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
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