GateHouse Media revenues down 4.8 percent

GateHouse Media revenues were down 4.8 percent during the last quarter, according to its quarterly report issued Tuesday. The company issued the following news release:

GateHouse Media, Inc. (the “Company” or “GateHouse Media”) (OTC Pink Sheets: GHSE) today reported financial results for the third quarter ended September 30, 2010.


Third Quarter 2010

Total revenues were $137.9 million for the quarter, a decline of 4.8% as compared to the prior year. As Adjusted Revenues for the quarter were $136.7 million, a decline of 4.7% on a same-store basis. Total advertising revenue for the quarter declined 3.7% on a same-store basis. The decline in total advertising revenue on a same-store basis was driven by declines in local retail and classified revenue, which were down 4.2% and 5.2%, respectively, partially offset by strong growth in online revenues, which grew 17.6%. Commercial print revenues declined 21.2% in the quarter on a same store basis from the prior year.

Operating costs and SG&A expenses were $113.8 million in the quarter, a decline of $5.3 million or 4.4% from the prior year, despite a $1.2 million increase in newsprint expense related to increased pricing levels. The expense declines were driven primarily by lower compensation expense and hauling and delivery costs. The Company has been able to successfully reduce compensation expense as part of its overall cost savings initiatives begun in 2009. Compensation expense was down 4.3% in the quarter versus the prior year on a same store basis. Hauling and delivery was down 10.7% versus prior year on a same store basis driven primarily by increased distribution efficiencies throughout the Company.

Operating income for the quarter was $12.0 million, a decrease of $2.0 million as compared to the prior year. As Adjusted EBITDA for the quarter was $25.0 million, a decrease of $2.3 million or 8.5% on a same-store basis from the prior year.

Levered Free Cash Flow for the quarter decreased 21.3% to $8.8 million as compared to $11.1 million for the prior year.

Non-cash compensation expense for Restricted Stock Grants in the third quarter was $0.4 million.

One-time costs incurred and other non-cash expenses in the quarter were $1.2 million, and related primarily to reorganization efforts and initiatives introduced to realize permanent expense reductions.

Commenting on GateHouse Media’s same store results, Michael E. Reed, GateHouse Media’s Chief Executive Officer, said, “Overall revenue trends improved slightly in the third quarter versus the second quarter with revenues down year over year by 4.7%. I was particularly encouraged by our newspaper advertising revenue, where declines improved to down only 2.7% year over year, and our online revenue growth, which remained very strong, showing a year over year increase of 17.6%. The investments we have made in our online programs continue to help make positive contributions to our total revenues.

“While we continue to navigate through a very choppy revenue environment, the total decline was significantly impacted by our commercial print business which has been very challenged by the economic pressures felt by all. Commercial print is a small category for us, however, the 21.2% decline experienced in the quarter from this category made up almost a quarter of our total revenue decline. We do expect improvement in this trend looking forward into 2011 as we begin to cycle some of the larger job losses we saw this year.

“We continue to operate more efficiently as well, evidenced by our costs being down in the quarter despite rising newsprint costs, which have resulted in a 13.7% increase in newsprint expense. Through September of this year our aggressive expense initiatives have resulted in As Adjusted EBITDA growth of 8.3%.

“In the very near term our revenue visibility remains limited as a result of the choppiness of our month to month revenue trends. While we remain dedicated to operating more efficiently by identifying permanent cost reduction opportunities, we are placing even more emphasis on audience and revenue development through new product and business innovation as well as a more highly energized sales culture.

“Our operating results and cash management activities continue to have a positive impact on our overall liquidity We ended the quarter with $31.6 million of cash on the balance sheet, with all short term debt paid off. We remain highly focused on de-levering through both growth in our business and debt reduction.”

Eckersley: Race is over, but there's more to come

Billy Long may be the winner in the Seventh District Congressional race, but his opponent, Scott Eckersley, says Long's problems may be just beginning, referring to a comploint with the Department of Justice over a fake e-mail that went out last week claiming Eckersley was quitting the race. In the accompanying video, Eckersley talks with KY3:

  

Roy Blunt's victory speech: We've got to get focused on the things that matter

 

2010 should have been Schweich's year...for the U. S. Senate

Timing is everything in politics and nothing offers more proof of that than Roy Blunt's win over Robin Carnahan for U. S. Senate.

In what other year could the K Street King and ultimate Washington insider reinvent himself as a Tea Party activist and an outsider opposing the evil federal government.

Without the convenient punching bags of Barack Obama, Nancy Pelosi, and Harry Reid to pummel, voters' eyes may have been more inclined to notice a politician who is married to a lobbyist, whose children are lobbyists, and receives an incredible amount of money from lobbyists.

Without an opponent whose entire family is in government, Blunt's long career might have been a detriment.

But the real loser in this race was not Robin Carnahan. Let's face it, if Roy Blunt, with his track record, could beat her, and not only did he beat her, but he made it look easy, any decent Republican candidate would have done the same.

And that's where Tom Schweich comes in. For all intents and purposes, it should have been Schweich taking the bows tonight and getting ready to return to Washington as a senator. After some strong persuasion, Schweich stepped aside to allow Blunt to have his turn in the tried and true Republican fashion.

Instead, Schweich was slotted for the state auditor position, which he won handily tonight, defeating incumbent Susan Montee.

It's a domino effect. Had Schweich been the Senate candidate, Allen Icet would most likely be crossing the finishing line as state auditor. This was the year for Schweich.

The state auditor-elect will get his chance, likely going against Claire McCaskill for the other U. S. Senate slot. And he may end up the winner. But it won't be anywhere near as easy as the cakewalk Roy Blunt just finished.

Claire McCaskill is no Robin Carnahan and just how many times can you use "I LIke Schweich" as your slogan?

Emerson cruises to re-election

After all of the back-and-forth, the final result in Missouri's Eighth District was an easy victory for incumbent Republican Jo Ann Emerson. Rom the Emerson camp news release:

In a strong show of support for Jo Ann Emerson and a resounding rejection of the big government, jobs-killing policies of the Obama Administration and Pelosi-led Congress, voters in Missouri’s Eighth District tonight overwhelmingly reelected Emerson to the U.S. House of Representatives.


“I am honored and truly humbled to again be entrusted by the people of the Eighth District to represent us in Congress,” said Emerson. “I am grateful for the hundreds of volunteers who selflessly gave their time to our cause and I am excited to take our commonsense, conservative message straight to the 112th Congress.”

Despite raising more than $1.5 million of which only 30 percent came from the State of Missouri, Democrat Tommy Sowers was able to garner only a slightly larger share of the vote than Emerson’s 2008 Democrat opponent who raised less than $65,000.

Throughout the campaign, Emerson talked about the need to elect a conservative House to provide a check on the Obama Administration. Emerson over the last 20 days visited all 28 counties in the Eighth District sharing her pro-growth, commonsense, conservative message which she reiterated in her remarks tonight.

“We’ve all worked hard to achieve a government that listens to the people, and tonight the message we are sending resonates from coast to coast,” said Emerson. “Americans are not willing to accept bigger government. Americans are not willing to accept more debt and Americans will not surrender our constitutional freedoms.”

Throughout the campaign Emerson repeatedly stressed the need to end the economic uncertainty created by the Obama Administration and instead return to prow-growth policies. Without a check on the Obama Administration, small business owners and families continue to face uncertainty over taxes, health care, government spending and regulations that prevent the economy from growing. As the country appears poised to put Republicans in control of the U.S. House, Emerson promised help is on the way.

“Our nation is saddled with an economic climate which is the fault of a government that creates temporary jobs instead of permanent opportunities,” said Emerson. “We have an opportunity to forge a new beginning tonight. We have an obligation to correct the course of a Congress that has not been accountable to the people. Tonight, we have a starting point.

Billy Long and the strippers: Much ado about nothing

When all is said and done, strippers made absolutely no difference in the Seventh District Congressional race and that was the situation right from the start.

Was it an interesting story? Absolutely. It added some spark to a race that lacked any. The real vote took place in August when Billy Long defeated Jack Goodman and Gary Nodler.

Scott Eckersley brought his record of fighting for open government into an arena where most of the people favored the man he fought, former Gov. Matt Blunt.

The Republican GOP primary had the larger-than-life Long, the young, earnest Goodman, and the crafty political veteran Nodler, a matchup for the ages.

After the primary, Long, for the most part, stayed quiet, while Eckersley reached for anything to give him a chance in the race.

That led to the unveiling of former Metropolitan Grill waitress Jennifer Case's accusations that Long cavorted with strippers and made racist, sexist, and homophobic remarks. It caught everyone's attention, but in the end it did not make a bit of difference. Eckersley did no better against Billy Long than John Truman did against Roy Blunt and Truman wasn't even from the Seventh District.

The only chance Scott Eckersley ever had was if Billy Long had been the stripper, and thankfully, that was not the case.

Part of Long's success, obviously, is due to the heavily Republican electorate in the Seventh District, but Long's timing was also impeccable.

His "Fed Up" campaign came at a time when people were genuinely fed up with government, both Republicans and Democrats. It was enough to get him through the primary and, despite the seeming abandonment of his disdain for career politicians and special interests (which was barely touched upon by the local media), it was enough to give him a comfortable win in the general election.

In addition, Long benefited from the same Democratic Party philanthropists, Nancy Pelosi and President Barack Obama, who gave the Republicans one sound bite after another to use in television advertising and gave Billy Long and hundreds of Republican candidates across the nation a pinata filled with a neverending supply of campaign sweets.

So congratulations to Congressman-Elect Billy Long for providing us with the most entertaining Seventh District election since Richard Franks lost a hard fought battle against Gene Taylor in the early '70s.

I will never be able to bring myself to utter his catchphrase "Diggity Dog," but I do wish Billy Long luck as he represents us in our nation's capital.

Blunt to speak in about five minutes

Newly elected U. S. Senator Roy Blunt will speak to his supporters in a few minutes, according to various reports.

Associated Press and nearly every major network has projected Blunt as the winner over Robin Carnahan.

Billy Long upset campaign got "so personal"

KOLR reporter Jennifer Denman, formerly of KOAM, tweets that she just interviewed Billy Long, projeSowers concedes Eighth District race to Emerson: projected as the new Seventh District Congressman and Long says he is upset that the race "got so personal."

Sowers concedes Eighth District race to Emerson

Unsuccessful Democratic challenger Tommy Sowers in the Eighth Congressional District just released the following statement:

“I just spoke with Congresswoman Emerson, congratulated her, and thanked her for her 14 years of service. She and I both agree that now is the time to set aside our differences and to work together for the future of Missouri.


“We took a ‘Boots on the Ground’ approach to our campaign. I went out in my truck with my dog Chuck, and we met thousands of folks at restaurants, parades, and churches and I worked alongside them and learned their challenges and struggles, and their hopes and dreams. On our three Boots on the Grounds tours we put 48,000 miles on the truck.

“I was backed by a tremendous field organization of staff and volunteers who made 165,321 calls and knocked on 24,082 doors.

“I was supported by veterans across the 8th who came together to form Veterans for Sowers. These men and women joined me at parades, talked to fellow veterans, visited VFWs, and gave me the strength to keep fighting

“Together we accomplished so much. We gave the voters a true choice for the first time in 14 years. We challenged both parties and the President on the Afghanistan War, calling for a reassessment of our strategy and for Congress to step up and have a debate about our future there. We gave voice to those who have lost their jobs as they went overseas due to trade deals that forgot rural America. We called for a new day here, to reinvest in infrastructure for the future of our home

“And what I am most proud of - we put democracy in the hands of so many supporters who made phone calls, spread the word about our campaign, knocked on doors, and believed in something bigger than themselves. We organized and fought together for the future of our home.

“The fight for our home does not stop just because we don’t like the outcome of this election. Progress never comes easy. I thank you for putting your faith in this campaign and in me.”

KSN anchor to speak at East Middle School Veterans Day program

Longtime KSN anchor Jim Jackson will be the featured speaker at the Joplin East Middle School Veterans Day Program set for 12:30 p.m. Thursday, Nov. 11, in the school auditorium.

Jackson, a Vietnam War veteran, served six years in the U. S. Navy.

The program will begin with "The Star Spangled Banner" played by the EMS Band, under the direction of Nicholas Moore, the Pledge of Allegiance, led by Student Council President Paige Earl, a song from the EMS Choir, under the direction of Ms. Julie Yonkers, the presentation of the winning entry in the "Salute to Our Veterans" essay contest, and Jackson's speech.

The program will conclude with patriotic music.

The public is invited, with a special invitation to all area veterans. A section will be reserved in the front of the auditorium for the veterans.