According to AP:
Gannett’s April revenue shrank by 2% from April 2006, with ad revenue falling 3.1%.
Goldman Sachs analyst Peter Appert cut his profit estimates for both companies (McClatchy Co., too ) for the rest of this year, and for 2008 and 2009. He said McAllen, Va.-based Gannett is well-run company, but it cannot overcome the problems of the newspaper business.
“We believe even the most diligent cost management efforts cannot fully offset the impact of the severe revenue pressures currently being seen in the newspaper industry,” he said.
