Gannett, the US parent of UK regional publisher Newsquest, reported today that its publishing segment operating income, excluding special items, for Q2 was up by $31.0 million (20.8%) to $180.3 million, compared to Q2 2009. Publishing segment operating cash flow totaled $214.6 million, up 23.3% from 2009’s second quarter.
Editor & Publisher reports: "The increase reflects the impact of expense cuts in this and previous quarters, lower newsprint costs, and lower revenue declines compared with Q2 2009 -- slightly offset by the absence of furlough savings (where employees take unpaid leave) of about $20 million.
"The company’s net income for Q2, adjusted for special items, was $146.5 million, compared to $107.9 million in the second quarter of 2009 (an increase of 35.7%). Operating cash flow was $327 million, up from $250.9 million in the second quarter of 2009. Ganett's 2010 second-quarter earnings per diluted share were $0.81, including a net gain from discontinued operations of $0.08 per share."
Gannett chairman and ceo Craig A. Dubow said in a statement. “In our Publishing segment, this quarter was the best comparison quarter for advertising revenues since mid-2007.
“We benefited from continuing efficiency efforts company-wide as well as lower newsprint expense. As a result, we generated substantially higher profitability and operating cash flow in all of our business segments.”
Gannett said: "Advertising revenues were 4.6 percent lower in the U.S. and 6.4 percent lower, in pounds, at Newsquest."
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