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 publicationsNews and Tech
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