Skip to comments.Gannett to take charge of $4.5B-$5.2B in fourth quarter (Dinosaur Media DeathWatch™)
Posted on 01/30/2009 1:53:13 PM PST by abb
Gannett Co. (GCI) , the largest U.S. newspaper publisher, said Friday that it will take fourth-quarter non-cash charges of as much as $5.2 billion, after taxes, related to a reduction in the value of its assets as a result of the worldwide financial meltdown. On a preliminary basis, Gannett says its profit fell 36% to $158 million, or 69 cents a share, in the quarter ended Dec. 28, compared to year-earlier net income of $245.3 million, or $1.06 a share. Preliminary results in the latest three months include $24.4 million in severance and facility consolidation costs. Gannett expects to take after-tax non-cash charges of $4.5 billion to $5.2 billion once it completes a test to determine how much its assets have declined in value due to recessions in the U.S. and the U.K. Revenue slid 8.5% to $1.74 billion. Analysts polled by FactSet Research were expecting revenue of $1.8 billion. Gannett said publishing revenue fell 19% to $1.4 billion, reflecting among other factors a 37% plunge in classified advertising sales.
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