Two US media groups on Monday published their financial results for the first quarter of 2004. Both reported an uplift in the advertising market, although the numbers will provoke grins or groans among investors, depending on whose stock they hold …
• Gannett Company
Net income rose 9.8% year-on-year to $274.4 million (€230.05m; £151.06m), or $1 a share, from $249.8m ($0.93). Revenue leapt 11.4% to $1.73 billion.
Gannett, which publishes USA Today plus one hundred other US daily newspapers, also operates 22 American television stations. In the UK it owns Newsquest, the nation's second largest regional and local newspaper group.
• The New York Times Company
Net income declined to $58.4 million ($0.38 a share), down 15.1% year-on-year. For the same period in 2003 the company reported profit of $68.8m ($0.45). Revenues rose 2.3% to $801.9m compared with $783.7m a year earlier.
The decline was attributed to three exceptional items that produced a net benefit of $10.7 million after taxes in the first quarter of 2003. Increased newsprint expenses and higher salary costs also affected Q1 performance.
Alongside The New York Times, the company owns eighteen other newspapers - including The Boston Globe and The International Herald Tribune. It also runs eight network-affiliated TV stations.
Data sourced from: New York Times; additional content by WARC staff