Fourth-quarter gain over 2005 is attributed to “a record level” of political advertising, two stations acquired in 2006 and “substantially higher” revenue from the stations’ Web sites. Even without new stations, revenue is up 21%.
Gannett reported this morning that revenue from its TV station group climbed to $260.6 million in the fourth quarter of 2006, a 29% increase from the same quarter of 2005.
It attributed the gain to “a record level” of political advertising, two stations acquired in 2006 and “substantially higher” revenue from the stations’ Web sites.
Excluding the revenue from the new stations—WATL Atlanta and KTVD Denver—revenue was still up 21%, the company said.
The robust top line results boosted the bottom line.
Gannett said that the operating cash flow from its broadcasting segment, which includes TV and its elevator advertising service Captivate, rose 36.6% in the quarter year-over-year, from $107.9 million to $147.4 million.
Gannett, on the whole, did not fair as well as its TV group in the quarter.
Counting the results of the much largest newspaper segment, the corporation’s operating net revenue grew just 7.5% in the quarter compared to 2005 and operating cash was up just 1.5%.
The results “were unfavorably impacted by higher newsprint, stock compensation and interest costs,” said CEO Craig Dubow in a statement.