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Gannett Reports Drop in Profits, Rise in Revenue

Jan 27, 2006  •  Post A Comment

An increase in expenses and a dearth of political advertising spending helped push down Gannett Co.’s fourth-quarter results, with profit falling 9 percent to $343.3 million on a 6 percent rise in revenue to $2.1 billion, the company announced Friday.

For the year, the McLean, Va.-based company posted a 6 percent drop in profit to $1.2 billion, while revenue rose 4 percent to $7.6 billion.

The company attributed the profit declines to expenses related to its swap of newspaper assets in August 2005 with Knight Ridder.

Gannett’s 21-television station broadcasting unit reported an 11 percent decline in fourth-quarter revenue to $201.8 million, versus a year-earlier figure of $228.5 million, driven by the lack of more than $48 million in political advertising.