Wednesday, April 15, 2009

Earnings Preview: More Gannett woes expected in 1Q

Gannett Co., the largest U.S. newspaper publisher, is scheduled to report its first-quarter results before the stock market opens Thursday. ... Coming off two consecutive years of declining revenue, Gannett's slide is believed to have accelerated in the first quarter as recession-weary advertisers trimmed their budgets and shifted more spending to less expensive online alternatives.

Unless there's a dramatic turnaround, Barrington Research Associates analyst James Goss expects Gannett's revenue to plunge by about 15 percent this year to $5.7 billion. Before the dramatic downturn began in 2007, Gannett's annual revenue stood at $7.8 billion.

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