QUARTERLY REPORT

Gannett TV Revenues Up 5.4% In 2Q

The increase comes despite a decrease in political ad money. Retrnas revenue was up 24% to $19.4 million and digital revenue grew by 29%.

Gannett Co. reported today that television revenues for the second quarter of 2011 were $177.7 million, up slightly compared to $177.5 million last year, despite a net decrease of $8.8 million in political spending.

Total adjusted television revenues, defined to exclude the incremental impact of the cyclical ad demand related to political spending, were up 5.4%.

Retransmission revenues totaled $19.4 million in the quarter, an increase of 23.7%.

Digital revenues were 29% higher reflecting our focus on local digital sales through Yahoo! and its community websites.

Based on current trends, the company said it expects the percentage decline in total television revenues for the third quarter of 2011 to be in the mid-single digits compared to the third quarter of 2010.

Television revenues in 2010’s third quarter benefited from $21.3 million in politically related advertising. Excluding the incremental impact of political spending, the percentage increase in total television revenues is expected to be in the mid-single digits in the third quarter this year compared to the third quarter last year.

BRAND CONNECTIONS

Broadcasting revenues (which include Captivate) totaled $184.4 million in the quarter compared to $184 million in the second quarter last year, which benefited from $11.7 million in politically related advertising demand.

Broadcasting segment operating expenses totaled $103.9 million in the quarter, a decrease of 1.6 percent from $105.6 million in the second quarter last year. As a result, operating income was 2.6 percent higher and totaled $80.4 million and operating cash flow was $87.9 million, up 1.5 percent.

Read the company’s report here.


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