Gannett Co., the largest U.S. newspaper publisher, says it turned a profit in the fourth quarter, helped by a drop in one-time costs and a smaller ad decline.
The earnings report, released Monday, showed Gannett has been able to slash expenses enough to stay profitable despite steady revenue declines.
Gannett earned $133.6 million, or 56 cents per share, compared with a loss of $4.7 billion, or $20.65 per share, in the same quarter a year ago, when it booked charges to account for the falling value of its newspapers. Revenue dropped 14 percent to $1.49 billion.
Advertising sales in Gannett's publishing division, which includes USA Today and more than 80 other newspapers, dropped 17.9 percent. That's after a 28 percent decline in the third quarter.
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