Gannett profit falls on declining revenues
- January 30, 2012
Media company Gannett Co. Inc. said Monday that its fourth-quarter revenues fell 5.1 percent, mostly because of declining sales in its publications and broadcasting units.
The company reported net sales of $1.39 billion during the quarter, compared with $1.46 billion during the same period last year. Profit for the quarter was down 32 percent to $116.9 million, compared with $174.1 million during the fourth quarter of 2010.
The drop in revenue came from $52.4 million less in political advertising that was achieved in the fourth quarter of 2010.
Publishing revenues in the quarter were down 5.3 percent, while broadcasting revenues were down 14.2 percent.
Strong revenues at Gannett’s CareerBuilder site helped the company’s digital segment increase revenue 9 percent.
For the full year, revenue was down 3.7 percent to $5.4 billion. Profit fell 22 percent to $458.7 million, compared with $588.2 million in 2010.