Gannett Co, the largest newspaper publisher in the US, has reported a 12% drop in earnings in the third quarter of 2006, compared to the same period a year ago.
Total earnings for Q3 2006 were $261.4 million, versus $297 million in 2005, while earnings per share fell from $1.2 to $1.1, although the earlier figure was attributed in part to the sale of properties.
More positively, broadcast revenues for the third quarter were up 11.1%, and television revenues were up 11.4%.
Gannett’s newspaper ad revenue rose 1.2%, with the increase driven largely by acquisitions, although the company said that without these, national ad revenue fell 3.4% and classified revenue fell 2.3%.
There was also a 4.2% rise in operating costs for the company’s newspaper business.
A recent study from Scarborough Research said that US Newspapers are successfully extending their reach beyond their core printed products, resulting in net increases in audience (see US Newspapers Increasing Audience Beyond Core Products).
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