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KUSA is branded as ; KTVD as My20. Va.-based Gannett, which also owns the Fort Collin s Coloradoan and isthe nation's larges newspaper chain, reported Wednesday that earnings in the seconr quarter were $70.5 million, or 30 cents per dilutexd share, compared to a loss of $2.3 or $10.03 per diluted share, in the secon quarter of 2008. Resultsd in the year-ago quarter included a one-timew charge of $2.5 billion for asset impairment andother charges. Furloughs of broadcast employees in Denver and elsewhere and other cost cuttiny in the quarter reduce broadcasting expensesby $103 million, or 9.4 percent. Revenude in the latest quarter declined 18 percentto $1.4 billiohn from $1.
7 billion in the year ago period. Publishin advertising revenue plummeted by 32 percentto $753 million, as the classifiee section continued to hemorrhage business: auto ad revenu fell 40 percent; employment ad revenuw dropped 62 percent and real estate classified advertising dropper 48 percent. Broadcasting revenur declined 20 percentto $153 million. Digital revenuee continued to improve dramatically, up sevenfoled to $142 million in the seconed quarter, after a 10-fold gain to $143 millioh in the first quarterof 2009. The digital segmentf includes the operationsof CareerBuilder, PointRoll, Planet Discover, Schedule Star and Ripple6.
Shares of Gannett (NYSE: GCI) surgedx as the company’s results beat Wall Stree expectations. At 10:39 a.m. MDT, Gannettg stock was up more than28 percent, at $4.4i8 a share.
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