Gannett Updates 3Q Outlook, Recent Events Will Cut Earnings 15% or More
Press release from the issuing company
ARLINGTON, Va.- Sept. 21, 2001--In response to a growing number of inquiries, Gannett today expanded on its statement of Friday, Sept. 14 that September advertising demand was being unfavorably affected by the uncertainty resulting from terrorist attacks in New York and Virginia.
Based on the advertising results of last week and current trends, Gannett is anticipating that earnings in the third quarter could be as much as 15 percent to 20 percent below last year's third quarter results.
Gannett expects to release its third quarter earnings on Monday, Oct. 15, before the market opens.
"While financial results in the short term have been harmed by the disruptions in the aftermath of these events, the importance of newspapers, television stations and Web sites has once again been demonstrated. Clearly, our nation and local communities benefited from the timely, accurate and crucial information we provided,'' said Douglas H. McCorkindale, chairman, president and CEO of Gannett.
Gannett and the Gannett Foundation have said they will support the American Red Cross Disaster Relief Fund with cash and advertising worth an estimate $4 million in its U.S. newspapers, including USA TODAY, on its Web sites and on its television stations.
Gannett Co., Inc. is an international news and information company that publishes 97 daily newspapers in the USA, including USA TODAY, the nation's largest-selling daily newspaper. The company also owns in excess of 300 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine.
In the United Kingdom, Gannett subsidiary Newsquest plc publishes nearly 300 titles, including 15 daily newspapers. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by most of its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the web.
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