McLEAN, VA - Gannett Co., Inc.'s (NYSE: GCI) Board of Directors [Wednesday] declared a quarterly dividend of 4 cents per share, payable on April 1, 2009 to shareholders of record as of the close of business March 6, 2009. This is a reduction from the first quarter dividend rate of 40 cents per share. "Today's action by the Board is another prudent response to the full-fledged recessions in the U.S. and UK and the continuing difficulties in the credit markets", said Craig A. Dubow, chairman, president and chief executive officer.
"The reallocation of more than $325 million of free cash flow annually to pay down debt will further strengthen our balance sheet, provide us with even more financial flexibility and position us well to continue to seize opportunities for growth. This dividend represents the 163rd consecutive dividend paid by the company since 1967."
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