Projo parent reports Q3 improvement with $2.6M loss

GANNETT CO., the parent company of The Providence Journal and other local publications, reported a loss of $2.6 million in the third quarter of 2022, an improvement from the $54.1 million loss in the same period one year prior. / PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Gannett Co., the parent company of The Providence Journal and other local publications, reported a loss of $2.6 million in the third quarter of 2022, a decline from the $54.1 million loss in the same period one year prior.

The company said it had a loss of 2 cents per diluted share, a decrease from the loss of 39 cents per diluted share one year prior.

Revenue for the quarter totaled $653 million, down from $718 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 $339.8 million, a decline from $361.8 million one year prior.

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Circulation revenue totaled $227.1 million, a decline from $264.7 million one year prior.

“We continue to focus on and expand our partnerships to generate new digital and affiliate revenue. Our recent agreements with Jackpocket and Red Ventures bring the total number of executed partnerships to four, which we believe will allow us to expand our audience and create additional monetization opportunities,” said Michael Reed, Gannett CEO and chairman.

Gannett expects full-year revenue in the range of $2.65 billion to $2.67 billion.

“We expect 2023 will be a good year by most measures that are critical to our strategy. Importantly, we expect to end the year with overall revenue trend improvement, growth in both total digital revenue and Adjusted EBITDA, significant free-cash-flow generation, meaningful debt reduction, and first lien net leverage below 2.0x,” Reed said. “With our continued execution we expect to improve on all these areas in 2024 and beyond and remain optimistic about creating sustainable growth and significant value for our shareholders.”

The company owns and operates several other papers in Rhode Island and Massachusetts, including 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, as well as operations in the United Kingdom.

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