Posted on 03/15/2007 8:45:34 AM PDT by abb
Gannett Pro Forma Operating Revenue Down in Feb. on Lower Broadcasting Sales
MCLEAN, Va. (AP) -- Newspaper publisher Gannett Co. said Thursday that its pro forma operating revenue slipped 4.5 percent in February, primarily on lower broadcasting revenue. Total revenue declined to $581.8 million from $609 million in the prior-year period.
If the exchange rate for the British pound stayed constant year-over-year, total sales would have declined 6 percent.
Advertising revenue, the biggest part of Gannett's total revenue, dropped 3.8 percent to $385 million from $400.4 million a year ago, partially due to severe weather in the Midwest and Northeast. With a constant British pound exchange rate, ad sales would have slid 5.7 percent.
Revenue from classified newspaper ads sagged 6.3 percent and would have dipped 9.2 percent on a constant currency basis. Real estate, employment and automotive ads all declined, as well.
Broadcasting revenue, including Captivate, tumbled 20.1 percent due to the absence of $22 million in Olympic revenue.
Net paid circulation dropped, with daily papers posting a 1.1 percent decline and Sunday papers sliding 2.4 percent.
Shares of Gannett added 9 cents to $58.94 in morning trading on the New York Stock Exchange.
"There was a land of Publishers and Editors called the Newspaper Business... Here in this pretty world Journalism took its last bow... Here was the last ever to be seen of Reporters and their Enablers, of Anonymous Sources and of Stringers... Look for it only in books, for it is no more than a dream remembered. A Civilization Gone With the Wind..."
With apologies to Margaret Mitchell...
Ping
Their numbers have been going downhill since they prohibited excerpts on FR.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.