Gannett Announces Rising Second-Quarter Profit

USA Today publisher Gannett (GCI) today announced adjusted second-quarter net income of $146.5 million, vs. $107.9 million in the second quarter of 2009. Operating revenue came in at $1.37 billion, vs. $1.39 billion a year ago.
The solid quarter owed in part to a good top-line performance in the company’s broadcasting and digital divisions. “In our Publishing segment, this quarter was the best comparison quarter for advertising revenues since mid-2007. We benefited from continuing efficiency efforts company-wide as well as lower newsprint expense,” said CEO Craig A. Dubow in a statement.
Gannett’s publishing (newspaper) business saw adjusted operating income rise 21% year over year to $180.3 million. “The increase reflects the impact of efficiency efforts in this and previous quarters, lower newsprint expense, as well as lower revenue declines relative to the second quarter last year, partially offset by the relative absence of furlough savings of approximately $20 million,” the company said.
Publishing revenue declined to $1 billion from $1.1 billion a year ago. Ad revenue came in at $692.2 million, down 5.7% from a year ago.