Gannett quarterly profit up, revenue down

NEW YORK, July 18 Wed Jul 18, 2007 8:14am EDT

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NEW YORK, July 18 (Reuters) - USA Today publisher Gannett Co. Inc. (GCI.N) said on Wednesday that its revenue fell, but profit rose with the sale of some newspaper assets.

Second-quarter net income for Gannett, the largest U.S. newspaper publisher, rose to $365.7 million, or $1.56 a share, from $310.5 million, or $1.31 a share, in the second quarter a year ago.

Revenue fell to $1.93 billion from $2 billion last year.

Gannett, which publishes 85 daily U.S. papers including USA Today, is dealing with weaker advertising sales as fewer people subscribe to its papers and move to online media and other sources.

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