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Gannett results down on advertising slump
April 16, 2012 / 12:45 PM / 5 years ago

Gannett results down on advertising slump

* Q1 EPS $0.28 vs. $0.37 yr-ago

* Total revenue down 2.6 pct in line with analysts’ forecast

* Publishing advertising revenue down 8.4 pct

April 16 (Reuters) - Gannett Co reported on Monday that first-quarter revenue fell 2.6 percent, dragged down by weak advertising sales at its newspapers, and earnings fell further.

The largest newspaper chain the in U.S. said on Monday that total revenue was $1.22 billion, roughly in-line with analysts’ average expectations of $1.24 billion, according to Thomson Reuters I/B/E/S.

Publishing advertising revenue declined 8.4 percent to $551.4 million.

Gannett, which owns several newspapers, including USA Today, as well as broadcast television stations, reported first quarter earnings per share of 28 cents, down from 37 cents per share in the year-ago period.

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