Projo parent posts $54.1M loss in Q3

GANNETT CO., the parent company of The Providence Journal and other local publications, reported a loss of $54.1 million in the third quarter of 2022. / PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Gannett Co., the parent company of The Providence Journal and other local publications, reported a loss of $54.1 million in the third quarter of 2022, a decline from the $14.5 million profit in the same period one year prior.

The company said it had a loss of 39 cents per diluted share, a decrease from the profit of 9 cents per diluted share one year prior.

Revenue for the quarter totaled $717.9 million, a decline from $800.2 million one year prior. Same-store revenue decreased 9% year over year to $714.1 million, including a 13.6% decline in same-store circulation revenue to $263.5 million and a 9.7% drop in same-store advertising revenue to $359.5 million.

Advertising and marketing revenue totaled $361.8 million, a decline from $412 million one year prior.

- Advertisement -

Circulation revenue totaled $264.7 million, a decline from $306.7 million one year prior.

“The company continues to respond decisively to the ongoing macroeconomic volatility and inflationary pressures,” Michael Reed, Gannett chairman and CEO, said in a statement. “We continue to execute on $200 million to $240 million in annualized cost savings through the implementation of temporary and permanent actions that are expected to give us near-term flexibility and allow us to continue forward towards the company’s digital transformation.”

Gannett announced companywide cost-cutting measures on Oct. 13, which included five mandatory unpaid furlough days between Dec. 19-30, suspension of the company’s 401(k) match, voluntary severance package offers and an optional four-day workweek.

The company owns and operates several papers in Rhode Island and Massachusetts, including The Providence Journal, The Taunton Gazette, The Newport Daily News, The Cape Cod Times, The Herald News in Fall River, The Worcester Telegram, and The Standard-Times in New Bedford. Gannett also owns publications in nearly every state in the nation, as well as operations in the United Kingdom.

No posts to display