By: E&P Staff GateHouse Media reported a net loss of $8.8 million for Q3. Total adjusted revenue for the company slipped 1.7% to $171.8 million on a same property basis. Free cash flow at the company increased 182% to $17.2 million.
Additionally, the board of directors declared a dividend of 40 cents per share (annualized to $1.60) for Q4 payable on Jan. 15, 2008.
GateHouse CEO Michael Reed said in a statement: "We are very pleased with GateHouse Media's performance in Q3. Our strategy of focusing on strong local media franchises in geographically diverse, small markets has allowed us to significantly outperform the newspaper industry and show resilience in a challenging advertising environment."
Reed believed the current advertising slow down in small markets is cyclical. "When the real estate and automotive categories begin to recover we will be positioned to recapture revenues due to our strong local franchises," he said.
Local ad revenue was almost flat, up 0.2%. Classified advertising fell 8.4% mostly due to declines in real estate in Massachusetts and automotive declines. Circulation revenue increase 3.8% due to price increases. Commercial printing revenues grew 2%.
Adjusted EBITDA dropped 1.1% to $40.1 million on a same property basis.
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