McLEAN, Va.—Newspaper publisher Gannett Co. is reporting a 36 percent drop in second-quarter earnings as the newspaper industry’s woes caused a sharp drop in revenue.
The publisher of USA Today and dozens of other newspapers said Wednesday it earned $233 million, or $1.02 per share, compared to a $366 million, or $1.56 per-share profit in the year-ago quarter. The earnings matched expectations of Wall Street analysts surveyed by Thomson Financial.
McLean, Va.-based Gannett says revenue fell 10 percent to $1.72 billion in the quarter.
The company calls the report preliminary because it excludes non-cash charges of as much as $2.9 billion on a pre-tax basis.
Gannett owns The Coloradoan newspaper in Fort Collins, and television stations KUSA and KTVD in Denver.
