Gannett’s revenue, profit fall
- October 19, 2009
USA Today publisher Gannett Co. Inc. reported a 53 percent drop in profit for the third quarter primarily because of lower advertising revenues and asset reductions.
The company reported a quarterly profit of $73.8 million compared with $158.1 million during the same period last year. Sales for the quarter fell 18.4 percent to $1.3 billion, but a 20 percent drop in operating expenses helped the company report a solid profit. Gannett, like other major newspaper companies, has been cutting jobs and furloughing workers to cut expenses.
Publishing revenues decreased 23.5 percent, broadcast sales dropped 23.1 percent, and digital revenues increased to $143 million from $77.6 million last quarter, primarily from the consolidation of CareerBuilder.
The results include $44.7 million of pre-tax charges from facility consolidations and asset impairments.