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Home > Fortune 500 Companies > Gannett Co
Gannett Co
Gannett Co is a publicly traded company having a good stock performance result. Gannett Co is a fortune 500 stock listed company trading under GCI. Gannett satisfies news junkies with a stash of daily US papers. The company is the nation's largest newspaper publisher of USA.
Gannett's nearly 100 US dailies have a combined circulation of about 7.3 million. The company also owns about 1000 non-daily publications and a weekend newspaper magazine called USA WEEKEND. In addition, Gannett owns Newsquest, one of the UK's largest newspaper groups with more than 300 titles including 17 daily newspapers. The company has a wide presence on the Internet, operating more than 130 Web sites.
Gannett was founded by Frank E. Gannett and associates in 1906 and incorporated in 1923. The company went public in 1967. It reincorporated in Delaware in 1972. Its more than 238 million outstanding shares of common stock are held by approximately 10500 shareholders of record in all 50 states and several foreign countries. The company has approximately 52600 employees. Its headquarters are in McLean, Va., near Washington, D.C.
On April 12, 2006 Gannett Co. reported that 2006 first quarter earnings per diluted share from continuing operations were 0.99 dollar compared to 1.03 dollars per share in the first quarter of 2005. The company began reporting stock compensation expense in the first quarter of 2006 as required by Statement of Financial Accounting Standards No. 123-R. This non-cash expense totaled 11.2 million dollars in the quarter.
Total operating revenues for the company increased 6.5 percent to 1.88 billion dollars in the first quarter from 1.77 billion dollars in the similar interval in 2005. This increase is due to primarily the full consolidation of Detroit newspaper operations. On a pro forma basis, assuming Gannett owned the same complement of properties in the first quarter of 2006 and 2005.
Reported operating expenses increased 10.8 percent in the quarter reflecting principally the full consolidation of Detroit newspaper operations as well as stock based compensation. On a pro forma basis and excluding stock based compensation total operating expenses were 0.6 percent higher. Corporate expense totaled 20.5 million dollars for the quarter, an increase of 3.7 million dollars compared to the first quarter in 2005.
The increase was principally due to the portion of stock based compensation expense attributable to the corporate segment. Excluding that cost, corporate expense increased just 169,000 dollars.
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