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New Media Investment Group Inc., parent company of Perinton-based GateHouse Media LLC, reported its net loss narrowed in the first quarter, but its revenues declined.
The net loss for the first quarter was $6.7 million, or 22 cents a share, compared with a loss of $17.5 million, or 30 cents a share, in the first quarter 2013. The company posted an operating loss of $3.1 million, compared with a loss of $2.5 million a year ago.
Locally New Media and Gatehouse own and operate 16 publications spanning four counties, including the Daily Messenger in Canandaigua and the Post newspapers.
New Media logged revenues totaling $142 million for the quarter, down 2.8 percent on same-store basis.
"Our continued shift to a more diversified revenue mix contributed to further stabilization in total revenues,” said Michael Reed, New Media president and CEO, in a statement. “Most significantly, we saw strong growth in both our digital (business) and commercial printing and other business.”
Total print advertising revenues declined by 8.1 percent on a same-store basis, driven by local display and classified print revenue which declined by 10 percent and 10.7 percent. The commercial printing and other business increased by 16.2 percent and digital revenues increased 8.3 percent.
The company’s Internet marketing services segment Propel added $3.8 million to digital revenues.
Expenses were down 1.8 percent at $132.9 million, after adjusting for non-recurring and non-cash items. The company’s free cash flow was $4.3 million, or 43 cents a share.
"Due to the seasonality of our business, first-quarter results have historically been the most muted of the year by a substantial margin, a dynamic we expect to see again in 2014,” Reed said. “Our outlook for the remainder of the year is optimistic.”
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