GateHouse Media Inc. reported Thursday an increase in net loss as revenues declined during the first quarter.
The Perinton-based publisher is the parent company of the Messenger Post newspapers. GateHouse publishes more than 75 daily publications across 21 states.
The company reported a net loss of $17.5 million, or 30 cents a share, for the quarter, compared with $13.2 million, or 23 cents a share, a year ago.
GateHouse logged revenues of $110.9 million, down 6 percent from $118 million during the first quarter 2012.
While the company’s first-quarter circulation revenues were consistent with the prior year, advertising fell from $79.1 million during the first quarter 2012 to $71.4 million in 2013 despite digital revenues increasing 15 percent.
“We continue to make strides in our new growth initiatives, particularly in the roll out of Propel Marketing, our digital solutions company,” CEO Michael Reed said in a statement. “While still a small part of GateHouse, Propel's new business pipeline is growing and revenues in the first quarter surpassed all of 2012 revenues, which contributed to our overall 14.9 percent digital growth.
“We are still making net investments in this initiative as we ramp up the business, which negatively impacted our year-over-year expense and profit comparisons in the quarter.”
GateHouse’s stock (OTB: GHSE) was trading at 35 cents a share Friday morning, unchanged since April 25.
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