GCI posts
FeedPosted Oct 30th 2009 4:40PM by Steven Mallas (RSS feed)
Filed under: Earnings reports, Newspapers, New York Times'A' (NYT), Gannett Co (GCI), Media World
The Washington Post Company (NYSE: WPO) published data for the third quarter earlier today. Can't say I was mightily impressed by the numbers. Sure, there was a profit increase, but the top line wasn't exciting, and the newspaper division, as you might have expected, experienced a sharp decline in sales.
Net revenues rose 2%. Earnings per share came in at $1.81. That was sharply higher than the $1.08 per share recorded in the comparable period. Yet, I think you have to be careful in terms of reading too much positive spin into the growth rate.
Continue reading The Washington Post Company increases income, but shares sell off
Posted Oct 24th 2009 2:20PM by Trey Thoelcke (RSS feed)
Filed under: Earnings reports, Apple Inc (AAPL), Amazon.com (AMZN), McDonald's (MCD), 3M Corporation (MMM), Caterpillar (CAT), New York Times'A' (NYT), Bank of New York (BK), Hershey Co (HSY), Gannett Co (GCI), Morgan Stanley (MS), Kimberly-Clark (KMB), United Parcel'B' (UPS), Lockheed Martin (LMT), Broadcom Corp'A' (BRCM), SLM Corp (SLM)
Continue reading Earnings highlights: Amazon, Apple, Caterpillar, Hershey, McDonald's, UPS ...
Posted Oct 20th 2009 10:40AM by Tom Johansmeyer (RSS feed)
Filed under: Newspapers, New York Times'A' (NYT), Gannett Co (GCI), Media World
The folks in the news business are probably growing to hate Mondays. Gannett's (NYSE: GCI) profits are off by more than 50%, and the New York Times announced that it's chopping 100 jobs from the newsroom, along with an unspecified number elsewhere in the newspaper. Like Gannett, the New York Times cites declines in ad revenue as the reason for the decision. The company is hoping that employees will take voluntary buyouts where offered, but it is prepared to conduct a round of layoffs if necessary.
The newspaper, which is the flagship property of the New York Times Company (NYSE: NYT), cut 100 newsroom positions last year, mostly through voluntary buyouts, before a "relatively small" round of layoffs. This year's 100-job cut is approximately 8% of the newsroom, but the paper will still have the largest in the United States. Approximately 1,150 reporters and editors will remain. Already, 100 jobs have been slashed on the business side, leaving it now staffed at 1,850.
Continue reading New York Times to cut 100 newsroom positions
Posted Feb 19th 2009 9:15AM by Douglas McIntyre (RSS feed)
Filed under: Industry, Gannett Co (GCI)
Revenue at newspapers has dropped so rapidly that companies in the industry cannot cut costs, even reporters, fast enough. The trouble is that too few reporters means too little news.
Five newspapers are banding together to share news. It may be the future of keeping editorial costs down and may buy a little time for large chains like Gannett (NYSE: GCI). According toThe New York Times, "The consortium is made up of The Daily News of New York; The Star-Ledger, based in Newark; The Buffalo News; The Record, based in Hackensack, N.J.; and The Times Union of Albany." The Daily News and Star-Ledger are among the largest papers in the country.
Continue reading Newspapers make a last stand on reporting
Posted Oct 29th 2008 10:45AM by Douglas McIntyre (RSS feed)
Filed under: Competitive strategy, Time Warner (TWX), Marketing and advertising, Employees, Gannett Co (GCI)
Gannett (NASDAQ: GCI) said it would cut almost 10% of its staff. This is hardly a surprise. Newspaper ad revenue has been running down over 15% this year and that trend is expected to continue. At some papers, classified ads -- mostly real estate, employment, and autos -- are off well above 30%. The internet has eroded readership. Most of these people will not ever return as newspaper subscribers. Gannett and all its peers trade at multi-year lows.
The advertising sales problem is beginning to spread to magazines. Between the internet and the recession, the magazine business is getting pinched and pinched hard. Ad pages at many business magazines and newsweeklies are down 15% to 20% this year. In some cases, the drop is closer to 30%. As a reaction, the largest magazine publisher in the U.S., Time, Inc., a unit of Time Warner (NYSE: TWX) will cut as many as 600 people. According to The New York Times, "No magazines are scheduled to close, but some are likely to be severely cut back."
Magazines will have to do something that newspapers have not be able to. They need to move their content to the internet in a way that will pull large numbers of readers so that advertising volumes are big enough to make up for the erosion of print dollars. Since there are a huge number of content sites on the web, there is plenty of competition.
The print magazine business is dying and dying faster than many analysts thought it would. Its only life boat is the internet. A life boat only holds so many people.
Douglas A. McIntyre is an editor at 247wallst.com.
Posted Oct 25th 2008 3:40PM by Trey Thoelcke (RSS feed)
Filed under: Earnings reports, Pfizer (PFE), Amazon.com (AMZN), McDonald's (MCD), AT and T (T), 3M Corporation (MMM), Netflix, Inc. (NFLX), Sony Corp ADR (SNE), Gannett Co (GCI), Mattel, Inc (MAT), Hasbro Inc (HAS), Amgen Inc (AMGN), Broadcom Corp'A' (BRCM), Potash Corp. of Saskatchewan (POT), E*TRADE (ETFC)
Here are some highlights from this past week's earnings coverage from BloggingStocks:
For more earnings highlights from this week, see Apple, Boeing, Microsoft, Yahoo!, UPS, American Express and others.
Watch for upcoming quarterly reports from Verizon (NYSE: VZ), Estée Lauder (NYSE: EL) , US Steel (NYSE: X), Aetna (NYSE: AET), Procter & Gamble (NYSE: PG), Qwest (NYSE:Q), Comcast (NASDAQ: CMCSA), Kellogg (NYSE: K), Kraft Foods (NYSE: KFT), MetLife (NYSE: MET), Moody's (NYSE: MCO), Office Depot (NYSE: ODP), Avon (NYSE: AVP), CBS (NYSE: CBS), CVS Caremark (NYSE: CVS), Sun Microsystems (NASDAQ: JAVA), Eastman Kodak (NYSE: EK), Motorola (NYSE: MOT), Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX), Washington Post (NYSE: WPO).
Visit AOL Money & Finance for more earnings coverage.
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