Tuesday, April 22, 2008

Profits down at Gannett

Add Gannett, the owner of the Springfield News-Leader, to the growing list of newspaper companies that have run into hard times.
In the first quarter report. Gannett showed a decline in revenue- the fifth straight time this has occurred:

Gannett Co. Inc. blamed a slowing economy for fewer advertisements in its newspapers and on its television stations as it announced Monday that revenue and profits declined in the first quarter of 2008.

Net income fell 8.9 percent to $191.8 million, or 84 cents per diluted share, from $210.6 million, or 88 cents per diluted share, in the year ago period. Revenue declined 8.4 percent to $1.68 billion for the first quarter compared to $1.83 billion during the same quarter last year.

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