Gannett Co. reported a modest profit on its Q2 earnings statement of $.30 per share, compared to a loss of $10.03 per share in the same quarter last year, and up from 25 cents per share in Q1 2009.

Gannett was able to reduce operating expenses by 67 percent, most of which was a write-down of $2.8 billion in 2008. But not including the write-down, the company says it reduced publishing expenses by 20.3 percent through furloughs, layoffs, and a reduction in newsprint use. Broadcast expenses fell 12.9 percent.

Revenue was down in every segment except digital, which jumped to $142 million this quarter…ad revenue fell 32 percent, or exactly what analysts had predicted.

So, thirty cents a share? Worth laying off 1,400? If it keeps the company solvent, great. But will it?