Gannett Reports 22% Drop In Q1 Profit

Despite costcutting measures, Gannett Co. (GCI) reported earnings of $0.37 per share for the first quarter of 2011, down from $0.48 per share for the same quarter in 2010. In real money that amounts to $90 million profit.

That does include nearly $8 million in tax charges associated with consolidating facilities and $6 million in severance.

Publishing revenues fell 6 percent to $929.8 million for the quarter compared to $991.5 million last year, including a 7 percent decline in ad revenue to $601.7 million.

Gannett’s digital revenues continued to rise, up 12.1 percent to $157.6, reflecting higher demand at CareerBuilder. After expenses, digital was contributing $16.1 million to the publisher’s bottom line.