Gannett reports higher earnings for first quarter
- April 16, 2010
Less money from operations didn’t stop Gannett Co. Inc. from recording a higher profit in the first quarter. The McLean-based media company reported today that earnings per diluted share for the first quarter were 49 cents, compared to 34 cents for the first quarter of 2009.
Net income, adjusted for special items including a tax charge related to recent health-care reform legislation, totaled $119.4 million, more than double the $57 million reported in the first quarter of last year. Operating expenses dropped by 11.3 percent, while total operating revenues of $1.3 billion declined by 4.1 percent. The company also reduced its debt by $260 million.
“We achieved very strong results for the quarter,” CEO Craig A. Dubow, chairman and CEO, said in a statement. “All of our business segments delivered substantially higher operating income and operating cash flow in the quarter.”
Dubow also noted Gannett’s new venture. It has joined 11 other media companies to form a new standalone project to develop a national mobile content and distribution service. It would make mobile digital television universally available to consumers.