Posted in Politics

Gannett Q1 profits down

   April 18, 2011

GannettBlog reports Gannett Co., the owner of Bella Magazine, Pensacola News Journal and 81 other newspapers as well as television stations, reported first-quarter profit decreased 23% as circulation and print advertising continued to decline.

Net income fell to $90.5 million, or 37 cents a share, from $117.2 million, or 49 cents, a year earlier, the McLean, Va.-based company said today in a statement. Excluding some items, earnings fell to 41 cents a share, matching the average of analysts’ estimates compiled by Bloomberg.

The bright spot is the digital segment revenues are 12% and now account for almost 20% of overall revenue.

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