Wednesday, July 15, 2009

Is the worst over for newspaper companies?


Gannett offered the beaten-down newspaper industry a reason for cheer on Wednesday when it reported a second-quarter profit. Gannett said it accumulated a profit of $70.5 million, or 30 cents a share, against a year-before loss of $2.29 billion, or $10.03 a share. Not including items, earnings fell to 46 cents from $1.04 a share. Revenue dropped 18% to $1.41 billion.

Gannett, which operates 80 newspapers including its flagship USA Today, also reported a 32% decline in publishing advertising revenue - some data that are sure to bring executives back to their grim reality.

But they can hope that the Gannett numbers indicate that - at the very least - the worst is behind them.

No comments:

Blog Archive