Gannett Co., Inc. - (The Daily Times parent company) - can breath a sigh of relief, at least temporarily. Their stock got a brief reprieve today after setting new record lows for each of the past 4 trading sessions.
However, not all is well at Gannett because less than 1 hour ago they announced a new wave of job cuts which are to begin by year's end. This latest announcement comes on the heals of their previous layoff of some 1,100 jobs this past summer. Even after these layoffs their net income revenues fell to $158 million from $234 million a year ago or declined 32.5 percent or $76.05 million.
Click Here for the details: http://www.forbes.com/feeds/ap/2008/10/24/ap5603397.html
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
There is really no where to go except up for Gannett. That's because the bottom is staring them straight in the face.
ReplyDeleteI'll bet you that The Daily Times could be bought for a pittance. I noticed that they have now tapped into their unsecured line of credit for paying operational costs. Not good.
is shanie still working there? maybe they can take her into the accounting department baahahahhaa
ReplyDeleteShanie is loving this , just think
ReplyDeleteshe can draw unemployment .
o McLean-Based Gannett Sees Profits Fall by Nearly a Third
ReplyDeleteMcLean, Va. -- Plagued by dwindling ad sales, McLean-based Gannett, the publisher of USA Today and 84 other daily newspapers, said on Friday that its profits dropped by nearly a third in the most recent quarter.
The company reported net income of $158.1 million, down 32.5% from the same period in 2007. On a per-share basis, earnings fell $0.01 short of consensus Wall Street estimates, according to a survey by Reuters. Revenue fell 9% to $1.6 billion. During the quarter, the company increased its digital holdings by acquiring all of its partners' stakes in ShopLocal, as well as an additional 10% stake in CareerBuilder. "While our results this quarter reflect the difficult and volatile economy both here and in the U.K., they also highlight our determination to move forward with our strategic plan," said Craig Dubow, Gannett's chairman, president and CEO. "Our positive online results confirm, for instance, the importance of digital to our plan going forward."
http://biz.yahoo.com/bw/081024/20081024005353.html?.v=1
http://www.gannett.com
They should have made the move towards going online in 1999!