Gannett Co., parent entity of The Daily Advertiser, Times of Acadiana and Quik Quarter, said Friday that its third-quarter profits fell 32 percent as advertising revenue declined. The AP reported that the nation's largest newspaper publisher said new job cuts are likely. In August The Advertiser laid off six employees, and a month later two execs, Pat Bienvenu and Julio Naudin, got their walking papers.
To offset revenue declines, Gannett announced some 1,100 job cuts this summer among its local newspapers. The McLean, Va.-based company took an after-tax charge of $14.4 million during the quarter for expected severance payments.
The AP reported that the company offered voluntary buyouts to about 30 corporate employees last Thursday, on top of reductions of about 45 positions in that division earlier this year.
The third-quarter earnings are largely in line with Wall Street expectations after adjusting for severance costs from the major job reductions. The company's net income was $158 million, or 69 cents a share, on revenue of $1.64 billion. A year ago, net income was $234 million, or $1.01 per share.