Gannett 2Q EPS $1.02 vs $1.56 (Obama PR firm profit down 36% - Dinosaur Media DeathWatch™)

Marketwatch.com ^ | July 16, 2008 | John Ittner

[abb]

Gannett Co. Inc. (GCI) said Wednesday that preliminary second-quarter earnings were $232.7 million, or $1.02 a share, compared to $365.7 million, or $1.56 a share, in the same period a year ago. Earnings from continuing operations were $1.02 compared with $1.24 per share in the second quarter of 2007. The preliminary results, however, do not include non-cash charges to be recorded in the quarter, which have not yet been finalized. The non-cash charges are expected to total in the range of $2.6 billion to $2.9 billion on a pre-tax basis and $2.4 billion to $2.7 billion on an after-tax basis. Earnings per share will be reduced in the quarter due to the charges, but they will not impact the company's operating cash flow. CEO Craig Dubow said in a statement, "The weakening economy had a dramatic impact on our results."

[abb]

This just in.

[abb]

ping

[abb]

http://biz.yahoo.com/rb/080716/gannett.html?.v=1

Gannett quarterly profit falls, plans writedown
Wednesday July 16, 8:49 am ET

NEW YORK (Reuters) - Gannett Co Inc (NYSE:GCI - News), the largest U.S. newspaper publisher, posted a 36 percent drop in preliminary quarterly profit on Wednesday because of a worsening decline in print advertising sales, and said it plans to take a writedown that could be as high as $2.9 billion.

Gannett, which publishes USA Today, the largest U.S. newspaper by circulation, said second-quarter net income fell to $232.7 million, or $1.02 a share, from $365.7 million, or $1.56 a share, in the same quarter a year ago.

Revenue fell 10 percent to $1.72 billion.

The non-cash writedown, which is for the impairment of goodwill and other assets, could range from $2.6 billion to $2.9 billion before taxes, and from $2.4 billion to $2.7 billion after taxes, Gannett said.

Gannett is the first of the publicly traded U.S. newspaper companies to report financial results this quarter. The decline in print advertising sales is likely to show up in other publishers such as Media General Inc (NYSE:MEG - News), which is expected to report its results on Thursday.

(Reporting by Robert MacMillan; editing by John Wallace)

[abb]

http://www.chicagotribune.com/business/columnists/chi-wed-phil-rosenthal-16jul16,0,4591347.column

Kern sets out to realize new media reality

Phil Rosenthal | Media
July 16, 2008

Gerould Kern remembers Christmas Eve of 1990, the day he was offered a job at the Chicago Tribune, as one of the happiest of his life.

“From the moment I came to work for the Tribune, I was just thrilled to be here and to get the chance to do all the work that a journalist dreams to do at a big-league newspaper,” said Kern, whose return to the 161-year-old paper as its 21st editor was announced this week, almost seven years after he left the paper for parent Tribune Co.

In succeeding Ann Marie Lipinski, 52, who resigned effective Thursday, Kern, 58, inherits a Tribune newsroom about to lose 14 percent of its staff and weekly pages in the face of industrywide revenue declines, as well as the same questions dogging all media outfits today about how to continue doing all the work that journalists dream of doing.

snip

[abb]

http://biz.yahoo.com/bw/080716/20080716005632.html?.v=1

Gannett Co., Inc. Reports Preliminary Second Quarter Results
Wednesday July 16, 8:30 am ET

MCLEAN, Va.—(BUSINESS WIRE)—Gannett Co., Inc. (NYSE:GCI - News) reported today that preliminary 2008 second quarter earnings per diluted share from continuing operations were $1.02 compared with $1.24 per share in the second quarter of 2007.

snip

[JamesWilson]

Just remember: ever time you read the USA Today, you lose an IQ point.

[abb]

http://www.ajc.com/business/content/business/stories/2008/07/16/ajc_changes.html?cxntlid=homepage_tab_newstab

AJC announces section changes, staffing cuts

Staff report
Published on: 07/16/08

The Atlanta Journal-Constitution will cut its workforce by 8 percent, or about 184 jobs, and eliminate all of its geographically targeted news sections as part of a cost-cutting plan announced Wednesday.

The moves come amid an advertising revenue slump that has ravaged the newspaper industry and has been made worse by rising costs for fuel and newsprint, executives said.

The daily Gwinnett News section, as well as the weekly NorthSide, CityLife and NorthWest sections — all inserts in the main Journal-Constitution — will disappear starting in August, the company said.

Publisher John Mellott said the AJC will maintain news bureaus in Gwinnett, Cobb, DeKalb and North Fulton, adding that the daily newspaper’s metro and sports sections will expand to handle coverage from those areas.

He said cost of producing the separate community sections has become “prohibitive,” citing a 35 percent jump in newsprint costs over the past year. The AJC last year eliminated similar sections for news in south metro Atlanta counties, and it also has cut the daily paper’s circulation area.

snip

[JamesWilson]

See what I mean - that should be “every.”

[abb]

http://www.observer.com/2008/media/katharine-second-begins-reign-washington-post?page=0%2C0

Katharine the Second Begins Reign at Washington Post
by John Koblin | July 15, 2008

snip

[AmericanMade1776]

De Liberals are losing.. cheers! The Free Republic Lives!

[abb]

Every time someone buys a USA Today, a kitten dies...

[ken21]

if hotels did not buy usa today and stick it in business rooms,

they wouldn’t do this well!

front page of the los angeles times today brags about the “limits of supply and demand”,

the crash of the economy and the need for government regulation.

meanwhile, the demand for the l.a. times is going down and they’re laying off!

[abb]

..."said it plans to take a writedown that could be as high as $2.9 billion."

[abb]

http://www.portfolio.com/executives/features/2008/07/15/Washington-Post-Publisher-Weymouth
The Last Media Tycoon
by Lloyd Grove August 2008 Issue

[abb]

http://www.poynter.org/forum/view_post.asp?id=13479

Topic: Memos Sent to Romenesko
Date/Time: 7/16/2008 9:59:39 AM
Title: Memo to Atlanta Journal-Constitution staff
Posted By: Jim Romenesko

Journal-Constitution editor Julia Wallace’s memo to staff

To all,

For several years, we have been talking about the transformational change needed in our company. When we realigned the newsroom over a year ago, our goal was to create a nimble structure that is adaptable to change and best positions us to achieve our dual mission of growing digital and re-inventing print. You have done a great — often-heroic — job of making that happen.

snip

[abb]

http://www1.pressdemocrat.com/article/20080716/NEWS/807160349

SANTA ROSA Press Democrat cuts 17 jobs

Published: Wednesday, July 16, 2008 at 4:30 a.m.
Last Modified: Wednesday, July 16, 2008 at 3:32 a.m.
The Press Democrat on Tuesday announced it would lay off 5 percent of its work force, or 17 full-time positions, to reduce costs in response to sharp declines in advertising revenue.

Four newsroom employees were laid off, including one reporter and three editorial assistants, with other cuts coming in the advertising and production departments, Publisher Bruce Kyse said.

“The economy’s going down the toilet at the moment and our advertising clients are hurting big time,” Kyse told employees in a newsroom meeting.

snip

[Eric in the Ozarks]

I always ask the hotel to take it off my bill. USA Today is not free.

[abb]

Check out the two stories about the ajc upthread. More Obama embeds lose their jobs.

[abb]

http://www.medialifemagazine.com/artman2/publish/Media_economy_57/A_stricken_GM_slashes_its_ad_spending.asp
A stricken GM
slashes its ad spending

[Sgt_Schultze]

Gannett revenue for the quarter was $1.72 Billion. Even though their profits are down to $232.7 Million, that is still 13.5% profit. That’s a bit higher rate than Exxon earned (<10%). I suppose Gannett would be happier if they had a “fairer” profit of less than $172 million. Mayhaps Congress should start looking into imposing a windfall profits tax on Gannett’s excessive earnings.