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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
08/14/201418:40:19Icahn Discloses New Stake in Gannett
08/05/201409:52:40MARKET SNAPSHOT: U.S. Stocks Open Lower; Gannett Gains, Target...
08/05/201409:44:37U.S. Hot Stocks: Hot Stocks to Watch
08/05/201409:07:59MARKET SNAPSHOT: U.S. Stocks: Futures Drop; Gannett Gains, Target...
08/05/201408:20:11Gannett to Spin Off Publishing Business, Buy Rest of Cars.com
08/05/201407:56:16MARKET SNAPSHOT: U.S. Stocks: Futures Drop; Gannett, Office Depot...
08/05/201407:55:10MARKET SNAPSHOT: U.S. Markets: Futures Drop; Gannett, Office...
06/25/201416:40:58MARKET SNAPSHOT: Stocks Rise After Walking Off Downward GDP Revision
05/01/201413:10:23USA Today Leads Total U.S. Circulation
03/09/201421:50:47Newspaper Consortium Seeks $3 Billion for Cars.com
01/31/201422:33:05MARKET SNAPSHOT: 'Par' Earnings Not Good Enough After 2013 Stock...
01/31/201416:08:17Jobs Report, Yellen, Results from Media Companies, Twitter, GM...
12/16/201314:50:06Gannett to Shed Interests in Belo's St. Louis TV Station
11/15/201308:53:19D. E. Shaw & Co. LP 3Q 13F: Largest Eliminations
11/15/201308:53:15D. E. Shaw & Co. LP 3Q 13F: Largest Eliminations -2-
11/15/201308:53:15D. E. Shaw & Co. LP 3Q 13F: Largest Sales
11/15/201308:53:15D. E. Shaw & Co. LP 3Q 13F: Largest Purchases
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of -2-
11/15/201308:27:47S.A.C. Capital Advisors LP 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-

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