Gannett: it's a bummer, man....

Dateline: Wed 16 Jul 2008

Gannett shares are trading for as low as $14.70, according to Gannetblog, on the news that the company had a 36 percent drop in earnings in the second quarter.

This just in from AP, as quoted in the SFGate on-line version of the San Francisco Chronicle:

"The profit of $233 million, or $1.02 per share, compared with a $366 million, or $1.56 per-share profit in the year-ago quarter. The earnings matched expectations of Wall Street analysts surveyed by Thomson Financial."

Also, "Gannett has lost two-thirds of its value in the last year."

Of course, put in context, the industry and Gannett in particular remains a greedy hog: "For the year, Gannett has so far earned $424.5 million, or $1.85 per share. That's down 26 percent from the first half of 2007, when it earned $576.2 million, or $2.45 per share," according to AP.

Jim Hopkins at Gannetblog also reports no major shifts in strategy this morning.

Gannett is putting this all in context of the usual problems within the industry: cost of newsprint, decline in advertising. We'll see what the top dogs come up with next, to shore up investor confidence.

Sigh. Remember the old days, when neither newspaper employees nor readers cared a hoot about these issues. One thing is certain: that's over. And thanks to a faithful reader, who sent along the San Francisco-datelined AP story.

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