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Sunday, June 27, 2010

Gannett, largest US newspaper publisher, earns after cutting costs

Cost cutting produced a solidly profitable third quarter for Gannett Co.

But the latest financial results for the country's largest newspaper publisher show another big decline in ad revenue.

Gannett owns USA Today, more than 80 other newspapers and 23 television stations.

Its earnings Monday follow a similar report last week from McClatchy Co., another big newspaper owner that has managed to profit even as timberland boots its main revenue source withers.

Gannett's ad sales in its publishing division dropped 28 timberland mens boots percent from a year ago. That follows a 32 percent decline in the second quarter and a 34 percent timberland boots decline in the first.

Layoffs and other belt-tightening moves helped the McLean, timberland boots Virginia-based company earn $73.8 million, or 31 cents per share.

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