- 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