quarterly report

Gannett TV Revenue Up 15% In 1Q

Olympics, automotive, retail and packaged goods all contribute to the positive results.
By
TVNewsCheck,

Gannett Co. reported today that television revenue for the first quarter of 2010 was up 15.3% to $161.3 million compared to $139.8 million in the first quarter last year, reflecting in part $18.6 million in ad spending related to the Olympics.

In March, revenues, excluding political, were up in the mid-single digits, the company said, reflecting double-digit growth in several ad categories including automotive, retail and packaged goods.

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Based on current trends, Gannett said, "we expect the percentage increase in total television advertising revenues to be in the very high teens to the low 20s for the second quarter of 2010 compared to the second quarter of 2009."

Operating expenses for the broadcasting segment totaled $99.0 million in the first quarter of 2010 compared to $99.3 million in the first quarter of 2009. Savings from efficiency efforts throughout the segment offset higher advertising sales costs.

"We achieved very strong results for the quarter," said Craig A. Dubow, chairman-CEO. "All of our business segments delivered substantially higher operating income and operating cash flow in the quarter. We more than doubled adjusted net income despite lower revenues and reduced our debt by approximately $260 million in the quarter.

"The momentum we had at the end of last year continued through the first quarter. Revenue trend comparisons improved in the quarter reflecting the positive impact healthier economies in the U.S. and the UK had on advertising demand as well as advertising revenue associated with the Winter Olympic Games. We also benefited from significantly lower costs due to greater efficiencies and substantially lower newsprint expense. We are well positioned for continued growth as the economy improves and we are extremely encouraged by the revenue trends and our ability to create and capture operating leverage.

"Earlier this week, we were pleased to join eleven other major media companies in announcing plans to form a standalone joint venture to develop a new national mobile content and distribution service to make mobile digital television universally available to consumers," he added.

Read the company's report here.

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Comments (1) -

Batman Nickname posted a year ago
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Congradulations.... I have feeling several well run operations will reap the benefits in 2010.

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