Gannett Co. Second Quarter Results (Revenues plummet - Dinosaur Media DeathWatch™)

Yahoo Finance ^ | July 15, 2009 | Staff

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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.

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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.

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Publishing segment operating revenues were $1.1 billion for the quarter, a 25.8 percent decline from the same quarter a year ago.

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Broadcasting revenues (which include Captivate) were $153.0 million in the quarter compared to $192.6 million in the same quarter a year ago.

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Wednesday morning good news.

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ping

[Steamburg]

Smells like the birth of Pravda US. Thank heaven for the nature of the Internet and the difficulty despots have in controlling it.

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http://www.latimes.com/entertainment/news/la-et-onthemedia15-2009jul15,0,365872,full.column

Being relentless and harsh pays off for Deadline Hollywood Daily’s Nikki Finke
The Internet journalist has become must reading for The Industry, which can’t help but admire the million-dollar sale of her website.

http://www.economist.com/blogs/democracyinamerica/2009/07/eight_questions_for_jacob_weis.cfm
Eight questions for Jacob Weisberg

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http://adage.com/mediaworks/article?article_id=137932
A Decade of Evaporating Ad Pages for BusinessWeek, Forbes, Fortune

http://www.nytimes.com/2009/07/15/business/media/15bbc.html?ref=media
BBC Resists a Move to Give Part of Its License Fee to Other Broadcasters

http://online.wsj.com/article/SB124757366683238381.html
BBC Looks to Trim Costs

http://www.guardian.co.uk/media/2009/jul/15/newspaper-firms-local-tv-news
Regional newspaper firms could make local TV news, say Tories

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http://newsosaur.blogspot.com/
Not BusinessWeek as usual

[Zakeet]

More goodies worth noting in the rather lengthy article:

• Publishing revenues were down 25.8 percent from the same quarter a year ago.

• Classified revenues were 44.9 percent lower. Automotive, employment and real estate declined 40.4 percent, 62.3 percent and 48.4 percent, respectively.

• Broadcasting revenues were down 27 percent compared to the same quarter a year ago.

• The company was able to show a small profit because of accounting gimmicks. They previously wrote off all of their intangible assets, realized a one time gain on restructuring some debt, realized another one time gain resulting from dumping their pension plan, and acquired a controlling interest in CareerBuilder (which allowed them to pick up their share of that company's earnings).

• According to company officers, you can rest assured that they, "continue to position the company for the eventual rebound in the economy and the evolving media landscape as we navigate through this unprecedented economic storm."

• The stock market responded with no gain.

etc.

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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.

[ConservativeMind]

Well, at least for how they are doing it now.

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.

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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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http://www.thebigmoney.com/blogs/sausage/2009/07/14/mainstream-media-mum-wal-mart-scoop
Mainstream Media Mum on Wal-Mart Scoop

http://www.cjr.org/feature/open_for_business.php?page=all
Open for Business

http://www.niemanlab.org/2009/07/is-politico-a-news-organization-a-meme-organization-or-what/
Is Politico a news organization, a meme organization, or what?

http://www.huffingtonpost.com/alan-m-webber/is-businessweek-worth-1_b_233013.html
Is BusinessWeek Worth $1?

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http://www.poynter.org/column.asp?id=31&aid=166616
Online Audiences Watching More Long-form Videos

http://www.buzzmachine.com/
Tripping the future

[Lucius Cornelius Sulla]

They are turning balance sheet assets into income? Sounds like a last chance desperate move.