Says that a near tripling of retransmission fees will “partially offset” the lack of Olympics and political advertising.”
Gannett Co. announced today that it expects its third quarter revenues will be between $1.307 billion and $1.320 billion.
Gannett will report its earnings for the third quarter of 2009 on Oct. 19 before the opening of the stock market. Management will hold a conference call at 10 a.m. ET that day to discuss these results. Conference call access information is provided on the company’s Web site, www.gannett.com.
Gracia Martore, executive vice president and chief financial officer, said for its broadcast operations, the “almost total absence of Olympics and political advertising” of about $50 million in last years third quarter should be “partially offset by the near tripling of retransmission fees this year.”
The company’s net income is anticipated to range between $93 million and $100 million for the quarter. Operating cash flow is expected to be between $241 million and $252 million in the third quarter. And total debt at the end of the third quarter was approximately $3.31 billion versus $3.51 billion at the end of the second quarter.
“In the third quarter, the company continued to successfully navigate through the economic headwinds both in the U.S. and UK. Although overall advertising revenue comparisons remain difficult, our third quarter year-over-year publishing comparisons improved again versus first and second quarter comparisons,” Martore added.
In addition to its newspaper holdings, Gannett operates 23 television stations in 19 U.S. markets.