Gannett Broadcasting Revenue Up 17%Bellwether group "extremely encouraged" by revenue trends 4/16/2010 09:54:12 AM Eastern
Gannett reported broadcasting revenues of $167.5 million in
the first quarter, up 16.7% from the same quarter last year. Gannett includes
its Captivate elevator network in its broadcasting group. Television revenues,
minus Captivate, were $161.3 million-a big gain on the $139.8 million Gannett
reported in the first quarter last year.
Gannett owns 23 TV stations, including KUSA Denver.
Broadcasting operating income
was $68.5 million, up 55.2% compared to the first quarter last year.
Virginia-based Gannett said
all business segments delivered "substantially higher operating income and
operating cash flow" in the first quarter. "The momentum we had at the end of
last year continued through the first quarter," said Chairman/CEO Craig Dubow.
"Revenue trend comparisons improved in the quarter reflecting the positive
impact healthier economies in the U.S.
and the UK
had on advertising demand as well as advertising revenue associated with the
Winter Olympic Games.
"We are well positioned for
continued growth as the economy improves," continued Dubow, "and we are
extremely encouraged by the revenue trends and our ability to create and
capture operating leverage."
Total reported operating
revenues for Gannett were $1.3 billion in the first quarter, 4.1% lower than
the first quarter of 2009. The publishing segment's operating revenues were $1
billion in the first quarter, 7.1% lower than the first quarter of 2009.
Earlier this week, Gannett
announced it is one of a dozen broadcast group involved in a mobile