Gannett 2Q earns rise on asset sales |
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Wed, 18 Jul 2007 14:20
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NEW YORK (AP) - Gannett Co., the largest newspaper publisher in the country and owner of USA Today, reported increased profits from the second quarter on Wednesday on the sale of several newspapers. Excluding the gain, earnings fell on weaker advertising.The McClean, Va.-based company posted net earnings of $365.7 million or $1.56 per share for the three months ending in June, versus $310.5 million or $1.31 per share in the same period a year earlier.Excluding a $73.8 million gain from the sale of several newspapers and earnings from discontinued operations in both periods, Gannett earned $289.9 million from continuing operations in the quarter, down 4.8 percent from $304.5 million in the same period a year earlier.Per-share earnings on the same basis came in at $1.24 versus $1.28 in the same period a year ago. Analysts polled by Thomson Financial had been expecting $1.22 per share.Overall revenues fell 3.4 percent to $1.93 billion from $2 billion in the same period a year ago.Gannett cited weaker advertising for the lower results, partly due to a slowdown in real estate in several of its markets.Gannett's revenues from newspaper advertising fell 5.3 percent in the quarter. A steep decline of 7.7 percent in its U.S. newspapers was mitigated partly by a less severe fall of 2.5 percent in its papers in the United Kingdom.Gannett owns 85 daily newspapers in the United States, including USA Today, the largest-selling paper in the country. It also owns Newsquest, the second-largest regional newspaper publisher in the U.K.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Gannett to sell $1B of convertible notes 