Gannett Co., Inc. (GCI) reported that its first-quarter net income attributable to the company totaled $104.56 million or $0.44 per share, up from $68.22 million or $0.28 per share in the prior year quarter.
Special items in the first quarter of 2013 included $13.9 million resulting from continued workforce and real estate optimization and a tax benefit of $27.8 million. Results for the first quarter of 2012 included $21.1 million of special items impacting operating income.
Net income attributable to Gannett on a non-GAAP basis for the quarter was $86.0 million, an increase of 6.5 percent. Excluding special items in 2013 and 2012, first quarter earnings per share were $0.37 compared to $0.34 in 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
The company reported an 8.8 percent increase in non-GAAP earnings per share for the first quarter compared to the first quarter a year ago. The increase was driven in part by the continued positive impact of its all access content subscription model in the Publishing segment as well as strong results in the Broadcasting and Digital segments.
Total revenues for the company were 1.6 percent higher in the first quarter compared to the first quarter in 2012 and totaled $1.24 billion reflecting revenue increases of 8.7 percent and 3.9 percent in the Broadcasting and Digital segments, respectively. Seven analysts had consensus revenue estimate of $1.24 billion for the quarter.
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