Gannett's Revenue Slides on Advertising, Circulation Declines
29 Ottobre 2015 - 3:20PM
Dow Jones News
Gannett Co., the owner of USA Today, said its third-quarter
revenue slid 8.6% amid declines in advertising and circulation
revenues.
Gannett recently spun off into a pure newspaper company,
separating its television assets into a new company called Tegna
Inc. Gannett Chief Executive Robert Dickey has signaled that the
company is looking to snatch up newspapers, particularly in markets
that have populations between a million and three million
people.
Earlier in October, the company struck a deal to buy Journal
Media Group, owner of the Milwaukee Journal Sentinel and other
newspapers, for about $280 million. The deal will expand Gannett's
network of 92 mostly small- and medium-market daily newspapers in
the U.S. to create a portfolio that would reach 106 U.S.
markets.
For the period ended Sept. 27, Gannett reported a profit of
$39.2 million, or 33 cents a share, down from $50.6 million, or 44
cents a share, a year earlier.
Excluding severance and acquisition items, per-share earnings
were 43 cents.
Revenue fell 8.6% to $701.2 million.
Advertising revenue tumbled 13%, while circulation revenue fell
3.4%.
Operating expenses fell 7.4% to $649.1 million, helped by lower
input costs, facility consolidation and impairment charges compared
with the prior-year. Mr. Dickey, the chief executive, said the
company's cost-cutting plans are progressing.
Shares in the company, up 8.6% over the past three months, were
inactive premarket.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com and Chelsey
Dulaney at Chelsey.Dulaney@wsj.com
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(END) Dow Jones Newswires
October 29, 2015 10:05 ET (14:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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