Gannett doubles profit in second quarter
- July 16, 2010
A tax benefit and revenue increases in digital and broadcast segments helped Gannett Co. double its profit during the second quarter. The McLean-based media company reported net income of $195.5 million, compared with $70.5 million in the same quarter last year.
Total revenues fell 1.6 percent to $1.37 billion. “Our strong results this quarter reflect very positive revenue trends for our broadcast and digital segments and moderating revenue declines in publishing as we continued to close the revenue gap in the quarter,” CEO Craig Dubow said in a statement.
The results included a net tax benefit of $28.7 million. The company, which owns 82 daily newspapers, more than 600 magazines and non-daily publications and 23 television stations,
reduced expenses 12 percent in the quarter, mostly from layoffs and plant consolidations. Publishing advertising revenues fell 5.7 percent to $692.2 million, digital revenues grew 8.3 percent to $154.1 million and broadcast revenues grew 20.3 percent to $184 million.