PROVIDENCE – Gannett Co., the parent company of The Providence Journal and other local publications, reported a $15.5 million profit in the third quarter, a turnaround from a loss of $31.4 million one year prior, the company said Friday.
Earnings per diluted share were 9 cents, compared with a loss of 24 cents one year prior.
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The profitable quarter came despite a drop in revenue from the same period a year earlier. Revenue totaled $800.2 million in July, August and September, a decline from $814.5 million one year prior. Same-store revenues rose 0.9% year over year, including an 8.2% decline in same-store circulation revenues and a rise of 5% in same-store advertising revenue.
Total advertising and marketing revenue totaled $412 million, an increase from $405.2 million one year prior. But circulation revenue totaled $306.7 million, a decline from $336.2 million one year prior.
The company said that digital-only circulation revenues totaled $25.7 million in the quarter, a 26.6% increase year over year.
At the same time, the company’s operating expenses for the quarter were $769.1 million, down from $813.1 million in the same period a year ago.
“Nine months ago, we outlined a long-term vision for growth at Gannett. While we are still in early stages, the strong growth in digital-only circulation and digital marketing solutions confirms we are on the right path as evidenced by adjusted EBITDA and same-store revenue growth in the third quarter of 2021,” said Michael Reed, Gannett chairman and CEO. “With digital revenue accounting for over one-third of total revenue and growing, we are excited about the company’s evolution to a digitally focused content platform and the early momentum of our subscription-led strategy.”
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.
Gannett’s quarterly earnings filing did not break out the performance of individual publications.
