P.M. BRIEFING : Gannett Says Profits Up 11%
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WASHINGTON — Gannett Co. Inc., said today that lower newsprint costs and improved results from its USA Today newspaper helped boost third-quarter profit by nearly 11%.
Net earnings for the three-month period ended Sept. 24 totaled $83.1 million, or 52 cents a share, compared with $75.1 million, or 47 cents a share, in the comparable 1988 period. Operating revenue grew by 3% to $827.9 million from $804.3 million.
For the first nine months of 1989, profits were up 11% to $270.1 million--or $1.68 per share--compared to $246.6 million--or $1.52 per share--for the same period of 1988.
Rosslyn, Va.-based Gannett operates in 41 states, the District of Columbia and seven overseas locations, publishes 83 daily newspapers, operates 10 television stations, 16 radio stations, Gannett News Services and the largest outdoor advertising company in North America.
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