Wednesday, October 17, 2007

GCI beats profit forecast, misses on revenue

And it released no additional news on a restructuring, something I'd speculated about last month. Gannett reported earnings of $1.01 a share in the third quarter, beating Wall Street's forecast by a penny. But it missed on the top-line results: Revenue fell 4% to $1.81 billion from $1.88 billion last year. Analysts had expected $1.82 billion.

The company's statement is here. The Wall Street Journal (paid subscription required) has now filed a story, here.

I'll take a closer look at the results later, after I've had a chance to listen to the conference call with Wall Street analysts. Meanwhile, investors seem somewhat pleased; GCI shares were up slightly in early trading.

Also out today: the monthly statistical report for September, which shows slight improvement for the company's newspaper advertising revenue compared to a year ago (losses eased a bit), but a return to declines for the company's flagship, USA Today.

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