Gannett earnings down 36 percent

Fourth quarter earnings for Gannett, owner of the Springfield News-Leader, were down 36 percent:

Gannett, the largest U.S. newspaper publisher, said preliminary net income fell to $158 million, or 69 cents per share, in the fourth quarter, down 36 percent from a year ago, as advertising revenue continues to take a beating because of the recession.

To realign costs with reduced revenue, Gannett slashed the work force at most of its U.S. newspapers by 10 percent and cut newsroom jobs at USA Today by about 5 percent late last year. Those moves, which preceded a one-week unpaid furlough that Gannett is imposing in the first quarter of 2009, resulted in pre-tax charges of $56 million.