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GateHouse Media posts loss for second quarter

Rochester Business Journal
August 2, 2013

GateHouse Media Inc. stock remained at 7 cents a share as of midday Friday after the Perinton-based print and online media company reported an operating loss of $13.2 million in the second quarter.

The loss, at 23 cents a basic and diluted share, compares with a loss of $2.3 million, or 5 cents a share, in the second quarter 2012.

The company reported a net loss of $14.1 million, or 24 cents a share, including a $946,000 charge for discontinued operations, compared with a net loss of $2.5 million and 5 cents a year ago.

“We saw slightly improved revenue trends in almost every revenue category during the second quarter as compared to the first quarter,” CEO Michael Reed said in a statement released Thursday after the markets closed.

Quarterly revenues totaled $119.6 million, down from $126 million in the second quarter 2012 but an increase from $111.1 million in the first quarter.

“We are also seeing some further improvement in July. However, we remain very cautious on our near-term outlook as print advertising revenue, despite the improved trend, continues to decline in the high single-digit range, and still represents the largest revenue category within our business,”  Reed said.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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