By: E&P Staff GateHouse Media late Wednesday reported a net loss of $11.4 million or 51 cents per share, for the third-quarter of 2006, compared to net earnings of $7.06 million or 32 cents per share in the year-ago period.
Operating costs more than doubled compared to a year ago, to 28.3 million from 13.4 million.
Total revenue was up 88.6% in the quarter to $97.5 million.
Fairport, N.Y.-based GateHouse raised $265.7 million in its initial public offering in late October.
The community paper publisher said that on a same-publication basis advertising and circulation revenue were slightly higher in the quarter, increasing by $100,000.
GateHouse said it had reduced its long-term debt as of Oct. 30 to $558.0 from $732.9 million as of September 30.
"We recently completed our successful initial public offering and at the same time executed on our plan to drive revenues and profits in the third quarter," GateHouse CEO Michael E. Reed said in a prepared statement. "In addition to our operational strength, we continue to see a strong supply of attractive acquisition opportunities."
GateHouse publishes 423 community papers, shoppers and niche publications in small and midsized markets.
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