4/18 – McLean’s Gannett Profits Drop 23 Percent, Publishing Sliding

Gannett Co., the owner of 82 newspapers as well as television stations, reported first- quarter profit decreased 23 percent as circulation and print- advertising continued to decline. 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 percent to $929.8 million. Digital revenue rose 12 percent. Net income fell to $90.5 million, or 37 cents a share, from $117.2 million, or 49 cents, a year earlier, the McLean, Virginia-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. Total revenue fell 3.7 percent to $1.25 billion, matching the average analysts’ estimate, according to Bloomberg.

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