Gannett Turns To Profit In Q2; Same Store Revenues Up 6.8%

Gannett Co., Inc. (GCI) said digital only subscriber growth continued to set new records in its second quarter, ending the quarter at approximately 1.4 million, up 41% from a year ago. With digital revenues making up approximately one-third of total revenue, the company expects it is well positioned for the second half of the year and beyond.

Second quarter net income attributable to Gannett was $15.11 million compared to a loss of $436.89 million, last year. Income per share was $0.10 compared to a loss of $3.32. Adjusted net income attributable to Gannett was $30.06 million, for the quarter.

Analysts polled by Thomson Reuters expected the company to report a loss per share of $0.36, for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $804.3 million, up 4.9% from last year. Same store revenues increased 6.8%. Total digital revenues were $259.3 million or 32.2% of total revenues, for the quarter. Analysts expected revenue of $791 million, for the quarter.

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