Following Gannett's earnings report

[Gannettoid]

Gannett announced a decrease in revenue, but a raise in profit during a Wednesday conference call to share its second-quarter earnings report.

The publisher of USA Today and 83 other daily newspapers has been working to cut costs amid falling ad revenues recently, including the implementation of layoffs, furloughs and wage cuts

FULL REPORT: http://www.Gannettoid.com/09q2.html

Please remember, layoffs are not over, please continue to check and update the numbers!

[Jim Hopkins]

Thank goodness for CareerBuilder: In the just-issued earnings report, it appears to have been the main driver in digital revenue gains. But in my quick reading of the statement, I didn't see a breakout of CareerBuilder's sales. Did I miss it?

So far, Wall Street's happy: Shares have recently been way up.

[Gannettoid]

Thank goodness for CareerBuilder ...

The Forbes preview (http://www.forbes.com/2009/07/14/gannett-newspapers-advertising-internet-markets-equities-earnings.html) called CareerBuilder Gannett's "golden digital property," but added "a job search engine that loses some of its utility when companies are firing rather than hiring in most industries. As unemployment is expected to continue to climb well into next year and perhaps into 2011, Gannett can't count on its Internet division to help it pull through."

Then again, more people will be looking for jobs.

[Wait: Listen to the analysts discussions]

When you have the time, I urge everyone to listen to the discussion Gracia had with stock analysts, particularly the questions towards the end (which an upset Gracia dodged irritably) about GCI violating its bank debt covenants later this year. Essentially, all of this cutting is threatening to undermine GCI's ability to live with its debt agreements.

[Gannett Retiree and happy]

I listened to the webcast this morning and I think Gracia dealt with the debt covenant question in a pretty straightforward and confident way. The more interesting analyst question was whether Gannett is considering any additional debt or equity to raise cash. Gracia did dance around that one.

[anonymooses]

Zack's analyst says negative prospects for the remainder of this year. There is only so much a company can cut before it bite's em in the rear.

[furlough fury]

Hmmmm, I smell a fat bonus for the undeserving execs who got GCI in this mess in the first place. Let's have a contest on how they'll justify it in the press release.
"Many have called for a performance based compensation system for top executives and I'm sure our second quarter results demonstrate that the company has performed well. I'll take my bonus in gold bars, if you don't mind. Pay no attention to that stack of pink slips, subscription cancellations or piles of loan re-fi papers behind the curtain."
Thank you, Ka-Ching Craig