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New Media -8.4% after earnings, CFO departure

Feb. 27, 2019 10:20 AM ETGannett Co., Inc. (NEWM) StockBy: Jason Aycock, SA News Editor1 Comment
  • New Media (NYSE:NEWM) has slipped 8.4% out of today's market open, following a quarter that the company said reflected temporary impacts, and the departure of the company's chief financial officer.
  • CFO Greg Freiberg is leaving to pursue other opportunities, New Media says, and will stay to assist with a transition to a successor.
  • “The results of the fourth quarter of 2018 reflect the impact of hurricanes in the southeast, the temporary impact to circulation revenue trends driven by our change in strategy, and a very large commercial print job we cycled in the quarter," says CEO Michael Reed. "Excluding these temporary impacts, our performance was actually quite good."
  • Revenues rose 5.5% as reported but were down 6.6% on an organic same-store basis, due to weaker print trends, natural disasters, and investments in circulation.
  • Digital revenues grew 16.4% as reported.
  • Revenue breakout: Advertising, $201M (down 0.3%); Circulation, $154.5M (up 10.2%); Commercial printing and other, $60.5M (up 14.9%).
  • Press release

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