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Earnings: Gannett Q1 Revs Fall 8.4 Percent; Income Falls 8.9 Percent

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A characteristically weak report from Gannett… the USA Today publisher reported Q1 revenue of $1.7 billion, a slide of 8.4 percent from $1.8 billion. Net income fell 8.9 percent to $191.7 million ($.84 per share) from $206.4 million ($.88 per share). However, this quarter included a one-time $25.5 million gain on the sale of land, which boosted EPS by $.07 per share. Some highlights:

— Ad revenue on the publishing side hit $1.1 billion, down from $1.2 billion a year ago. Classified revenue fell 16 percent.
— Broadcasting revenue fell 7 percent to $170 million. Online revenue increased 7 million in the broadcasting unit.
— Separately, the company announced figures for March. Total revs fell 10.3 percent to $573.6 million. There were no interactive dollar numbers, other than traffic figures up 15.1 percent. Release.

Release | Webcast (10:00 AM)