Gannett: 3Q Newsprint Expense Down 43% Amid Price Declines
October 19 2009 - 10:14AM
Dow Jones News
Gannett Inc. (GCI) Chief Financial Officer Gracia Martore said
Monday the company's newsprint expense in the third quarter was
down 43%, and she expects newsprint prices to remain under pressure
into 2010.
During a conference call following Gannett's third-quarter
earnings release, Martore said newsprint costs are down due to a
"sizable imbalance in supply versus demand."
Gannett's third-quarter earnings results beat expectations,
partly due to cost cuts, and Martore said newsprint expense
declines made up a "significant portion" of those cutbacks." Its
overall operating expenses fell 14%.
The company's shares are up 4.5% to $13.56.
-By Nat Worden, Dow Jones Newswires; 212-416-2472;
nat.worden@dowjones.com