Skip to comments.Gannett Co. Second Quarter Results (Revenues plummet - Dinosaur Media DeathWatch™)
Posted on 07/15/2009 5:37:15 AM PDT by abb
Gannett Co., Inc. (NYSE: GCI - News) reported today that 2009 second quarter earnings per diluted share were $0.30 compared to a net loss per share of $10.03 for the second quarter of 2008. Results for both quarters included several special items noted below. Earnings per diluted share for the second quarter of 2009, excluding those items, were $0.46. Earnings per diluted share for the second quarter of 2008 on a comparable basis were $1.04.
Weakness in the economies of the U.S. and UK resulted in continued downward pressure on revenues. Total reported operating revenues for the company were $1.4 billion in the second quarter compared to $1.7 billion in the second quarter of 2008.
Publishing segment operating revenues were $1.1 billion for the quarter, a 25.8 percent decline from the same quarter a year ago.
Broadcasting revenues (which include Captivate) were $153.0 million in the quarter compared to $192.6 million in the same quarter a year ago.
(Excerpt) Read more at finance.yahoo.com ...
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Yes. While Gannett continue to slash payroll to cut expenses, note the revenues are declining at a faster rate.
It takes no financial wizard to see how this will come out.
I don't count Gannett out nearly as soon as I would like.
By the way, I get to make a fit next week over the free USA Today I will be given at my hotel. I expect to yell in the lobby until I am given the cost of that paper back to me, as it was built-in to my cost.
I hate Gannett.
The cost-cutting can only go so far. At some point, they physically won’t have enough people to report the stories, run the presses and drive the delivery trucks.
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