Even though the market expects poor results from newpaper companies, the actual results can come as a shock. Gannett (GCI) is off over 5% to a 52-week low of $15.93 on poor numbers.
GCI 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. The preliminary results, however, do not include non-cash charges to be recorded in the quarter, which have not yet been finalized, for the impairment of goodwill, other intangible assets and certain other assets
Total operating revenues for the company were $1.72 billion in the second quarter compared to $1.91 billion in the second quarter of 2007.
At USA TODAY, advertising revenues declined 16.6 percent in the second quarter compared to the year ago quarter. Paid advertising pages totaled 831 compared with 1,034 in the same quarter of 2007.
Internet ad revenue was not front and center in the company’s earnings release, which probably says a mouthful.
Due to the news, shares in Gatehouse (GHS) are off almost 5% to $.99. Shares in McClatchy (MNI) are down 2% to $4.61, and shares in Lee (LEE) are selling down over 1% to $3.17.
Douglas A. McIntyre
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
