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Posts Tagged ‘Gannett Co. Inc.’

Gannett Posts Q4 Profit, Names New COO

GMartore2.jpgIt’s been a big day for Gannett Co. Inc. (GCI). In addition to revealing its fourth quarter and full year earnings report today, the USA TODAY publisher announced the promotion of executive vice president and CFO Gracia Martore to president and COO.

Martore couldn’t choose a better moment to come in. The company reported a $133.6 million profit for the fourth quarter of 2009, despite a 14.4 percent decline in revenues. The company attributed its profit to reduced expenses, and Gannett cut its debt by about $250 million during the quarter.

And although advertising revenues continue to lag behind previous years, Gannett said the fourth quarter was stronger than previous quarters of 2009 — a good sign. Ad revenues in the U.S. declined 18 percent during the quarter compared to 2008.

As CFO of Gannett, Martore is uniquely familiar with the economic challenges facing the company. She will remain CFO as she takes on her COO duties until a new CFO is brought on, CEO Craig Dubow said in an announcement today. Martore started at Gannett in 1985 as assistant treasurer and worked her way up as VP of Treasury Services, head of Investor Relations, senior VP and was named CFO in 2003.

Full release after the jump

Previously: New York Times Co., Gannett Get Holiday Love From Wall Street

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New York Times Co., Gannett Get Holiday Love From Wall Street

nytco.pngStocks for The New York Times Co. (NYT) and Gannett Co. Inc. (GCI) rose this morning after a Wells Fargo analyst raised his ratings for the media companies’ stock.

In a holiday gift to the newspaper publishers, analyst John Janedis told investors that the stocks were hot because the ad market for papers seems to be “improving more quickly than we previously anticipated,” Reuters reported. This is great news for the Times Co. and Gannett, which publishes USA Today, but is it true?

The problem, says Reuters media reporter Robert MacMillan, is that publishers like the Times Co. and Gannett have managed to improve their bottom line more with cost-cutting than increased ad revenues. They still struggle to make money from a dying print product while not really being able to capitalize on their online market. “The newspaper stock recovery, as a result, is one that will benefit investors in the short term and does not necessarily indicate confidence in publishers’ long-term futures,” MacMillan concluded.

So now here’s something newspaper publishers can request for Christmas: a plan that will save them in the long term.

Gannett, NY Times rise on analyst holiday gift –Reuters

Previously: New York Times Co. Reports Ad Revenue Down, Circ Revenue Up In Q3

Gannett’s Second Quarter Results Show Hope; Publishing Division’s Revenues Grim

gannett.pngFinancial results released today may give some insight into Gannett Co. Inc.‘s decision to lay off a large number of its daily newspaper staffers earlier this month.

This morning, Gannett (NYSE: GCI) reported earnings of $70.5 million, or 30 cents per share for the second quarter of 2009. These earnings look good compared to the second quarter of last year, when the company too a loss of $2.29 billion, or $10.03 per share, thanks to a write-down on declining market losses.

But, operating revenues show a different story. Gannett said operating revenues for the quarter were $1.4 billion compared to $1.7 billion last year, a figure the company attributed to “weakness in the economies of the U.S. and U.K.”

“We continue to position the company for the eventual rebound in the economy and the evolving media landscape as we navigate through this unprecedented economic storm,” Gannett’s CFO Gracia Martore said in a release about the financials. “The economic headwinds, which continued to constrain advertising demand, masked several important achievements in the quarter…In our publishing segment, while advertising revenue comparisons remain difficult, second quarter year-over-year comparisons improved versus first quarter comparisons and June was our best comparison month thus far this year.” (Ed note: emphasis ours)

“The decline in our operating expenses reflects our efforts to achieve efficiencies and further consolidations company-wide, furloughs in the current quarter and significantly lower newsprint expense,” Martore added.

In Gannett’s publishing division, which includes USA TODAY and more than 80 daily U.S. papers, advertising revenues were down 25.8 percent from the same quarter last year, to $1.1 billion. Ad revenues dropped 32 percent to $753.1 million, although ad revenue in the U.S. was only down 27.2 percent. And although revenues were mitigated by decreased expenses (thanks to furloughs and layoffs and other cost-cutting measures) the publishing segment still only managed to generate about $175.3 million in operating cash flow during the quarter.

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