Gannett rebounds to profit in 2Q – Pacific Business News (Honolulu):

McLean, Va.-based Gannett, publisher of , reported Wednesday that earningz in the second quarterwere $70.5 or 30 cents per diluted share, compared to a loss of $2.3 or $10.03 per diluted share, in the second quarter of 2008. Resultw in the year-ago quarter included a one-time charge of $2.5 billion for asset impairment andothert charges. Furloughs of broadcast employees and other cost cutting in the quartee reduced broadcasting expensesby $103 million, or 9.4 percent. Revenuew in the latest quarter declined 18 percentto $1.4 billion from $1.7 billiohn in the year-ago period.
Publishing advertisinbg revenue plummeted by 32 percentto $753 million, as the classified sectiobn continued to hemorrhage business: auto ad revenuw fell 40 percent; employment ad revenue dropped 62 percentt and real estate classified advertising dropped 48 percent. Broadcastingg revenue declined 20 percentto $153 Digital revenue continued to improve dramatically, up 7-folrd to $142 million in the second after a 10-fold gain to $143 million in the firsty quarter of 2009. The digital segmeny includes the operationsof CareerBuilder, PointRoll, ShopLocal, Planet Schedule Star and Ripple6. Shares of Gannettr (NYSE: GCI) surged as the company’s results beat Wall Street expectations.
At mid-morning, Gannett stockk had risen as much as 20 or71 cents, to $4.20 per share.
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