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Gannett Reports Q1 Revenue, Cash Flow Declines

Apr 12, 2005  •  Post A Comment

The impact of the lack of political advertising spending on first-quarter earnings began to take shape Tuesday after Gannett Co.’s broadcast group reported revenue and operating cash flow declines.

The company’s broadcast group, which includes 21 network-affiliated TV stations and office-building entertainment service Captivate Network, reported a 3 percent decline in broadcasting revenue to $164.6 million, while operating cash flow tumbled 14 percent to $66.4 million. Excluding Captivate, Gannett’s broadcast unit would have reported a 5 percent revenue decline and a 13 percent drop in operating cash flow.

However, the weaker results were not enough to offset revenue and operating cash flow gains at Gannett’s newspapers, which include the flagship USA Today.

Overall, the company reported a 3 percent decline in first-quarter profit to $265.7 million, while revenue advanced 4 percent to $1.8 million.