This Week
  • Former star dancer Karen Brown has a new leading role with Garth Fagan Dance.

  • EFP Rotenberg will pay $100,000 to settle SEC charges.

  • Brite Computers Inc. is a second-generation, family-run IT provider.

  • For leaders in the construction industry, workplace safety is a top priority.

  • Eric Thornton, 27, tracks markets as a buyer at Baldwin Richardson Foods.

  • The Schools Report Card has rankings for 27 districts and more than 250 schools.

Gannett tops Q3 earnings target, shares drop

Rochester Business Journal
October 21, 2013

Shares of Gannett Co. Inc., the owner of the Rochester Democrat and Chronicle, were down nearly 4 percent Monday afternoon after the company reported its third-quarter results.

The company posted net income for the quarter of $79.7 million, or 34 cents a diluted share, compared with $133.1 million, or 56 cents a share, a year ago. Adjusted for special items, earnings per share were 43 cents. Analysts, on average, had expected 41 cents per share.

Net operating revenues fell 4.3 percent to $1.25 billion compared with analysts' expectations of $1.27 billion. The company reported revenue a year ago of $1.31 billion.

The company saw higher revenue in its digital segment as well as its broadcasting segment, up nearly 14 percent excluding the cyclical impact of Olympic and political cycles of advertising, the company said. Including that cyclical advertising, the broadcasting segment revenues fell 14 percent.
 
Digital revenue now makes up approximately 30 percent of the company’s total revenue, Gannett said. Revenue from the digital segment was up 5 percent.

Publishing advertising revenues were down 5.9 percent to $520.2 million in the quarter. Publishing circulation revenue was down less than 1 percent to $275 million.
 
"In the third quarter, we continued to take steps to further expand our digital offerings and execute across all of our media and marketing platforms,” said Gracia Martore, president and CEO, in a statement. “We achieved a 12 percent increase in digital revenue companywide, which underscores our ongoing evolution into a more highly diversified, higher margin multi-media company.

“Total companywide third quarter 2013 revenue was essentially flat, excluding the incremental impact from Olympic and political spending last year."

Gannett stock (NYSE: GCI) was trading at early afternoon Monday at $26.46, down from Friday’s close of $27.49.
 
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


What You're Saying 

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

Post Your Own Comment

 
Username:
Password:

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