Gannett reports Q1 earnings

Gannett posted a net loss of $80.2 million in the first quarter, including $78 million due to depreciation and amortization and $34 million in cash charges tied to the company’s recent merger, USA Today reported. The company had first-quarter revenues of $948.7 million.

Same store revenues decreased 10%, approximately in line with Q4 2019 performance, including the negative impact of approximately $17 million related to the COVID-19 pandemic, a May 7 company earnings release said. Paid digital-only subscriber volumes now total some 863,000, up 29% year-over-year, the release said.  

“The impact on our business from the pandemic came fast and is significant,” said Michael Reed, Gannett chairman and CEO, in the release. “However, we continue to execute on our operating and integration plans from the acquisition of legacy Gannett last year. The realization of synergies remains on track and debt pay down remains ahead of schedule. We have also moved aggressively to manage through the current economic crisis by taking measures to preserve and increase liquidity and financial performance, including further cost reductions, limits on capital expenditures, and the suspension of our quarterly dividend.”

Cutting paper print days is “not part of our plan today,” Reed told USA Today.

Poynter and others reported layoffs at Gannett round the country in late April. 

Gannett owns more than 260 daily publications

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