PROVIDENCE – New Media Investment Group Inc. reported an $11.7 million profit in the second quarter of 2018 Thursday, following a $21.7 million loss the year prior.
Income per diluted share for the quarter was 20 cents, compared with a 41 cent loss in the second quarter 2017.
The parent company of The Providence Journal, The Newport Daily News, The Independent, The Herald News, The Standard-Times and The Taunton Daily Gazette, among other local publications, reported it had acquired four more papers in the quarter in Texas, Florida, Ohio and Colorado for a combined $117.8 million.
Revenue for the quarter totaled $388.8 million, a $65.9 million increase from the second quarter of 2017. Advertising revenue was $187.6 million, a 12 percent increase year over year from $167.4 million one year prior. Circulation revenue totaled $144.5 million, a jump from $110.6 million the year before. Commercial printing accounted for $56.7 million in the second quarter, an $11.7 million increase year over year.
“The second quarter performed well across many areas of our business plan,” said Michael E. Reed, New Media President and CEO. “We had a good revenue quarter, a very strong acquisition quarter and our new business initiatives, UpCurve, GateHouse Live and Promotions, performed extremely well.”
The company also declared a cash dividend of 37 cents per share for the quarter.
On its website, the company said it operates in 565 markets in 38 states.
Chris Bergenheim is the PBN web editor.
