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Gannett Co. Inc. on Tuesday reported a 54 percent increase in net income for the first quarter.
The company, which owns more than 80 newspapers, including the Democrat and Chronicle and USA Today, reported net income attributable to Gannett of $104.6 million, or 44 cents a diluted share, for the quarter, compared with $68.2 million, or 28 cents a diluted share, in the first quarter 2012.
The company logged revenues of $1.24 billion for the first quarter, up from $1.22 billion a year ago.
Publishing segment advertising revenues fell nearly 5 percent to $526.5 million. However, circulation increased nearly 9 percent to $286 million, the company said. Gannett saw a 9 percent increase in broadcasting advertising due primarily to political ads, while digital revenues rose 4 percent to $175 million.
“We are very pleased to report a significant increase in earnings per share this quarter,” said Gracia Martore, president and CEO, in a statement. “Our all access content subscription model's success benefited our local domestic publishing revenue for the fourth consecutive quarter.
“Our improved profitability and revenue growth are also clear signs that our strategy is working.”
Gannett shares (NYSE: GCI) were down nearly 4 percent Tuesday afternoon to $20.22 a share.
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