Wednesday, December 09, 2009

Report: Martore forecasts high single-digit job cuts

Updated at 5:55 p.m.: Barron's has now corrected its earlier report, and now says the headcount reductions in 2010 will mostly reflect layoffs that have already taken place. To see the revised report, click on the link, below.

Earlier: Speaking at the UBS media stock conference today, Chief Financial Officer Gracia Martore's remarks "were accompanied by projections for 2010, including 'high single digits' layoffs in the print publishing part of the business, and 'low single digits' layoffs in Gannett’s digital media division,'' Barron's is now reporting.

The print publishing business would generally include at least the 84 dailies in the U.S. Community Publishing division.

Martore also said she is "comfortable" with the high end of analysts' earnings estimate range of 48 cents to 62 cents for the current quarter, the business weekly says.

Here's Corporate's statement on remarks planned by executives. It doesn't appear to include Martore's reference to layoffs, however.

Please post your replies in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green rail, upper right.

12 comments:

  1. Um. What does that mean? High single digits as in 8 or 9 people total across the company? Or is that per paper?

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  2. I believe this means in percentage terms, such as 8-9% of all jobs.

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  3. High single digits as in the percent of the staff reductions- er, headcount, sorry, during the year 2010. They are saying comapny-wide reductions of 7-9% acroos the company. And don't forget- step right up and get yer furloughs here! One week per quarter for the 91-93 percent of you still around to take 'em. And did somebody say paycuts? Chop, Chop Chop...

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  4. P.S. to above- Welcome Home JIM!!!

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  5. Jim, Are you back for good? Will you post regularly? Whats the story??

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  6. These recent posts are part of a broader experiment involving a possible network of related blogs. Stay tuned!

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  7. Barron's has corrected the item Jim referred to. It now says this:

    Martore’s remarks were accompanied by projections for 2010, including “high single digits” decline in headcount in the print publishing part of the business, and “low single digits” decline in Gannett’s digital media division. The company plans to put more money into digital while costs decline for the print and broadcast divisions. Correction: An earlier version of this post implied that Gannett was laying off personnel in print & digital. In fact, the year-over-year decline in both units is primarily a result of layoff activities taking place this year. My apologies for any confusion caused by the error.

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  8. Forget Tiger. We've got Jim...JUST DO IT!

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  9. I listened to the whole broadcast today and I also assumed she meant the numbers included the employees laid off from 2009 and she stated the up coming consolidations.

    Did you also hear what Dickey said about eight more papers are scheduled for print consolidation?

    And also, did you hear Martone slip and say there would be furloughs in both the first and second quarter?

    Everyone should listen to this. Would love to hear your take on it:

    http://cc.talkpoint.com/ubsx001/120709a ... 45_JBV8TF0

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  10. I listened to what she said and she did say the numbers included layoffs from 2009 but she also said it included the upcoming consolidations. Listen to it yourself and then post.

    Martore’s remarks were accompanied by projections for 2010, including “high single digits” decline in headcount in the print publishing part of the business, and “low single digits” decline in Gannett’s digital media division

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  11. We know that the ad consolidation will take place in 2010. Dickey also mentioned, I think, don't quote me, that 50 some percent of printing of Gannett papers are now outsourced to either other Gannett papers or other sources. He also mentioned the consolidation of ad production at Indy and Des Moine. What do you think the percentage of employees who work for ad production will be laid off in 2010? Will that number come close to the 8-9%? Also mentioned was smaller targeted design areas, specifically in Arizona that are working to bring in revenue.

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  12. Just listened to Gracia's comments again in the question and answer area of the audio. She said “There will be furloughs in the first and second quarter...” but then later said we'll see what the market dictates.

    Listen yourself! Go to Gannett.com

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