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SECURITY: GCI (Common)
EXCHANGE: New York Stock Exchange
Gannett Co., Inc. is a large
diversified news and information company. Here is a brief rundown of its
operations in the USA and abroad:
OPERATIONS WORLDWIDE: Gannett
is an international company with headquarters in McLean, Va., and operations
in 44 states, the District of Columbia, Guam, the United Kingdom, Belgium,
Germany, Italy and Hong Kong.
NEWSPAPERS: Gannett is the
USA's largest newspaper group in terms of circulation. The company's 100
daily newspapers in the USA have a combined daily paid circulation of 7.7
million. They include USA TODAY, the nation's largest-selling daily newspaper,
with a circulation of approximately 2.3 million. USA TODAY is available
in 60 countries worldwide.
Gannett
Co., Inc. Reports First Quarter Results
MCLEAN,
Va.--(BUSINESS WIRE)--April 19, 2007--Gannett Co., Inc. (NYSE:GCI) reported
today that 2007 first quarter earnings per diluted share from continuing
operations were $0.90 compared with $0.99 per share in the first quarter
of 2006.
"Results
for the quarter were in line with expectations. On the positive side, our
operations in the UK contributed to our results as did online revenue company
wide. Our broadcasting segment posted positive revenue growth. The acquisition
of the additional television stations in Denver and Atlanta, and strong
results for Captivate and online, offset the absence of over $22 million
of Olympic-related ad spending.
"However,
advertising demand was tempered by severe weather, the absence of the final
week in the calendar year, which was included in the first quarter of 2006,
and the softening domestic real estate market. Our non-operating results
also were impacted by the gain on the sale of the Cincinnati Reds a year
ago and higher interest expense," said Craig A. Dubow, chairman, president
and chief executive officer.
"Executing
on our strategic plan and delivering profitable top-line revenue growth
continues to be our focus. We are seeing early successes and are gaining
traction in our local communities particularly through our Information
Center efforts," he added.
Reported
results for the current quarter include KTVD-TV in Denver and WATL-TV in
Atlanta which the company acquired during the third quarter of 2006.
Total
operating revenues for the company were $1.87 billion in the first quarter
compared to $1.88 billion in the first quarter of 2006 reflecting the absence
of revenue associated with the Olympics in 2006's first quarter, softer
advertising demand at our domestic newspaper properties and tough year-over-year
comparisons. Total operating revenues would have been 1.2 percent lower
on a pro forma basis assuming Gannett owned the same complement of properties
in the first quarters of 2007 and 2006. Operating cash flow (defined as
operating income plus depreciation and amortization) was $471.6 million
compared to $488.2 million in the same quarter a year ago. Net income was
$210.6 million in the first quarter of 2007 compared with $235.3 million
in the year-ago quarter.
Reported
operating expenses totaled $1.47 billion for the quarter, an increase of
less than one percent reflecting continuing strong cost controls, a slight
increase in newsprint expense, the impact of the television station acquisitions
and a higher exchange rate for the British pound. On a pro forma basis,
total operating expenses were 0.2 percent higher. Corporate expenses increased
12.6 percent to $23.1 million compared to $20.5 million in the first quarter
of 2006 due entirely to the timing of stock-based compensation awards.
Average
diluted shares outstanding in the first quarter totaled 235,005,000 compared
with 238,375,000 in 2006's first quarter. During the quarter, approximately
177,600 shares were repurchased
Gannett
Co., Inc., Reports First Quarter Results
McLEAN,
VA – Gannett Co., Inc. (NYSE: GCI) reported today that 2006 first quarter
earnings per diluted share from continuing operations were $0.99 compared
to $1.03 per share in the first quarter of 2005. The company began reporting
stock compensation expense in the first quarter of 2006 as required by
Statement of Financial Accounting Standards No. 123-R. This non-cash expense
totaled $11.2 million ($7.0 million after tax or $0.03 per share) in the
quarter.
On
December 25, 2005, the company completed the expansion and reorganization,
with MediaNews Group, of the Texas-New Mexico Newspapers Partnership. The
company’s ownership interest in the partnership was reduced and MediaNews
Group became the managing partner. Results for the Texas-New Mexico Newspapers
Partnership are no longer consolidated in the company’s financial statements.
The company’s 40.6 percent interest in the partnership results is now included
in other operating revenues.
As
previously reported, the company completed an exchange of properties with
Knight Ridder, Inc. in August 2005. This exchange of three Gannett newspapers
and Knight Ridder’s Tallahassee, FL, newspaper, was accounted for as a
sale of discontinued operations and a purchase of the Tallahassee newspaper.
Operating results for 2005 exclude contributions from the former Gannett
properties which have been reclassified to income from discontinued operations.
Gannett
Co., Inc. Reports Fourth Quarter Results and 2005 Full-Year Results
MCLEAN, Va.--(BUSINESS WIRE)--Jan.
27, 2006--Gannett Co., Inc. (NYSE:GCI) reported today that 2005 fourth
quarter earnings per diluted share from continuing operations, on a GAAP
(generally accepted accounting principles) basis, were $1.44, compared
with $1.44 per share for the fourth quarter of 2004. For the full year
2005, diluted earnings per share from continuing operations, on a GAAP
basis, were $4.92 compared with $4.84 for 2004.
As previously reported,
the company completed an exchange of properties with Knight Ridder, Inc.
in August 2005. This exchange of three Gannett newspapers and Knight Ridder's
Tallahassee, FL, newspaper, was accounted for as a sale of discontinued
operations and a purchase of the Tallahassee newspaper. Operating results
for all periods presented exclude contributions from the former Gannett
properties which have been reclassified to income from discontinued operations.
The exchange also resulted in an after-tax gain which was included in discontinued
operations for the year
Results for the quarter
also include the Detroit Newspaper Partnership, L.P. Beginning August 1,
2005, Detroit's results have been fully consolidated in the financial statements
of Gannett along with a minority interest charge for MediaNews Group's
interest.
CONTINUING OPERATIONS
Total operating revenues
for the company increased 6.1 percent to $2.05 billion in the fourth quarter
from $1.94 billion in the similar interval in 2004. This increase is due
to the full consolidation of Detroit newspaper operations. On a pro forma
basis, assuming Gannett owned the same complement of properties in the
fourth quarter of 2005 and 2004, total operating revenues would have been
1.9 percent lower. Reported operating expenses increased 10.8 percent in
the quarter reflecting principally the full consolidation of Detroit newspaper
operations. On a pro forma basis, operating expenses were up less than
1 percent. Operating cash flow (defined as operating income plus depreciation
and amortization) was $646.2 million compared with $662.6 million in the
year earlier quarter. Net income was $343.3 million in the fourth quarter
of 2005 versus $371.9 million in the same quarter of last year.
For the year, total operating
revenues rose 4.3 percent to $7.6 billion, a new record. On a pro forma
basis, assuming Gannett owned the same complement of properties for all
of 2005 and 2004, total operating revenues would have increased 0.4 percent.
Operating cash flow declined 1.3 percent to $2.32 billion from $2.35 billion
in 2004. Net income totaled $1.21 billion versus $1.30 billion in 2004.
Average diluted shares outstanding
in the fourth quarter totaled 239,128,000 compared with 257,673,000 in
2004's fourth quarter. Average diluted shares outstanding for all of 2005
were 246,256,000 versus 267,590,000 in 2004. Approximately 3.2 million
shares were repurchased during the quarter and a total of approximately
17.5 million shares for the year.
Commenting on the company's
performance, Craig A. Dubow, President and CEO said: "We are pleased to
report record revenues for the year. We achieved these results in a subdued
advertising environment and despite comparisons with more than $120 million
of election and Olympic-related ad demand that benefited our results in
2004. For the quarter, our results reflect strong finishes in December
at USA TODAY and our broadcasting segment. Also in the quarter, broadcasting
had to overcome the $48 million in politically related advertising that
bolstered results in the fourth quarter of 2004. Our domestic community
newspapers experienced higher ad demand in classified employment and real
estate during the quarter although auto advertising remained soft. Our
operations in the United Kingdom lagged last year's results as advertising
demand was impacted by the slowdown in the UK economy. Higher interest
costs and newsprint expense and an unfavorable exchange rate also tempered
our results for the quarter." |
