McLEAN, Va. - The nation's largest newspaper publisher Gannett Co. (parent company of WKYC-TV) says its earnings fell about 9 percent in the first three months of the year as the weak economy contributed to a drop in advertising.
The McLean-based publisher of USA Today and 85 other daily newspapers in the U.S. on Monday reported a profit of $191.8 million, or 84 cents a share, compared with $210.6 million, or 90 cents a share, in the first three months of 2007.
Excluding a gain of 7 cents per share for the sale of land, the results were in line with estimate of 77 cents per share of Wall Street analysts surveyed by Thomson Financial.
Broadcasting revenues declines 7.0 percent and television revenues were 7.3 percent lower. Based on current pacings, television revenues for the 2nd quarter of 2008 would lag last year's second quarter in the mid to high single digits.
Quarterly revenue fell 8 percent to $1.68 billion from $1.83 billion a year ago.
Courtesy: The Associated Press & Gannett