Gannett Co. turned a profit in the fourth quarter 2009, aided by a drop in one-time costs and a smaller ad decline (but a decline nonetheless) -- and cutbacks. The earnings report, released today, showed Gannett has been able to slash expenses enough to stay profitable despite steady revenue declines.
Gannett earned $133.6 million, or 56 cents per share, compared with a loss of $4.7 billion, or $20.65 per share, in the same quarter a year ago. Revenue dropped 14 percent to $1.49 billion. Ad sales for Gannett's publishing division, which includes USA Today and more than 80 other newspapers, dropped 17.9 percent. The decline was 28 percent decline in the 3Q.
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