[BusinessTeam] Gannett Takes a Tumble

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Message-ID: <6B75EF096AE0BE428B8CEDEA89C5F6327823B0@exchange01.lab49.com> · Wed Apr 18 15:01:13 2001 UTC

>From Inside.com: 
GANNETT TAKES A TUMBLE 
America's largest newspaper publisher, Gannett Co., announced a 82 percent

decline in first-quarter earnings this year, disappointing Wall Street's 
expectations. Blaming the fall on the ad downturn, the rise in newsprint 
prices and a one-time gain last year, Gannett announced a paltry $174.5 
million in net income this quarter, compared to last year's $950.2
million, 
reports the Wall Street Journal 
<http://interactive.wsj.com/articles/SB98752402249366271.htm>
(subscription 
required). The company had a $744.7 million gain last year from the sale
of 
Multimedia Cablevision Inc. This quarter "was probably the most
challenging 
we have seen since the early 1990s," said Gannett CEO Douglas
McCorkindale. 
"We're seeing no positive signs in the economy," said McCorkindale, as 
reported by Bloomberg News 
<http://www.nytimes.com/2001/04/18/business/18PAPE.html> (via the New York

Times). "We're managing on the assumption that we're in a recession or
very 
near one." 

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