Gannett Co. reported a first-quarter profit of $266 million ($1.05 a share) on $1.79 billion in revenue, down from $274 million ($1.01) on $1.73 billion in revenue for the comparable period a year ago.
The McLean company partially blamed the dip on a 2.9 percent decrease in advertising revenue at its 21 television stations, which is typical after elections. Also, the company experienced a drop-off in Super Bowl ad revenue: Last year's Super Bowl was broadcast on CBS; this year's was on Fox. Gannett has six CBS affiliates but no Fox stations.
_____Earnings Watch_____
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The company's newspapers, including USA Today, reported a 5.3 percent increase in ad revenue, to $1.22 billion. Ad revenue at USA Today, the nation's largest-circulation paper, rose 4.8 percent.
• Media General Inc., a Richmond newspaper publisher and television station operator, reported a first-quarter loss after it changed the way it values its broadcast licenses, resulting in a $325.5 million accounting charge. The company lost $316.2 million ($13.25 a share) on revenue of $217.9 million, compared with a profit of $9.1 million (38 cents) on $208.2 million in revenue in the comparable period a year ago. The accounting change, tied to television-station acquisitions in 1997 and 2000, was required by the Securities and Exchange Commission. The broadcast division was also hit by the lack of political campaign spending during the off year.
Excluding that charge, Media General said it had a profit of $9.3 million (39 cents).
The company said operating results were driven mostly by the publishing group's 12.5 percent profit gain. The company's Tampa Tribune accounted for more than half of the growth in publishing revenue. Media General also owns the Richmond Times-Dispatch and more than 120 other publications and 26 network-affiliated television stations.
• Manugistics Group Inc., a Rockville supply chain software and services company, narrowed its fourth-quarter loss to $17.2 million (21 cents a share) on 42.5 million in revenue, from $57.5 million (74 cents) on $57.8 million in revenue in the comparable period a year ago. Revenue fell to $45.2 million from $57.8 million. For the fiscal year ended Feb. 28, the company lost $55.3 million (67 cents) on $193.1 million in revenue, compared with a loss of $103.8 million ($1.43) on $243 million in revenue during fiscal 2004.
Compiled from staff and wire reports.
