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GANNETT NEWS

Martore sends note about finance releases


Gannettoid.com | news@gannettoid.com | Posted: Sept. 29, 2009 • Morning report


Gracia Martore, Gannett's chief financial officer and top executive while CEO Craig Dubow continues to be out on a medical leave, sent a note Tuesday discussing two press releases from the company today.

The company released its anticipated third-quarter earnings and announced it intends to offer $200 million of senior notes due 2014 and $200 million of senior notes due 2017 in a private offering.

Here's the e-mail:

From: Message from Gracia Martore
Sent: Tuesday, September 29

Dear Colleagues,

This morning, we pre-released our expected earnings results for the third quarter and launched a bond offering.

Our anticipated third quarter earnings have been well received by the market and are the result of your hard work and commitment. The initiatives we have taken throughout the business to achieve greater efficiencies have not been easy, but they have been critical in enabling us to get our costs in line with revenue, generate substantial cash flow and continue making strategic investments while paying down our debt. We all should feel very good and proud of what we have accomplished to date in these challenging times and for Gannett to now be in the position to access the capital markets for the first time in several years.

The bond offering we launched today will enable us to repay some of our shorter term bank debt with debt that won’t come due until 2014 and 2017. It won’t increase our overall debt level but better balances the timing of the repayment of the debt we have.

Attached is the press release containing a little more information about our expected third quarter results. We will announce our final results on October 19 and the final terms and outcome of the bond offering soon.

Thank you for all of your good work. It is very much appreciated by everyone on the senior management team.

Regards,

Gracia

Gracia Martore
Executive Vice President and Chief Financial Officer


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