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Gannett profit declines 12% from year-ago gain
PrintDisable live quotesRSSDigg itDel.icio.usBy David B. Wilkerson
Last Update: 8:54 AM ET Oct 11, 2006
CHICAGO (MarketWatch) -- Gannett Co. said Wednesday that its third-quarter net income declined 12% from that of a year earlier, when it had a gain related to an exchange of assets with Knight Ridder. The newspaper publisher and broadcaster (GCI : Gannett Co., Inc.
Last: 57.72+0.82+1.44%
GCI57.72, +0.82, +1.4%) said it earned $261.4 million, or $1.11 a share, compared with net income of $274.6 million, or $1.22 a share, in the year-ago quarter. The prior-year result included an 8 cent-per-share gain on the sale of the Idaho Statesman and newspapers in Olympia and Bellingham, Wash. Excluding stock compensation expense, Gannett would have earned $1.14 a share in the latest three months. Revenue rose 2.7% to $1.91 billion, as political advertising helped boost revenue at the company's 23 television stations. Analysts polled by Thomson First Call were expecting a profit of $1.11 a share on revenue of $1.94 billion.
PrintDisable live quotesRSSDigg itDel.icio.usBy David B. Wilkerson
Last Update: 8:54 AM ET Oct 11, 2006
CHICAGO (MarketWatch) -- Gannett Co. said Wednesday that its third-quarter net income declined 12% from that of a year earlier, when it had a gain related to an exchange of assets with Knight Ridder. The newspaper publisher and broadcaster (GCI : Gannett Co., Inc.
Last: 57.72+0.82+1.44%
GCI57.72, +0.82, +1.4%) said it earned $261.4 million, or $1.11 a share, compared with net income of $274.6 million, or $1.22 a share, in the year-ago quarter. The prior-year result included an 8 cent-per-share gain on the sale of the Idaho Statesman and newspapers in Olympia and Bellingham, Wash. Excluding stock compensation expense, Gannett would have earned $1.14 a share in the latest three months. Revenue rose 2.7% to $1.91 billion, as political advertising helped boost revenue at the company's 23 television stations. Analysts polled by Thomson First Call were expecting a profit of $1.11 a share on revenue of $1.94 billion.