This Week
  • Williamson businesses and residents are signing up to become part of a solar system.

  • RIT, RGH hold opening ceremonies for RIT's Clinical Health Sciences Center.

  • Thomas Bonadio has grown the Bonadio Group into the nation's 40th largest CPA firm.

  • Steve General Contractor was founded in 1973 by a Jamaican immigrant.

  • Tim Dougherty found satisfaction in creating a nutritional lifestyle.

  • The 2015 edition features an exclusive interview with Paychex CEO Martin Mucci.

Gannett posts 5% drop in 2Q profits, flat revenue

Rochester Business Journal
July 22, 2013

Gannett Co. Inc. on Monday reported a 5.2 percent decline in profits for the second quarter.

The parent of the Democrat & Chronicle and USA Today newspapers reported net income of $113.6 million, or 48 cents per diluted share, compared with $119.9 million, or 51 cents a share, in the second quarter of 2012.

Excluding special items, net income for the most recent quarter totaled $126.7 million, or 50 cents per diluted share. That compares to $135.6 million, or 51 cents a share, a year ago.

Analysts polled by Thomson Reuters had expected earnings per share of 58 cents on revenue of $1.33 billion. These estimates typically do not include special items.

Revenue for the second quarter was flat at $1.3 billion.
Gannett plans to acquire Belo Corp. and its television stations for $1.5 billion, or $13.75 a share, and assume $715 million in existing debt to bring the enterprise value to $2.2 million. The deal is expected to close by the end of the year.

“Our long-term strategic plan—with a focus on both investment and execution—continues to position us for success well into the future,” President and CEO Gracia Martore said in a statement.

Gannett’s shares midday (NYSE: GCI) dropped more than 2 percent from Friday’s close to $25.73.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google