MCLEAN, Va. (AP) — Gannett Co. said Tuesday that its fourth-quarter net income dropped 12 percent, partially a result of the absence of the record-high political advertising that boosted its results a year earlier.
The media company, which publishes USA Today and owns dozens of newspapers and television stations, earned $90.7 million, or 39 cents per share, for the quarter that ended Dec. 29. That was down from $103.1 million, or 44 cents per share, in the same quarter of 2012.
Excluding one-time items, which included restructuring and other costs, the company said it posted adjusted earnings of $152.5 million, or 66 cents per share, for the recent quarter.
The company noted that an extra week in the fourth quarter of 2012 also lifted the company's results for that period by 3 cents per share.
Revenue fell 10 percent to $1.37 billion from $1.52 billion, hurt by the steep drop in political advertising. Excluding the effects of political advertising, Gannett said revenue was roughly flat compared with a year earlier.
Despite the drops, earnings were slightly ahead of Wall Street's predictions, while revenue matched expectations. Analysts polled by FactSet expected earnings of 65 cents per share on $1.37 billion in revenue.
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