Net income dropped 30% at Gannett in Q4, and the company missed consensus revenue. The (mildly) good news: Adjusted EPS beat the Street estimates by a penny. Gannett says fewer political ads hurt its TV stations, and USA Today is in “a challenging advertising environment.” (Standard earnings disclosure: Q4 contained 14 weeks in 2006 and 13 in 2007.)
Total Revenue: $1.9 billion vs $2.2 billion in Q4 2006, down 13.6%. Street consensus, per Reuters: $1.99 billion.
Adjusted EPS: $1.28 vs $ 1.47 in Q4 2006. (Wall Street expected $1.27), down 13%.
Newspapers revenue: $1.68 billion vs $1.89 billion a year ago, down 11%.
Newspaper ad revenue: $1.2 billion vs. $1.4 billion, down 12%.
Broadcasting revenue: $212.0 million vs. $270.6 million, down 21.7%. Excluding an extra week of sales in the year-ago quarter, sales were down 18%.
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