By: Staff reports
Advertising Demand Remains Strong
Gannett Co. Inc. reported first-quarter earnings per share from continuing operations rose
22% to 74 cents on the strength of robust advertising demand, strong results from USA
Today, and contributions from British newspaper group Newsquest plc, which Gannett bought
in July 1999. Analysts polled by First Call Corp. had called for
73 cents EPS.
Newspaper operating cash flow rose 25% to $369.7 million in the first quarter. Pro forma ad
revenue was up 6%, including a 16% gain in national, 7% increase in classified, and 1%
decline in local. At USA Today, paid ad pages increased 17% over the same period last year
while ad revenue grew 24%.
GANNETT’S EARNINGS IN 1999
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