US newspaper group Gannett today reported its quarter four and full year financial results, which show that in the three months to December 2000, net income remained pretty flat at $294.9 million – just up from $294.6 million the previous year. However, the company also said that 2000 was the ninth consecutive year of record revenues, profits and cash flow.
Operating revenues from continuing operations in the fourth quarter rose 30% to $1,894 million, from $1,460 million in the fourth quarter of 1999. For the year, operating revenues from continuing operations were 22% at $6,222 million.
In June last year Gannett acquired regional newspaper publisher News Communications & Media (NEWSCOM) in the UK. The group also wholly owns the Newsquest regional publisher in the UK. Gannett says that revenues from UK operations were unfavourably hit by the decline in the exchange rate for Sterling.
Gannett publishes 99 daily newspapers in the USA, including USA Today, the nation’s largest-selling daily newspaper.
