Gannett Co., Inc. Announces Executive Changes
Jul 29 15
Gannett Co., Inc. assigned certain of its members to serve on the Audit, Executive Compensation and Nominating and Public Responsibility Committees of the Board. Joining the Audit Committee, led by its chairman John E. Cody, will be Stephen W. Coll and Lila Ibrahim. Joining Chairman of the Board John Jeffry Louis on the Executive Compensation Committee will be Mr. Cody and Debra A. Sandler. Mr. Coll, Mr. Louis, Ms. Sandler and Chloe R. Sladden will join Tony A. Prophet as members of the Nominating and Public Responsibility Committee. Ms. Sandler will serve as chairwoman of this committee. In addition, the Board formed a Transformation Committee charged with assisting the Board in fulfilling its oversight responsibilities relating to the Company's strategic plan and initiatives in support of the strategic plan. Mr. Prophet was appointed chairman of the Transformation Committee, and is joined on it by Robert J. Dickey, the Company’s President and Chief Executive Officer, Lawrence S. Kramer, Ms. Ibrahim and Ms. Sladden.
Gannett Co., Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2015; Provides Earnings Guidance for the Second Half of 2015
Jul 29 15
Gannett Co., Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2015. For the quarter, the company reported total operating revenues of $727,072,000 against $796,522,000 a year ago. Operating income was $48,994,000 against $67,318,000 a year ago. Income before income taxes was $76,384,000 against $70,889,000 a year ago. Net income was $53,327,000 or $0.46 per share basic and diluted against $52,109,000 or $0.45 per share basic and diluted a year ago. Adjusted operating income (Non-GAAP) was $69,640,000 against $97,452,000 a year ago. Adjusted EBITDA was (Non-GAAP) was $97,026,000 against $125,330,000 a year ago. Net cash flow used in operating activities was $51,058,000. Capital expenditures were $13,959,000, primarily related to technology investments and real estate efficiency projects. The decline in revenues is primarily attributable to ongoing advertiser demand shifts, partially offset by positive revenue trends in the company’s digital products as well as $9.3 million of revenues from businesses acquired in the second quarter of 2015. The decline in adjusted EBITDA was primarily due to ongoing reductions in print advertising revenues and approximately $6 million of increased Cars.com affiliate agreement costs, partially offset by cost reductions and efficiency gains in operating expenses as well as increases in digital revenue.
For the six months, the company reported total operating revenues of $1,444,432,000 against $1,585,655,000 a year ago. Operating income was $78,805,000 against $116,123,000 a year ago. Income before income taxes was $111,044,000 against $124,060,000 a year ago. Net income was $86,574,000 or $0.75 per share basic and diluted against $93,288,000 or $0.81 per share basic and diluted a year ago. Adjusted operating income (Non-GAAP) was $112,765,000 against $159,266,000 a year ago. Adjusted EBITDA was (Non-GAAP) was $168,158,000 against $215,095,000 a year ago. Net cash flow from operating activities was $26,695,000. Capital expenditures were $20,617,000.
The company provided earnings guidance for the second half of 2015. The company expects revenue growth rates to modestly improve in the second half of 2015, aided by the acquisitions of the Texas newspaper partnership and Romanes. Depreciation and amortization should remain relatively constant at around $54 million for the second half of 2015. Effective tax rate is expected to be in the range of 28% to 32%. Capital expenditures for the second half to be between $50 million and $55 million, which includes approximately $10 million for one-time spin-related and acquisition expenditures. The company expects EBITDA margins to improve modestly as well in the second half of the year.
Gannett Co., Inc. Elects Stephen W. Coll to its Board of Directors; Declares Quarterly Dividend, Payable on October 1, 2015
Jul 28 15
Gannett Co., Inc. announced that Stephen W. Coll has been elected to its Board of Directors, effective immediately. Mr. Coll is the Dean of the Graduate Schoolof Journalism for Columbia University in New York and is also a contributor to The New Yorker magazine. Previously Mr. Coll served as President of New America Foundation.
Also the company announced that the Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on October 1, 2015 to shareholders of record at the close of business on September 4, 2015.