Gannett Reports Profit But 28.4 Percent Decline In Publishing Ad Revenue

Gannett Co., Inc (GCI) this morning reported earnings of $73.8 million, about half what the company took in a year ago but about the same as what the publisher earned last quarter.

The USA Today publisher’s ad revenue continued to fall but appears to be slowing: last quarter the company took in $753 million in print ad revenue; this quarter, $699 million.

Digital was the one revenue segment showing the most growth, to almost $143 million, an 84 percent increase from Q3 2008, but less than a 1 percent increase from last quarter when digital topped $142 mil.

The company also reduced its expenses by another 70 million dollars, mainly by closing offices.

The company’s stock jumped a bit to $13.30 after the announcement.