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Gannett 4Q Profit Jumps 30% Amid Fewer Charges, Lower Costs

DOW JONES NEWSWIRES Gannett Inc.'s (GCI) fourth-quarter profit jumped 30% as revenue held up and the bottom line benefited from fewer charges and lower costs. The publisher of a host of newspapers, including USA Today, continued to benefit from cost cuts and revenue growth at its broadcast and digital operations. But most newspaper publishers continue to suffer as their audiences and advertisers migrate to the Internet and continued job-market woes weigh on consumers. To be sure, declines in print advertising have largely moderated from the year-over-year drops reported early last year. In the latest quarter, publishing advertising revenue slid 5.9% while circulation revenue dropped 4.1%. But the broadcasting segment saw revenue jump 27% while the digital business posted a 5.2% gain. Companywide, Gannett reported a profit of $174.1 million, or 72 cents a share, up from $133.6 million, or 56 cents, a year earlier. Excluding items such as facility consolidation and writedowns, earnings rose to 83 cents from 70 cents. Last month, Gannett said it expected to report earnings at the high end of the 72-cent to 82-cent range predicted by analysts. Revenue edged up 0.4% to $1.46 billion. Analysts were expecting $1.47 billion, according to a Thomson Reuters poll. Gross margin widened to 48.3% from 46.2%. Operating costs dropped 4.2%. Shares closed Friday at $15.19 and were inactive premarket. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Gannett (GCI)
DateTimeHeadline
04/27/201610:00:00Gannett's Profit Falls 5.9%
04/27/201608:33:31Current Report Filing (8-k)
04/27/201608:30:00Gannett Reports First Quarter 2016 Results of Operations
04/26/201609:30:00Tribune CEO Blasts Gannett as "Playing Games" With Takeover Bid
04/26/201608:44:17Current Report Filing (8-k)
04/25/201616:41:25Current Report Filing (8-k)
04/25/201609:46:00U.S. Hot Stocks: Hot Stocks to Watch
04/25/201608:30:00Gannett Offers to Acquire Tribune
04/25/201608:13:00Tribune Publishing Confirms Receipt of Unsolicited Proposal from...
04/25/201607:30:00Gannett Proposes to Acquire Tribune Publishing Company for $12.25...
04/14/201616:15:00Gannett to Webcast Discussion of its First Quarter 2016 Results
04/11/201617:26:33Current Report Filing (8-k)
04/08/201614:30:00Gannett completes acquisition of Journal Media Group
04/07/201616:15:00Gannett and Journal Media Group Receive Clearance from the Department...
03/30/201616:30:00Gannett announces update on proposed acquisition of Journal Media...
03/23/201610:16:25Additional Proxy Soliciting Materials (definitive) (defa14a)
03/23/201610:07:00Proxy Statement (definitive) (def 14a)
03/21/201616:15:00Gannett Invests in Digital News Outlet Spirited Media
03/21/201606:00:00See Who’s Embracing VR and In-Video Shopping on the Latest B...
03/10/201614:00:00USA TODAY NETWORK Premieres Virtual Reality News Show

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