From a statement released this morning:
Gannett Co. Inc. (NYSE: GCI) reported today that earnings per diluted share from continuing operations, on a GAAP (generally accepted accounting principles) basis, for the first quarter of 2011 were $0.37 compared to $0.48 for the first quarter of 2010. Results for both quarters included special items as noted below. Excluding these items, earnings per diluted share were $0.41 compared to $0.49 for the same quarter last year on the same basis.
Results for the first quarter of 2011 include $7.7 million of non-cash charges primarily associated with facility consolidations ($4.6 million after-tax or $0.02 per share) and $6.0 million in costs due to workforce restructuring ($3.9 million after-tax or $0.02 per share). Results for the first quarter of 2010 included a $2.2 million tax charge related to health care reform legislation and the resultant loss of tax deductibility for retiree health care costs covered by Medicare retiree drug subsidies ($0.01 per share).
"During the quarter, we continued to focus on enhancing content distribution on every platform and sales across platforms. The success of those efforts resulted in a 12 percent increase in company-wide digital revenue," said Craig Dubow, chairman and chief executive officer. "Our Publishing segment results for the quarter reflect the current state of the domestic economy with strength in the auto and employment sectors. However, softness persists in certain sectors, particularly the real estate market here, and more broadly in the UK. Core advertising in Broadcasting continued the momentum seen in 2010. As a result, television revenues, when adjusted for the positive impact of the Olympics, the Super Bowl, which moved from CBS to Fox, and political spending in the first quarter last year, were up significantly. Our expenses were lower overall, reflecting our ongoing efforts to increase efficiencies particularly in the Publishing segment. The decline was offset, in part, by an increase in newsprint expense and higher Digital segment expenses associated with the substantial increase in revenues there."
"We accelerated the pace of our strategic transformation efforts to further strengthen and position our company for growth," he added. "During the quarter, we added two proven industry leaders to our management team in the critical roles of chief marketing officer and chief digital officer. We also launched our first corporate brand and advertising campaign which broadly communicates the full range, value and reach our powerful portfolio of products offers to consumers and business customers."
Gannett Co. Inc. (NYSE: GCI) reported today that earnings per diluted share from continuing operations, on a GAAP (generally accepted accounting principles) basis, for the first quarter of 2011 were $0.37 compared to $0.48 for the first quarter of 2010. Results for both quarters included special items as noted below. Excluding these items, earnings per diluted share were $0.41 compared to $0.49 for the same quarter last year on the same basis.
Results for the first quarter of 2011 include $7.7 million of non-cash charges primarily associated with facility consolidations ($4.6 million after-tax or $0.02 per share) and $6.0 million in costs due to workforce restructuring ($3.9 million after-tax or $0.02 per share). Results for the first quarter of 2010 included a $2.2 million tax charge related to health care reform legislation and the resultant loss of tax deductibility for retiree health care costs covered by Medicare retiree drug subsidies ($0.01 per share).
"During the quarter, we continued to focus on enhancing content distribution on every platform and sales across platforms. The success of those efforts resulted in a 12 percent increase in company-wide digital revenue," said Craig Dubow, chairman and chief executive officer. "Our Publishing segment results for the quarter reflect the current state of the domestic economy with strength in the auto and employment sectors. However, softness persists in certain sectors, particularly the real estate market here, and more broadly in the UK. Core advertising in Broadcasting continued the momentum seen in 2010. As a result, television revenues, when adjusted for the positive impact of the Olympics, the Super Bowl, which moved from CBS to Fox, and political spending in the first quarter last year, were up significantly. Our expenses were lower overall, reflecting our ongoing efforts to increase efficiencies particularly in the Publishing segment. The decline was offset, in part, by an increase in newsprint expense and higher Digital segment expenses associated with the substantial increase in revenues there."
"We accelerated the pace of our strategic transformation efforts to further strengthen and position our company for growth," he added. "During the quarter, we added two proven industry leaders to our management team in the critical roles of chief marketing officer and chief digital officer. We also launched our first corporate brand and advertising campaign which broadly communicates the full range, value and reach our powerful portfolio of products offers to consumers and business customers."
"OUR EXPENSES WERE LOWER OVERALL" Could have been lower except for us BLOOD SUCKERS at the top and the board of directors. But we feel your pain!!! We have a low tolerance to pain so we will continue to inject money in various form into our blood stream so we do not suffer like the rest of you. We will also continue to take furloughs but will recoup any and all losses by giving ourselfs bonuses to make up for any loss and pain we might feel. Once again we thank you for your continued support.
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