Date

Sat - 23.09.2017


Earnings

US newspaper companies aren’t off to a great start this fiscal year, with both Lee Enterprises and Gannett Co. reporting large quarterly losses.

Lee revealed that the company lost $26.6 million for the second fiscal quarter ending March 25, or the equivalent of 54 cents lost per share, The Washington Post reported. Last year at this time, Lee reported a loss of $1.3 million, or 3 cents per share.

The vast losses can be contributed to refinancing and reorganization costs, according to a press release. Taking those costs out of the equation, the adjusted loss was 3 cents per share, the press release said.

Operating revenue decreased by 3.6% to $172.3 million, the press release said. While combined print and digital advertising revenue fell 5.3%, digital ad revenue rose by 9.9%.

Author

Gianna Walton

Date

2012-04-18 12:24

Gannett Co. Monday announced that its second-quarter earnings should meet the high end of Wall Street expectations as advertising revenues increase, especially on TV and online, The Associated Press reported.

However, its newspaper unit has still suffered from the recession. According to Chief Financial Officer Gracia Martore, another quarter of declining revenue year-over-year is expected, but with a smaller decline.

Martore added that publishing ad revenue, which still contributes over half of Gannett's overall revenue, "will be down on a percentage basis in the low to mid-single digits," compared to an 8 percent decline in the previous quarter and an 18 percent drop in the fourth quarter of 2009, according to the AP article posted on Google News.

Gannett's TV and digital businesses are bouncing back from the recession. Broadcast ad revenue should gain 20 percent or more year-over-year, the second increase in a row. Digital revenue is expected to grow in the mid-single digits.

Martore also said that most analysts' estimated Gannett's earnings per share in the second quarter between 47 cents and 58 cents, Media Post reported.

Author

Erina Lin

Date

2010-06-10 01:35

Journal Communications Inc. announced Tuesday its profit in the first quarter increased to US$5.3 million due to reduced expenses and growth in its broadcasting section, The Associated Press reported.

The U.S. publisher's flagship title, Milwaukee Journal Sentinel, is still facing revenue declines, down 5.3 percent to $37.5 million, but losses in advertising have eased, Editor & Publisher reported.

Classified advertising revenue plunged 13.7 percent due to downturns in all major categories, and retail ad revenue was down 9 percent.

Interactive revenue, however, boosted 20.1 percent to $2.3 million, thanks to an increase in retail sponsorships, E&P reported.

The company's stock price was up 46 cents, or 8.7 percent, to $5.75 in Tuesday morning trading.

The media company reported net income of $5.3 million, or 9 cents per share, for the first quarter, compared to $121,000, or a penny per share, year-over-year.

Overall revenue dropped 3 percent to $98.5 million. Publishing revenue decreased 7 percent to $44.6 million, better than the 16.4 percent decline in the previous quarter. Broadcasting revenue rebound almost 9 percent to $42.6 million.

Author

Erina Lin

Date

2010-04-20 23:53

Los Angeles Times writer James Rainey asks "Will the Huffington Post strategy pay off?" following an interview with founder Arianna Huffington. The company does not provide figures, he specified, but "three people who work in the field estimated that it would take in [US]$12 million to $16 million this year."

Greg Coleman, Huffington's chief revenue officer, aims to double the site's revenue in one year and build it six-fold in three, Rainey said. The site is looking at expanding its advertising space.

For more on this story, visit our sister site, editorsweblog.org.

Author

Leah McBride Mensching

Date

2009-12-18 19:27

Cost cutting and a tax adjustments have helped newspaper publisher McClatchy Co. in its third-quarter earnings, at a time when its advertising revenue has plunged, The Associated Press reported.

The publisher of The Miami Herald and 29 other dailies had its Shares up in the quarter, as investors believed that the toughest time of the recession were over for the newspaper industry.

The company's quarterly profit improved from US$4.2 million, or 5 cents a share, one year ago, to $23.6 million, or 28 cents per share, according to the AP article posted on Google News.

However, some of the big profit increases resulted from a tax rate adjustment. Excluding one-time gains, McClatchy would have earned $11 million, or 13 cents per share, versus $10.4 million, also 13 cents per share, in the same period last year on a comparable basis. McClatchy's revenue was down 23 percent to $347 million, and its advertising downturn did not slow down much in the third quarter. McClatchy's ad sales were down 28 percent in the third quarter after a 30 percent drop in the first half of the year.

"The advertising declines we've experienced show some signs of slowing, but the ad environment remains weak overall," McClatchy CEO Gary Pruitt said in a statement.

On a positive note, online advertising rose 3 percent year-over-year, the AP reported.

Author

Erina Lin

Date

2009-10-15 19:18

Norwegian media company Schibsted ASA announced its second quarter earnings lower than expected, and stated that its printed classified ads markets would still be impacted by the depressing economy, Reuters reported.

Earnings before interest, tax and amortisation totalled 218 million crowns ($36.25 million) in the period from April to June, down from 365 million one year ago. The figures easily beat the average forecast of 114 million crowns according to a Reuters poll of 10 analysts.

"In Scandinavia, the printed classified ads market is expected to continue to be weak, and this is a market that Svenska Dagbladet, Aftenposten and other print newspapers in Media Norge are particularly exposed to," according to the company in a statement.

With its ad revenues hinged on economic developments, "weak macroeconomic framework conditions will contribute to poorer developments for online operations compared to the levels of the past few years," according to Schibsted, Reuters reported.

The company said it is on track to reach its 1 billion crown profitability plan for 2009 and had a 250 million crown effect in the second quarter.

Author

Erina Lin

Date

2009-08-14 19:43

Gannett Co., Inc. has posted second quarter profits that have startled many industry analysts, Bloomberg reported today. While the company saw its earnings drop to 46 cents per share, the figures are better than analysts expected, as many predicted a decrease in share value to approximately 38 cents.

The better-than-expected earnings are credited to a series of cutbacks made by the publisher, including enforced furloughs, reductions in the price of newsprint, various salary cuts and the closing down of its Tucson Citizen title.

Gannett's publishing unit, which includes flagship national title USA Today, saw advertising sales drop by 32 percent, from US$1.11 billion to $753.1 million, according to Bloomberg. Revenue at its broadcast division, meanwhile, was down 21 percent, from $192.6 million to $153 million. Gannett owns 23 TV stations in the United States.

In addition to previous cost cutting through layoffs, the company announced last month it would cut 1,400 jobs from its workforce of 41,500 people, the Wall Street Journal reported. Gannett owns more than 80 daily newspapers, and in 2008 cut 10 percent of its employees.

Gracia Martore, chief financial officer at Gannett, told the WSJ that "demand seems to be firming up a bit in some categories and in some geographic locations."

Author

Leah McBride Mensching

Date

2009-07-15 17:32

Gannett Co., Inc. plans to announce disappointing quarterly earnings this Thursday, reports The Wall Street Journal.

Amid the expected decline in newspaper circulation, analysts will be looking for signs of hope among ad revenue. As advertising generated earnings have been on the decline, their role in the lifespan of certain newspapers has become vital. Signs of continued drops in the revenue source could push publishers to implement more cuts or closures of papers.

Gannett has already enforced several cost-cutting measures, including a series of layoffs and furlough programmes. The company's flagship paper, USA Today, is expected to see a 100,000 drop in circulation, mostly due to hotels canceling subscriptions.

Shares in the company are down by 53 percent since January, slightly helped by the recent doubling of holdings by Ariel Investments LLC.

Author

Leah McBride Mensching

Date

2009-04-13 11:59

McClatchy announced its losses of US$21.7 million, or 26 cents per share, in the final quarter of 2008. More deep cost-cutting plans are expected this year, The Associated Press reported.

The depressing results reflect the declining value of its papers, including The Miami Herald and El Nuevo Herald. According to the company, it plans to cut more costs by $100 million to $110 million.

McClatchy has already frozen wages companywide throughout September. Beginning March 31, pension plans and matches to its 401(k) retirement plans will also be suspended.

The publisher took a $59.6 million charge to account for the reduced value of its newspapers, according to the AP article posted by the Miami Herald.

"We're facing the same forces, which are impacting the majority of South Florida businesses," David Landsberg, publisher and president of The Miami Herald Media Company said. "This has put us in the unfortunate position of having to cut costs again. We will do that in a way that will ensure our long-term success as a business.''

Excluding one-time charges, McClatchy earned 26 cents a share in the quarter, while revenue dropped 18 percent to $470.9 million year-over-year.

Author

Erina Lin

Date

2009-02-06 22:18

Ratings agency Standard & Poor downgraded its long-term credit rating of Fairfax Media from stable to negative to "reflect the ongoing deterioration in advertising markets in Australia and New Zealand," The Australian reported Friday.

The poor ad market is partly to blame for "increased uncertainty about Fairfax's future earnings and increased the rating sensitivity of Fairfax's leverage position, which is at the high end of expectations for the BBB- rating," S&P stated, according to The Australian, a Fairfax newspaper.

If earnings reports, due Feb. 23, do not show an improvement, S&P warned the rating could go even lower.

The lowered earnings outlook also shows that Fairfax is less likely to see a better financial situation without more capital or operating cost cuts in the near future, the agency stated, according to The Australian.

Author

Leah McBride Mensching

Date

2009-02-06 18:08

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