Gannett Earnings Fall on TV Slowdown

Source: Gannett Press Release Gannett reports a 4.5 percent drop in quarterly profits, as revenue at its broadcast division fell.

In the second quarter, broadcasting revenues declined 6.9 percent to $197.9 million from $212.5 million in the same quarter in 2004. Broadcasting operating cash flow fell 13.3 percent to $98.7 million from $113.8 million in the corresponding interval in 2004.

Total operating revenues for the company were $1.94 billion for the second quarter compared to $1.87 billion for the same period last year, a 3.4 percent increase. Operating cash flow (defined as operating income plus depreciation and amortization) was $634.3 million compared with $638.5 million for the same quarter a year ago. Net income was $338.6 million versus $354.4 million in 2004’s second quarter.

Read complete second quarter results HERE.

Gannett is the parent company of KTHV.