SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported):
October 14, 2003
Commission file number 1-6961
GANNETT CO., INC.
(Exact name of registrant as specified in charter)
| Delaware | 16-0442930 | |
| (State or Other Jurisdiction of Incorporation or Organization of Registrant) | (I.R.S. Employer Identification No.) | |
| 7950 Jones Branch Drive, McLean, Virginia | 22107-0910 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (703) 854-6000.
Item 12. Results of Operations and Financial Condition
On October 14, 2003, Gannett Co., Inc. announced its consolidated financial results for the third quarter ended September 28, 2003. On October 14, 2003, the company also issued a press release announcing the company's statistical report for the period and quarter ended September 28, 2003. Copies of these press releases are furnished with this report as exhibits.
SIGNATURE
Pursuant to requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Gannett Co., Inc. | ||
|
Date: October 14, 2003 |
By: | /s/George R. Gavagan |
| George R. Gavagan | ||
| Vice President and Controller |
Exhibit Index
|
Exhibit |
Description | |
|
99.1 |
Gannett Co., Inc. Earnings Press Release dated October 14, 2003 | |
|
99.2 |
Gannett Co., Inc. Statistical Report Press Release dated October 14, 2003 |
News Release
Tuesday, October 14, 2003
Gannett Co., Inc. Reports Third Quarter Results
McLEAN, VA - Gannett Co., Inc. (NYSE: GCI) reported today that 2003 third quarter earnings per diluted share, on a GAAP (generally accepted accounting principles) basis, were $1.03 versus 99 cents for the third quarter of 2002, a new record.
Diluted earnings per share for the first nine months of 2003 were $3.15 compared with $3.02 for the same interval in 2002, also a new record.
Net income rose 5 percent to $279.0 million versus $265.6 million in 2002's third quarter. Operating cash flow (defined as operating income plus depreciation and amortization) increased 3 percent to $523.0 million in 2003's third quarter from $507.1 million in the year earlier quarter. Total operating revenues advanced 4 percent to $1.63 billion in the third quarter.
Average diluted shares outstanding in the quarter totaled 272,174,000 compared with 269,306,000 in 2002's third quarter.
For the first nine months of 2003, net income increased 5 percent to $853.2 million from $813.1 million and operating cash flow rose 3 percent to $1.58 billion. Total operating revenues advanced 4 percent to $4.89 billion from $4.70 billion.
Commenting on the company's performance, Douglas H. McCorkindale, Chairman, President and CEO said: "Gannett achieved record earnings in the quarter despite substantially reduced political advertising on our television stations, and an uneven economy. Our newspaper operations posted solid year-over-year gains in advertising revenues and operating cash flow in the third quarter. Overseas, our Newsquest team made another strong contribution to operating results. A decline in interest expense and a favorable currency exchange rate also contributed to earnings growth."
NEWSPAPERS
Newspaper results in the quarter include the SMG (Scottish Media Group) publishing business and the Texas-New Mexico Newspapers Partnership. Total newspaper operating revenues, which include USA TODAY and our UK businesses, advanced to $1.46 billion in the third quarter versus $1.39 billion in the same interval in 2002, a 5 percent increase. Operating cash flow increased 6 percent to $455.4 million. Newsprint expense increased 12 percent as a result of higher year-over-year prices and increased consumption due to the previously mentioned acquisitions.
At USA TODAY, advertising revenues were 5 percent higher in 2003's third quarter than in the third quarter of 2002. Paid advertising pages totaled 1,023 compared with 1,017 last year. For the year-to-date, USA TODAY's advertising revenues advanced 2 percent while paid pages numbered 3,338 versus 3,431 last year, a 3 percent decline. USA TODAY's improved results in the quarter reflected greater demand for travel, telecommunications, retail and pharmaceutical related advertising.
TELEVISION
In the third quarter, television revenues declined 6 percent to $172.3 million from $184.0 million in the corresponding interval of 2002, reflecting significantly diminished political advertising. Television operating income and cash flow lagged the prior year's quarter and were $72.6 million and $79.3 million, respectively.
NON-OPERATING ITEMS
Interest expense for the third quarter declined 15 percent to $33.9 million from $39.7 million in the prior year's third quarter. Other non-operating expense primarily reflects non-operating charges for minority interest and Internet investments, partially offset by investment income and currency gains.
* * *
At the end of the quarter, Gannett had more than 100 domestic publishing web sites, including USATODAY.com, one of the most popular newspaper sites on the Web. The company also had Web sites in all of its 19 television markets. In August, Gannett's consolidated domestic Internet audience share was 14.2 million unique visitors reaching over 10 percent of the Internet audience according to Nielsen//Net Ratings. Newsquest is also an Internet leader in the UK where its network of Web sites attracts more than 16.5 million monthly page impressions from almost 1.7 million unique users.
All references in this release and attachments to "operating cash flow" are to a non-GAAP financial measure. Management believes that use of this measure allows investors and management to analyze and compare the company's performance in a more meaningful and consistent manner. A reconciliation of these non-GAAP amounts to the company's consolidated statements of income is attached.
As previously announced, the company will hold an earnings conference call at 9:00 a.m. EDT today. The call can be accessed via a live Webcast through the Investor Relations section of the company's Web site, www.gannett.com, or listen-only conference lines, by dialing 1-800-915-4836 (in the U.S.) and 1-973-317-5319 (outside the U.S.) at least 10 minutes prior to the scheduled start of the call. Replay of the conference call will be available about two hours after the live call. To access the replay, dial 1-800-428-6051 (in the U.S.) and 1-973-709-2089 (outside the U.S.). The access code for the replay is 306019. Materials related to the call will be available through the Investor Relations section of the company's Web site Wednesday morning.
Gannett Co., Inc. is a leading international news and information company that publishes 100 daily newspapers in the USA, including USA TODAY, the nation's largest-selling daily newspaper. The company also owns almost 500 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom's second largest regional newspaper company. Newsquest publishes more than 300 titles, including 17 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.
Certain statements in this press release may be forward looking in nature or "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The forward looking statements contained in this press release are subject to a number of risks, trends and uncertainties that could cause actual performance to differ materially from these forward looking statements. A number of those risks, trends and uncertainties are discussed in the company's SEC reports, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward looking statements in this press release should be evaluated in light of these important risk factors.
Gannett is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media.
For investor inquiries, contact:
Gracia Martore
Senior Vice President and Chief Financial Officer
703-854-6918
gmartore@gannett.com
For media inquires, contact:
Tara Connell
Vice President of Corporate Communications
703-854-6049
tjconnel@gannett.com
# # #
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Thirteen weeks ended % Inc
Sept. 28, 2003 Sept. 29, 2002 (Dec)
Net Operating Revenues:
Newspaper advertising $ 1,067,039 $ 1,006,923 6.0
Newspaper circulation 300,277 292,659 2.6
Television 172,302 184,039 (6.4)
Other 91,665 86,058 6.5
------------- ------------- ------
Total 1,631,283 1,569,679 3.9
------------- ------------- ------
Operating Expenses:
Cost of sales and operating
expenses, exclusive of
depreciation 849,088 808,882 5.0
Selling, general and
administrative expenses,
exclusive of depreciation 259,147 253,735 2.1
Depreciation 58,452 54,572 7.1
Amortization of intangible
assets 2,134 1,830 16.6
------------- ------------- ------
Total 1,168,821 1,119,019 4.5
------------- ------------- ------
Operating income 462,462 450,660 2.6
------------- ------------- ------
Non-operating income
(expense):
Interest expense (33,857) (39,709) (14.7)
Other (4,573) (6,015) (24.0)
------------- ------------- ------
Total (38,430) (45,724) (16.0)
------------- ------------- ------
Income before income taxes 424,032 404,936 4.7
Provision for income taxes 145,000 139,300 4.1
------------- ------------- ------
Net income $ 279,032 $ 265,636 5.0
============= ============= ======
Net income per share-basic $1.03 $0.99 4.0
===== ===== ======
Net income per share-diluted $1.03 $0.99 4.0
===== ===== ======
Dividends per share $0.25 $0.24 4.2
===== ===== ======
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Thirty-nine weeks ended % Inc
Sept. 28, 2003 Sept. 29, 2002 (Dec)
Net Operating Revenues:
Newspaper advertising $ 3,188,467 $ 3,022,664 5.5
Newspaper circulation 905,888 885,911 2.3
Television 523,205 542,524 (3.6)
Other 271,251 244,928 10.7
------------- ------------- ------
Total 4,888,811 4,696,027 4.1
------------- ------------- ------
Operating Expenses:
Cost of sales and operating
expenses, exclusive of
depreciation 2,542,682 2,415,253 5.3
Selling, general and
administrative expenses,
exclusive of depreciation 770,635 756,600 1.9
Depreciation 167,759 161,303 4.0
Amortization of intangible
assets 6,138 5,497 11.7
------------- ------------- ------
Total 3,487,214 3,338,653 4.4
------------- ------------- ------
Operating income 1,401,597 1,357,374 3.3
------------- ------------- ------
Non-operating income
(expense):
Interest expense (106,300) (109,564) (3.0)
Other 1,178 (8,388) ***
------------- ------------- ------
Total (105,122) (117,952) (10.9)
------------- ------------- ------
Income before income taxes 1,296,475 1,239,422 4.6
Provision for income taxes 443,300 426,300 4.0
------------- ------------- ------
Net income $ 853,175 $ 813,122 4.9
============= ============= ======
Net income per share-basic $3.17 $3.05 3.9
===== ===== ======
Net income per share-diluted $3.15 $3.02 4.3
===== ===== ======
Dividends per share $0.73 $0.70 4.3
===== ===== ======
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Thirteen weeks ended % Inc
Sept. 28, 2003 Sept. 29, 2002 (Dec)
Net Operating Revenues:
Newspaper publishing $ 1,458,981 $ 1,385,640 5.3
Television 172,302 184,039 (6.4)
------------- ------------- ------
Total $ 1,631,283 $ 1,569,679 3.9
============= ============= ======
Operating Income (net
of depreciation and
amortization):
Newspaper publishing $ 405,339 $ 384,298 5.5
Television 72,622 81,506 (10.9)
Corporate (15,499) (15,144) (2.3)
------------- ------------- ------
Total $ 462,462 $ 450,660 2.6
============= ============= ======
Depreciation and
Amortization:
Newspaper publishing $ 50,055 $ 46,252 8.2
Television 6,644 6,400 3.8
Corporate 3,887 3,750 3.7
------------- ------------- ------
Total $ 60,586 $ 56,402 7.4
============= ============= ======
Operating Cash Flow (1):
Newspaper publishing $ 455,394 $ 430,550 5.8
Television 79,266 87,906 (9.8)
Corporate (11,612) (11,394) (1.9)
------------- ------------- ------
Total $ 523,048 $ 507,062 3.2
============= ============= ======
(1) Operating Cash Flow represents operating income for each of the
company's business segments plus related depreciation and
amortization expense. See attachment for reconciliation of
amounts to the Consolidated Statements of Income.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Thirty-nine weeks ended % Inc
Sept. 28, 2003 Sept. 29, 2002 (Dec)
Net Operating Revenues:
Newspaper publishing $ 4,365,606 $ 4,153,503 5.1
Television 523,205 542,524 (3.6)
------------- ------------- ------
Total $ 4,888,811 $ 4,696,027 4.1
============= ============= ======
Operating Income (net
of depreciation and
amortization):
Newspaper publishing $ 1,216,300 $ 1,154,226 5.4
Television 232,164 248,738 (6.7)
Corporate (46,867) (45,590) (2.8)
------------- ------------- ------
Total $ 1,401,597 $ 1,357,374 3.3
============= ============= ======
Depreciation and
Amortization:
Newspaper publishing $ 142,419 $ 136,802 4.1
Television 19,857 19,148 3.7
Corporate 11,621 10,850 7.1
------------- ------------- ------
Total $ 173,897 $ 166,800 4.3
============= ============= ======
Operating Cash Flow (1):
Newspaper publishing $ 1,358,719 $ 1,291,028 5.2
Television 252,021 267,886 (5.9)
Corporate (35,246) (34,740) (1.5)
------------- ------------- ------
Total $ 1,575,494 $ 1,524,174 3.4
============= ============= ======
(1) Operating Cash Flow represents operating income for each of the
company's business segments plus related depreciation and
amortization expense. See attachment for reconciliation of
amounts to the Consolidated Statements of Income.
NON-GAAP FINANCIAL INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
"Operating Cash Flow", a non-GAAP measure, is defined as operating
income plus depreciation and amortization of intangible assets.
Management believes that the use of this measure allows investors and
management to measure, analyze and compare the cash resources
generated from its business segment operations in a meaningful and
consistent manner. The focus on operating cash flow is appropriate
given the consistent and generally predictable strength of cash flow
generation by newspaper and television operations, and the short
period of time it takes to convert new orders to cash.
A reconciliation of these non-GAAP amounts to the company's operating
income, which the company believes is the most directly comparable
financial measure calculated and presented in accordance with GAAP on
the company's consolidated statements of income, follows:
Thirteen Weeks Ended September 28, 2003
Newspaper Consolidated
Publishing Television Corporate Total
---------- ---------- --------- ------------
Operating
cash flow $ 455,394 $ 79,266 $ (11,612) $ 523,048
Less:
Depreciation (47,921) (6,644) (3,887) (58,452)
Amortization (2,134) - - (2,134)
---------- ---------- --------- ------------
Operating Income $ 405,339 $ 72,622 $ (15,499) $ 462,462
========== ========== ========= ============
Thirteen Weeks Ended September 29, 2002
Newspaper Consolidated
Publishing Television Corporate Total
---------- ---------- --------- ------------
Operating
cash flow $ 430,550 $ 87,906 $ (11,394) $ 507,062
Less:
Depreciation (44,422) (6,400) (3,750) (54,572)
Amortization (1,830) - - (1,830)
---------- ---------- --------- ------------
Operating Income $ 384,298 $ 81,506 $ (15,144) $ 450,660
========== ========== ========= ============
Thirty-nine Weeks Ended September 28, 2003
Newspaper Consolidated
Publishing Television Corporate Total
---------- ---------- --------- ------------
Operating
cash flow $1,358,719 $ 252,021 $ (35,246) $ 1,575,494
Less:
Depreciation (136,281) (19,857) (11,621) (167,759)
Amortization (6,138) - - (6,138)
---------- ---------- --------- ------------
Operating Income $1,216,300 $ 232,164 $ (46,867) $ 1,401,597
========== ========== ========= ============
Thirty-nine Weeks Ended September 29, 2002
Newspaper Consolidated
Publishing Television Corporate Total
---------- ---------- --------- ------------
Operating
cash flow $1,291,028 $ 267,886 $ (34,740) $ 1,524,174
Less:
Depreciation (131,305) (19,148) (10,850) (161,303)
Amortization (5,497) - - (5,497)
---------- ---------- --------- ------------
Operating Income $1,154,226 $ 248,738 $ (45,590) $ 1,357,374
========== ========== ========= ============
News Release
Tuesday, October 14, 2003
Gannett Co., Inc. Releases September Statistical Report
McLEAN, VA - Gannett Co., Inc. (NYSE: GCI) reported today that total pro forma operating revenues for the ninth period ended September 28, 2003 increased 2 percent.
Pro forma (assuming that all properties presently owned were owned in both periods) newspaper advertising revenues in September rose 5 percent compared with the same period in 2002 on a 1 percent increase in ROP volume and a 10 percent advance in preprint distribution. If the exchange rate had remained constant year-over-year, total pro forma newspaper advertising revenues would have risen 4 percent.
Pro forma classified revenues increased 6 percent in the September period on a 4 percent increase in ad volume. Employment revenues declined 1 percent from the same period last year. Classified real estate revenues increased 9 percent, and automotive rose 2 percent. Overall, the company's classified results from Newsquest were stronger than its domestic results. On a constant currency basis, pro forma classified revenues would have increased 5 percent.
Pro forma local advertising revenues rose 1 percent in the ninth period on a 4 percent decline in ad volume. The performance of the company's small and medium-sized advertisers in its domestic newspapers outpaced the revenue performance of its largest advertisers. In the U.S., local ad revenue gains were achieved in the entertainment and financial categories while there was softness in department stores and consumer electronics.
Pro forma national advertising revenues increased 9 percent on a 7 percent increase in ad volume. National volume at the company's local domestic newspapers rose 6 percent in the period compared with the same interval in 2002. USA WEEKEND, our weekly newspaper magazine, and our Newsquest properties experienced lower national ad revenues during the period. While our revenue statistics include their results, USA WEEKEND and Newsquest's ad volume is not included in the linage numbers. At USA TODAY, advertising revenues were 15 percent higher on a 12 percent increase in paid ad pages to 386 from 346. For the month, at USA TODAY, travel, entertainment, telecommunications and pharmaceutical advertising were strong. For the year-to-date, USA TODAY's paid pages numbered 3,338 versus 3,431 last year while ad revenues were 2 percent higher than last year.
Television revenues declined 8 percent in the period reflecting substantially diminished political advertising. Local revenues rose 1 percent while national revenues fell 20 percent. For comparison purposes, television revenues increased 41 percent in September of 2002.
In addition to the revenue and statistical summary, attached is a chart which shows the consolidated Gannett Online audience share for August from Nielsen//Net Ratings. In August, Gannett's domestic Websites had over 14 million unique visitors reaching 10.4 percent of the Internet audience.
The pro forma advertising and circulation revenue statistics include the results of the SMG (Newsquest's Scottish Media Group) publishing business and Texas-New Mexico Newspapers Partnership as if they had been owned in both years. Ad linage for Newsquest is not included in the ad volume statistics. Circulation volume numbers for Newsquest's paid daily newspapers are included in the enclosed statistics, but volume from unpaid daily and non-daily publications is not included in the circulation volume statistics.
Gannett Co., Inc. is a leading international news and information company that publishes 100 daily newspapers in the USA, including USA TODAY, the nation's largest-selling daily newspaper. The company also owns almost 500 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom's second largest regional newspaper company. Newsquest publishes more than 300 titles, including 17 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.
Certain statements in this press release may be forward looking in nature or "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The forward looking statements contained in this press release are subject to a number of risks, trends and uncertainties that could cause actual performance to differ materially from these forward looking statements. A number of those risks, trends and uncertainties are discussed in the company's SEC reports, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward looking statements in this press release should be evaluated in light of these important risk factors.
Gannett is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media.
Contact: Gracia Martore
Senior Vice President and Chief Financial Officer
703-854-6918
gmartore@gannett.com
GANNETT CO., INC. REVENUE & STATISTICAL SUMMARY
Period 9 (September 1, 2003 - September 28, 2003)
%
2003 2002 CHANGE CHANGE
REVENUES:
Advertising:
Local $ 148,455,000 $ 146,305,000 $ 2,150,000 1
National 62,973,000 57,847,000 5,126,000 9
Classified 168,754,000 159,621,000 9,133,000 6
------------- ------------- ------------ ----
Total Advertising $ 380,182,000 $ 363,773,000 $ 16,409,000 5
Circulation 98,878,000 99,339,000 (461,000) (0)
Other revenue 34,119,000 33,661,000 458,000 1
Television 58,998,000 63,891,000 (4,893,000) (8)
------------- ------------- ------------ ----
Total Revenue $ 572,177,000 $ 560,664,000 $ 11,513,000 2
============= ============= ============ ====
VOLUME:
Newspaper Inches:
Local 2,893,706 3,017,515 (123,809) (4)
National 329,302 309,069 20,233 7
Classified 4,854,359 4,682,992 171,367 4
------------- ------------- ------------ ----
Total ROP 8,077,367 8,009,576 67,791 1
============= ============= ============ ====
Preprint Distribution
(in thousands) 871,380 795,395 75,985 10
============= ============= ============ ====
NET PAID CIRCULATION:
Morning (w/USAT) 7,141,813 7,332,918 (191,105) (3)
Evening 1,254,680 1,299,606 (44,926) (3)
------------- ------------- ------------ ----
Total Daily 8,396,493 8,632,524 (236,031) (3)
============= ============= ============ ====
Sunday 7,015,842 7,111,341 (95,499) (1)
============= ============= ============ ====
Year-to-Date through September 28, 2003
%
2003 2002 CHANGE CHANGE
REVENUES:
Advertising:
Local $ 1,311,655,000 $ 1,276,325,000 $ 35,330,000 3
National 515,239,000 494,035,000 21,204,000 4
Classified 1,386,400,000 1,328,271,000 58,129,000 4
-------------- -------------- ------------- ----
Total Advertising $ 3,213,294,000 $ 3,098,631,000 $ 114,663,000 4
Circulation 914,190,000 910,396,000 3,794,000 0
Other revenue 275,212,000 259,701,000 15,511,000 6
Television 523,205,000 542,524,000 (19,319,000) (4)
-------------- -------------- ------------- ----
Total Revenue $ 4,925,901,000 $ 4,811,252,000 $ 114,649,000 2
============== ============== ============= ====
VOLUME:
Newspaper Inches:
Local 27,210,598 27,711,262 (500,664) (2)
National 2,948,430 2,733,243 215,187 8
Classified 44,153,708 42,703,934 1,449,774 3
-------------- -------------- ------------- ----
Total ROP 74,312,736 73,148,439 1,164,297 2
============== ============== ============= ====
Preprint Distribution
(in thousands) 7,952,254 7,259,171 693,083 10
============== ============== ============= ====
NET PAID CIRCULATION:
Morning (w/USAT) 7,054,212 7,115,165 (60,953) (1)
Evening 1,258,805 1,291,587 (32,782) (3)
-------------- -------------- ------------- ----
Total Daily 8,313,017 8,406,752 (93,735) (1)
============== ============== ============= ====
Sunday 7,033,514 7,090,011 (56,497) (1)
============== ============== ============= ====
Note: The operating results from the company's newspapers participating in
joint operating agencies, and which are accounted for under the equity
method of accounting, are reported as a single amount in other operating
revenues. Advertising linage statistics from these newspapers are not
included above, however, circulation volume statistics for these
newspapers are included above.
The above revenue amounts and statistics have been restated to include
all companies presently owned including SMG Publishing (acquired in
April 2003). SMG Publishing consists of three Scottish newspapers:
The Herald, Sunday Herald and Evening Times; eleven specialty consumer
and business-to-business magazine titles; and an online advertising and
content business.
Newsquest (which includes SMG Publishing) is a regional newspaper
publisher in the United Kingdom with more than 300 titles, including
paid and unpaid daily and non-daily products. Circulation volume
statistics for Newsquest's seventeen paid daily newspapers are included
above. Circulation volume statistics for Newsquest's unpaid daily and
non-daily publications are not reflected above. Advertising linage for
Newsquest publications is not reflected above.
GANNETT CO., INC. REVENUE & STATISTICAL SUMMARY
3rd Quarter 2003 (June 30 - September 28, 2003)
%
2003 2002 CHANGE CHANGE
REVENUES:
Advertising:
Local $ 427,406,000 $ 423,157,000 $ 4,249,000 1
National 165,822,000 154,257,000 11,565,000 7
Classified 473,812,000 455,612,000 18,200,000 4
-------------- -------------- ------------- ----
Total Advertising $ 1,067,040,000 $ 1,033,026,000 $ 34,014,000 3
Circulation 300,230,000 301,235,000 (1,005,000) (0)
Other revenue 91,672,000 90,124,000 1,548,000 2
Television 172,302,000 184,039,000 (11,737,000) (6)
-------------- -------------- ------------- ----
Total Revenue $ 1,631,244,000 $ 1,608,424,000 $ 22,820,000 1
============== ============== ============= ====
VOLUME:
Newspaper Inches:
Local 8,909,649 9,123,514 (213,865) (2)
National 942,602 879,318 63,284 7
Classified 15,198,410 14,713,562 484,848 3
-------------- -------------- ------------- ----
Total ROP 25,050,661 24,716,394 334,267 1
============== ============== ============= ====
Preprint Distribution
(in thousands) 2,578,701 2,417,601 161,100 7
============== ============== ============= ====
Note: The operating results from the company's newspapers participating in
joint operating agencies, and which are accounted for under the equity
method of accounting, are reported as a single amount in other operating
revenues. Advertising linage statistics from these newspapers are not
included above, however, circulation volume statistics for these
newspapers are included above.
The above revenue amounts and statistics have been restated to include
all companies presently owned including SMG Publishing (acquired in
April 2003). SMG Publishing consists of three Scottish newspapers:
The Herald, Sunday Herald and Evening Times; eleven specialty consumer
and business-to-business magazine titles; and an online advertising and
content business.
Newsquest (which includes SMG Publishing) is a regional newspaper
publisher in the United Kingdom with more than 300 titles, including
paid and unpaid daily and non-daily products. Circulation volume
statistics for Newsquest's seventeen paid daily newspapers are included
above. Circulation volume statistics for Newsquest's unpaid daily and
non-daily publications are not reflected above. Advertising linage for
Newsquest publications is not reflected above.
Gannett Online Internet Audience
August 2003
Nielsen//NetRatings
Home/Work Panel Combined
Unique Visitors Percentage Reach of
Per Month Internet Audience
Gannett Online 14,230,000 10.4%