GateHouse Media Inc. reported a bigger net loss for the third quarter as revenues declined.
The Perinton-based publisher reported its third-quarter results Thursday after the market closed. The company posted a net loss of $9.4 million, or 13 cents a share, compared with a net loss of $5.2 million, or 9 cents a share, last year.
GateHouse logged revenues of $121 million for the quarter, compared with $125 million during the same period a year ago.
While the company’s digital revenue increased by nearly 28 percent, it was not enough to offset a more than 9 percent decline in print advertising. GateHouse reported overall advertising revenue of $80 million, down from $86 million in 2011.
Operating income for GateHouse was $6.7 million, down from $8.8 million in 2011.
CEO Michael Reed said GateHouse invested $1.5 million in new strategic initiatives, specifically its digital solutions for small and midsize businesses, during the third quarter.
“I believe we are developing the right strategies and making the right investments in people and resources to execute on our transformational strategy, making GateHouse a truly local multimedia company,” said Reed, in a statement.
“These investments, along with a more efficient operating structure, should position us to take full advantage of the growth opportunities we see as well as improvement we should start to see coinciding with a sustainable improvement in the economy.”
GateHouse is the parent company of the Messenger Post newspapers. The company publishes 78 daily publications across 21 states.
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