Gannett Reports Q4 Profit

Gannett Co. (GCI), the country’s largest newspaper publisher, reported profits of $133.6 million, up from a $4.7 billion dollar loss in the fourth quarter of 2008 (admittedly, a $4.7 billion dollar loss that included an enormous impairment charge).

Revenues were down 14 percent, including an 18 percent drop in advertising revenue, but the company also reduced its expenses in every category by approximately 10-25 percent.