Gannett Co. Reports Second Quarter Profit

Gannett Co. (GCI) today reported second-quarter earnings of $151 million, or $.63 per share, on revenues of $1.3 billion, and announced that it would double the dividend it pays to shareholders, to 8 cents per share.

This is a 22 percent decrease in income from the same quarter in 2010; perhaps because advertising revenue was 6.5 percent, or $46 million less than it was a year ago, circulation was down $5 million or 1.7 percent, and digital revenues were up only $19 million.

The expenses for 2011 include $6.4 million in charges related to facility consolidation and $8.8 million in severance payouts

Digital now makes up almost 13 percent of Gannett’s total income, up from 11 percent a year prior.