Gannett Co., the largest U.S. newspaper publisher which owns USA Today and more than 80 other publications, just announced that they beat expectations by turning a profit in the fourth quarter, helped by a slash in expenses and a smaller decline in ad sales.
In the last three months of 2009, Gannett earned $133.6 million, or 56 cents per share, compared with a loss of $4.7 billion, or $20.65 per share, in the same quarter of 2008.
Here’s the basics, via the Huffington Post:
- Revenue was down 17 per cent to $5.61 billion.
- Gannett shares fell 8.5 per cent, or $1.37, to $14.78 in early trading.
- Advertising sales in Gannett’s publishing division, which includes USA Today and more than 80 other newspapers, dropped 17.9 per cent compared with the year-ago period. That’s after a 28 per cent year-over-year decline in the third quarter.
- USA Today sold 705 ad pages during the October-December period compared with 788 a year earlier.
- Net income for the full year came to $355.3 million, or $1.51 per share, compared with a loss of $6.65 billion, or $29.11 per share in 2008.
- Revenue dropped 14 per cent to $1.49 billion, largely in line with the average forecast of $1.46 billion.
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