Highlights for the quarter on a comparable 13-week basis1 include the following:
- Publishing Segment operating income on non-GAAP basis was slightly higher year-over-year
- Television revenues 23 percent higher excluding record level of political advertising achieved in fourth quarter of 2012 Digital segment revenue up 4 percent
- Belo Corp. acquisition completed on December 23, 2013
Gannett Co., Inc. (NYSE: GCI) reported non-GAAP earnings per diluted share of $0.66 for the fourth quarter compared to $0.89 in the fourth quarter of 2012.
Results in the quarter reflect revenue growth in the Digital and Broadcasting Segments, excluding the record level of political spending in the fourth quarter of 2012 and a solid performance in the Publishing Segment.
The extra week in the fourth quarter in 2012 also contributed $0.03 of the $0.89 earnings per diluted share noted. Gracia Martore, president and chief executive officer, said, "Our strong fourth quarter results cap off a highly productive, transformative year for Gannett. From our game-changing acquisition of Belo and the progress of G/O Digital, our digital marketing services business, to the ongoing enhancements we're making to our All Access Content Subscription Model, we have fundamentally changed the composition of our company and the way in which we interact with consumers and businesses in our communities. This enables us to strongly compete across a wide spectrum in today's digital media landscape. In addition, we are delighted that during the quarter, USA TODAY regained its position as the number one newspaper in total daily circulation in the nation, reflecting changing media consumption and increased engagement with our digital platforms.
"As a result, each of our segments was solidly profitable in the fourth quarter and we continue to generate substantial free cash flow. We continue to invest wisely and remain relentlessly focused on the execution of our strategic initiatives, raising the bar on operational excellence, and enhancing the strength of our balance sheet, which provides us with the flexibility to continue to invest in our businesses and explore promising new opportunities. These accomplishments - coupled with the increased advertising demand we are anticipating in connection with the Winter Olympics and elections - position us extremely well for a terrific 2014."