AP version of Gannett's 'success'

Dateline: Wed 15 Jul 2009

Here is the story from Associated Press by Andrew Vanacore. As the friend who sent it said, "Heyyy, let's get rid of some more people and we'll make even MORE $$$!!!"

"NEW YORK (July 15) - Gannett Co., the largest U.S. newspaper publisher, topped expectations for its second-quarter earnings Wednesday as it reversed a loss from a year ago, even though advertising revenue continues to dive. Its shares jumped 19 percent in premarket trading.


"The McLean, Va.-based company, which publishes USA Today and other daily newspapers, reported a profit of $70.5 million, or 30 cents per share. That compares with a loss of $2.29 billion, or $10.03 per share, a year ago, when the company took a hefty write-down on its declining market value.


"Excluding special items, Gannett posted adjusted earnings of 46 cents per share, exceeding the average analyst forecast of 36 cents per share, according to Thomson Reuters.


"Revenue in the latest quarter fell 18 percent to $1.41 billion, below analysts' projection for sales of $1.46 billion.
Ad revenue in Gannett's publishing division, which includes more than 80 U.S. daily newspapers, dropped 32 percent. That was slightly better than in the first quarter, when the unit posted a 34 percent decline.
Gannett's stock shot up 67 cents, or 19 percent, to $4.16 ahead of regular trading. The shares remain near the low end of their 52-week range of $1.85 to $21.68."

Comments

John Howard [unverified] said:

It's like piloting a hot air balloon - you can jettison some ballast and gain altitude for awhile, but you're only delaying the inevitable.

I wonder if Gannett can fall so far that the Star could be affordably bought back by some local group, then restored to its glory days? Hmmm, the 'Indianapolis Star Times News?'

2009-07-15 11:39:02

retiree [unverified] said:

if someone did that, i'd gladly come out of retirement to help launch it!

2009-07-15 16:33:40

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