, is the first large newspaper owner to report its results for the quarter, making it an indicator of how the industry is faring. Publishing revenue, including advertising and circulation, declined 6.2% to $929.8 million. Digital revenue rose 12%.
Total revenue fell 3.7% to $1.25 billion, matching the average analysts’ estimate.
Gannett shares dropped 30 cents, to $14.50, or 2%, to $14.46 at 9:49 a.m. ET in New York Stock Exchange composite trading. The shares had lost 1.9% this year before today.
Was that everyone saying 'Holy Shit' at once?
ReplyDeleteWhat were those executive bonuses for again? Excellence in incompetence?
ReplyDeleteThis is very bad news for Gannett.
ReplyDeleteSo all the previous cuts have ... allowed company profits to continue dropping while executives take larger bonuses. Great strategy because the company's products are so bad now that we've positioned ourselves to see a continuation of the revenue losses even if the economy ever does turn around.
ReplyDeleteSeriously...was anybody really surprised? Our ad count keeps dropping and dropping and dropping each month.
ReplyDeleteIf you don't have your resume updated, you should.
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ReplyDeleteLet's stop talking in % and instead talk in actual dollars about digital revenue to see how MINOR it is compared to print revenue.
ReplyDelete4/19/2011 2:56 PM
Ok, digital revenue is pretty much non existent in Gannett out of overall total revenue in 2010, digital was about $500 million. Don't forget that digital is over counted too. There ya go real numbers and no percents.