Gannett Q4 Profit Down, But Adj Profit Tops View - Quick Facts

(RTTNews) - Media holding company Gannett Co. Inc. (GCI) reported that its fourth-quarter net income attributable to the company declined to $90.75 million or $0.39 per share, from $103.09 million or $0.44 per share in the same quarter last year.

Quarterly non-GAAP earnings per share declined to $0.66 from $0.89 in the fourth quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items. 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 share noted.

Net income attributable to the company on a non-GAAP basis was $152.5 million in the fourth quarter while non-GAAP operating income totaled $278.3 million.

Special items in the fourth quarter of 2013 totaled $61.7 million after tax or $0.27 per share reflecting charges associated with facility consolidations, non-cash asset impairments, workforce restructuring and transaction-related fees. Results during the fourth quarter of 2012 included $104.2 million after tax or $0.45 per share.

Gracia Martore, president and chief executive officer, said, "....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."

Total operating revenues for the quarter declined to $1.37 billion from $1.52 billion in the prior year quarter. Eight analysts had consensus revenue estimate of $1.94 billion for the quarter.