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Gannett Releases Mixed Report, Net Income Increases

Through cost cuts and an increase in advertising in its TV division, Gannett managed a 30% increase in net income in the last quarter of 2010. The company’s publishing division, however, saw losses, as circulation and advertising revenue dropped.

The company that owns the Courier-Journal and many other newspapers delivered a mixed earnings report Monday that was slightly below analyst’s expectations.

Through cost cuts and an increase in advertising in its TV division, Gannett managed a 30% increase in net income in the last quarter of 2010. The company’s publishing division, however, saw losses, as circulation and advertising revenue dropped.

A Gannett spokesperson says it’s too early to tell what the report may mean for individual newspapers. Reporters at those papers have faced another round of furloughs recently to cut costs.