Providence Journal parent narrows Q2 loss to $12.7 million

GANNETT CO., parent company of The Providence Journal and several other local newspapers, on Thursday reported a $12.7 million loss in the second quarter after reporting a $53.7 million loss a year prior. ASSOCIATED PRESS FILE PHOTO / JACQUELYN MARTIN

PROVIDENCE – Gannett Co., parent company of The Providence Journal and several other local newspapers, on Thursday said second quarter losses narrowed to $12.7 million, from a $53.7 million loss reported a year prior.

The company said it had a loss of 9 cents per share compared to loss of 39 cents per share in the same quarter last year.

Revenue for the company totaled $672.4 million, a decrease from $748.6 million one year prior. Quarterly revenue included $353.3 million in advertising and marketing services, a drop from $383.6 million the previous year, and $233.6 million in circulation revenue, a decline from $274.6 million one year prior.

Same-store revenue decreased 5.3% year over year.

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“We are pleased to report strong operational and financial results for the quarter,” said Michael Reed, Gannett chairman and CEO. “We continue to build on the strong foundation we laid over the past year and our focus persists on profitability, digital revenue growth and continuing to enhance our balance sheet. We believe that focus is evident in our results, enabling us to raise our full year guidance again this quarter. We expect sustained improvement in same-store revenue trends throughout the second half of the year, alongside more substantial growth in our digital revenue trends.”

The company owns and operates several papers in Rhode Island and Massachusetts. Along with The Providence Journal, they include 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.

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