Gannett Earnings Call: Decline Due Cyclical Downturn; Online Initiatives Making Us Better Positioned
This story was written by David Kaplan.
[In progress] Gannett (NYSE: GCI) CEO Craig Dubow began addressing the company's dismal preliminary Q4 earnings on its analyst call insisting that the company was the victim of a cyclicalnot secularfinancial turmoil. He then touted recent initiatives designed to better position the newspaper publishers for a return to more positive economy, including reducing home delivery for its Detroit papers the acquisition of social media company Ripple6 and the rollout of local/national web hybrid ContentOne. The first phase of ContentOne was centered on news coverage of President Barack Obama's inauguration; the second one will be focused on sports, Dubow said, possibly alluding to Super Bowl Sunday.
CareerBuilder revs declined, on falling job ads and the lack of upsell opportunities, though traffic jumped over 20 percent.
Debt $3.8 billion in long-term debt. $500 million of debt will be due in June, said CFO Gracia Martore. More to come.
By David Kaplan