Archive for the ‘Guam’ Category

Breaking: Gannett says July’s revenue fell 12.3%; no change in downward trend; USAT improves

August 22, 2008

[Downer: July’s GCI revenue compared to earlier periods]

Updated at 5:49 p.m. ET. Gannett just reported that last month’s operating revenues tumbled 12.3% from July 2007, as classified advertising losses accelerated. The revenue results were slightly worse than June’s 12.1% drop. Yet, they’re in line with CEO Craig Dubow‘s warning in the second-quarter earnings report.
Flagship USA Today bounced back: Its advertising revenue fell just 5.5% from July 2007, a big improvement over this June’s year-over-year 27% plunge.

Gannett’s classified advertising trend — especially real estate — only got worse last month, the new monthly statistical report shows:

  • Overall classified: down 25.2%. (June’s was down 21.6%.)
  • Real estate: down 38%. (June’s was down 34%.)
Investor reaction? Z-z-z-z-z-z. Gannett shares closed at $17.67, up 12 cents, amid a broad stock market rally, Google Finance says.

Gannett Blog Reax
From the comments section, below:

  • “Don’t look for improvement in August. Expected Olympics ads have not showed up, and I hear contracts for back-to-school have been miserable.”
  • “Let’s be clear about these results. Revenues are down, and have been declining, but Gannett is NOT losing money. All, or nearly all, properties are profitable. . . . The profit margins of at least three papers — Palm Springs, Guam and Green Bay — continue to be near, at or above 40%.”
Please post your reactions in the comments section, below. To e-mail confidentially, write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green sidebar, upper right.
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