Gannett Posts 25% Decline In Earnings

McLEAN, Va. (AP) — The Gannett Company reported a 25 percent decline in first-quarter profit on Monday, as advertising in its newspapers continued to decline.

The company, which owns 82 newspapers in the United States, including USA Today; 23 broadcast television stations; and several digital media properties, said it earned $68.2 million, or 28 cents a share, in the quarter, down from $90.5 million, or 37 cents a share, a year earlier.

Revenue in the period, which ended March 25, fell 2.6 percent to $1.22 billion from $1.25 billion last year.

Results were helped by strong TV advertising and growth in digital products like the CareerBuilder Web site. Even so, overall revenue came in below analysts’ expectations. Analysts had expected $1.24 billion in revenue, according to a poll by FactSet.

Read more: http://www.nytimes.com/2012/04/17/business/media/gannett-profit-falls-25-on-newspaper-ad-decline.html?_r=1&ref=todayspaper

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