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Gannett posts lower net income in fourth quarter due to restructuring

AP
February 6, 2013, 12:01 am TWN

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MCLEAN, Virginia -- Gannett Co. reported a 12-percent decline in its fourth-quarter net income Monday, largely because of restructuring expenses and a tax benefit that boosted the previous year's results. But revenue increased 9 percent thanks to robust political advertising, increasing digital subscriptions and an extra week in the quarter.

The media company, which owns USA Today, said it earned US$103.1 million, or 44 cents per share, in the October-December period. That was down from US$116.9 million, or 49 cents per share, a year earlier.

Revenue grew to US$1.52 billion from US$1.39 billion.

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