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Gannett Indicator: Ad Revenue Falls 9%

Press release from the issuing company

ARLINGTON, Va.--Oct. 15, 2001--Gannett Co., Inc. reported today that total pro forma operating revenues declined 10 percent for the ninth period ended September 30, 2001 compared to the same period in 2000. Results for the period continued to reflect a difficult and uncertain domestic advertising environment, particularly in the aftermath of the tragic events of September 11. Pro forma newspaper advertising revenues fell 9 percent in the period on a pro forma ROP volume decrease of 7 percent and a 9 percent decline in preprint distribution. Pro forma classified revenues declined 8 percent in the September period on a 4 percent decrease in ad volume. Employment revenues fell 22 percent, real estate advanced 13 percent and automotive declined 1 percent. The company's classified results from Newsquest, particularly in help wanted, were significantly stronger than the domestic results. Pro forma local advertising revenues declined 6 percent on an 8 percent decrease in ad volume. Once again, the performance of the company's small and medium-sized advertisers in its domestic newspapers significantly outpaced the revenue performance of its largest advertisers. Pro forma national advertising revenues declined 18 percent on a 25 percent decline in ad volume. National volume at the company's local domestic newspapers fell 25 percent. At USA TODAY, advertising revenues declined 25 percent while paid pages declined 27 percent to 395 from 545. Travel advertising at USA TODAY was particularly hard hit post September 11. For the year-to-date, USA TODAY's paid pages numbered 3,969 compared to 5,019 last year, while ad revenues were 19 percent lower. Pro forma circulation revenues increased 4 percent in the period reflecting strong demand for news and information in the wake of the attacks. Pro forma television revenues declined 34 percent in the ninth period. Local revenues declined 23 percent, and national revenues fell 48 percent. Television revenue comparisons were especially difficult during the period with the absence of strong political and Olympics-related advertising that benefited September 2000 results. For comparison purposes, television revenues rose 18 percent in the same period of 2000. Television revenues in September also were unfavorably affected as the company's stations ran commercial free for several days following the terrorists attacks. In addition to the revenue and statistical summary, attached is a chart that shows the consolidated Gannett Online audience shares for September from Media Metrix and Nielsen/Net Ratings. In September, Gannett's domestic Web sites, according to Nielsen/Net Ratings, had 12 million unique visitors reaching 11 percent of the Internet audience. Ad linage for Newsquest and Newscom is not included in the ad volume statistics. Circulation volume numbers for Newsquest's and Newscom's paid daily newspapers are included in the enclosed statistics, but volume from unpaid daily and non-daily publications is not included in the circulation volume statistics.

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