Thursday, August 01, 2013

With earnings like these, who needs layoffs?

"Our long-term strategic plan -- with a focus on both investment and execution -- continues to position us for success well into the future."

-- CEO Gracia Martore, announcing second-quarter financial results last week in a statement.

"We are once again pleased with our financial results this quarter."

-- CFO Victoria Harker, also discussing the Q2 results, during a conference call with Wall Street analysts.


  1. The problem being, Jim, that our ridiculous economy rewards companies for laying off workers. So "we're doing great" results in increased investment, then layoffs result in even more investment.
    Win-win for the crap artists who run America's biggest corporations.

  2. So it's the economy's fault that Gannett had no proactive plan years ago to do better in 2013?
    My bad, they did have a plan: shareholders getting paid well; leadership getting paid well; and the very nice Headquarters land and building.

  3. Why did Gracia have to put on such a dog and pony show for her employees at the last all hands meeting. Would of it been so hard to tell the truth. Doesn't matter to her, she will be retiring soon with her golden parachute. Not sure how someone like that sleeps at night.

  4. Read today that Gannett's profit margin for Q2 was 8.72%. Stock is up 40% year to date. Lots of companies would like to be suffering so badly. The culprit is declining print-ad revenues (I would guess the failing pay-wall initiative plays in here somewhere as well) so the geniuses in McLean make the papers even crappier by cutting staff? On what planet is that a sustainable business model? Maybe this is the way to pay for Belo. It would seem this company is hellbent on getting out of the newspaper business. Trouble is, that will take down all the websites, too, except for T&A slideshows shot by freelancers, of course.


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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