Gannett Co. reported a 33 percent drop in its fourth-quarter net income Monday. The media company, which publishes USA Today and owns a network of broadcast, digital and other publishing properties, said profits were weighed down by restructuring costs and other charges, as well as a revenue decline.
The company earned $116.9 million, or 49 cents per share, in the three months that ended Dec. 25. That’s down from earnings of $174.1 million, or 72 cents per share, in the same period a year earlier.
Gannett’s stock fell 7 percent, or $1.07 to $14.15 in midday trading on Monday. It has traded in between $8.28 and $18.93 in the past 52 weeks.
Excluding special items such as restructuring charges, Gannett earned 72 cents per share in the latest quarter. Analysts, on average, were expecting earnings of 68 cents per share, according to a poll by FactSet.
The company said its results reflected $63.6 million in charges related to workforce restructuring and facility consolidations at properties in the U.S. and the U.K. The largest charge was associated with the transfer of production of The Cincinnati Enquirer to a newspaper printer in Columbus, Ohio.
Revenue fell 5 percent to $1.39 billion from $1.46 billion in the same period a year earlier.
Analysts were expecting revenue of $1.39 billion, according to a poll by FactSet.
“We are positioning for growth in print and digital media through new subscription models delivered across platforms, capturing opportunities in adjacent businesses, and continuing to focus on operational efficiencies,” said Gracia Martore, president and CEO, in a statement business cards design.
Revenue at Gannett’s publishing division fell 5 percent to $1.01 billion, a decline the company attributed to lower advertising amid the economic softness in the U.S. and the U.K.
Broadcasting revenue fell 14 percent to $199.8 million, due mainly to sharply lower political advertising than a year earlier.
Revenue at the company’s digital division, which includes the website CareerBuilder, rose 9 percent to $181.5 million.
Company-wide digital revenue, which consists of the digital division and revenue generated by newspaper websites, rose nearly 7 percent to $290.3 million.
For the full year, Gannett earned $458.7 million, or $1.89 per share, down 22 percent from $588.2 million, or $2.43 per share, in the previous year.
Adjusted earnings were $2.13 per share.
Revenue slid 4 percent to $5.24 billion from $5.44 billion.
Analysts were expecting full-year adjusted earnings of $2.10 per share on revenue of $5.25 billion.
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South Korea has lifted an eight-year ban on imports of Canadian beef.
Seoul imposed the ban after mad cow disease was found in a Canadian cow in 2003. Canada has since been recognized as a “controlled risk” country for beef by the World Organization for Animal Health. Canada filed a complaint with the World Trade Organization over the South Korean ban in 2009.
South Korea’s Agriculture Ministry says the ban was lifted on Friday. But it says Seoul will only allow imports of Canadian beef from cattle younger than 30 months old. Younger cows are deemed less susceptible to mad cow disease.
The ministry also said the imports must exclude riskier parts such as the brain, skull and eyes.
South Korea was Canada’s fourth-largest beef export market before the ban.
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Warning: This column will feature no Top 10 list recounting the year’s biggest retail and consumer stories.
Instead, I thought I’d do something that journalists don’t always do so well, which is to follow up on some of our stories. So as 2011 comes to a close, I checked in on two businesses I’ve spilled ink on in the last year.
First, I popped into La Mancha Coffeehouse, a small, gutsy undertaking in the up-and-coming but still-has-a-ways-to-go neighborhood of Old North. I first wrote about the cafe in March, when it was about to open at 2815 North 14th Street, down the street from Crown Candy Kitchen.
As you might remember, a group of ’social do-gooders” had run a nonprofit cafe — Urban Studio Cafe — in the same space for about two years, but it ended up closing when it couldn’t make ends meet.
So Victoria and David Holden, who lived nearby and didn’t want to lose what had become an important community space, decided to give it a go as a for-profit cafe.
When I stopped in around mid-morning one day this week, the shop was empty aside from Victoria Holden and her only other employee. They were tidying up behind the counter. So how were things going?
“We’re good,” Holden said. “We’re here.”
Most of her customers are regulars — teachers stopping in on their way to school or workers from a nearby Habitat for Humanity work site, for example. A chess club meets regularly at the shop. And it hosts poetry readings now and then.
But it can be pretty slow at times.
“Business is up and down,” she acknowledged. “Some months we don’t get a full salary.”
The shop had an uptick, however, around the holidays, with more catering orders coming in and people buying gift certificates as presents. And this month, the cafe expanded hours to accommodate a late afternoon and early dinner crowd.
“But it varies a lot,” she said. “I wish there was some kind of (traffic) pattern I could plan for. But some things do revolve around weather and paychecks.”
Still, she’s been heartened by the community support, including regulars who have urged her to raise prices if she needs to.
“They say, ‘We just want you to stay in business. We just want you to be here,’” she said. “So that’s really encouraging.”
By the way, she does plan to raise prices next year to keep up with the rising cost of food and supplies.
A VINTAGE NEW NAME
In May, I wrote about Vintage Stock, a chain of new and used music, movie and video game stores that was moving into some of the shuttered Borders bookstores around town.
The Joplin-based company opened these multimedia superstores, which are larger than most of its other stores, under the banner of “Bam!” Two stores opened over the summer — one at Chesterfield Mall and another at Mid Rivers Mall.
But when a third store opened right before Thanksgiving in the former Borders space in South County Center, it went by a different name: “V-Stock.” Then earlier this month, the other two stores switched to that name, too.
Rodney Spriggs, the company’s chief executive, was a bit vague about the change when I asked if it was because the giant bookstore chain Books-A-Million had objected to him using that name. He said he couldn’t comment but did note that Books-A-Million has been using the “BAM!” name more prominently recently.
“All I can really say is that generally V-Stock ties in closer to Vintage Stock,” he said. “We chose to change it.”
How have the new stores been doing?
“They’ve been great,” he said. “We’re very happy with the sales numbers that have come out so far. It seems like the St. Louis customer base has taken to the concept very well.”
The newest store in South County has actually outperformed the other two by about 10 percent so far, he said. He thinks some of that may be because of demographics.
“South County is a little more blue collar, and I think they really like the idea of the value of buying previously viewed products,” he said.
Spriggs also has been a bit surprised by the popularity of the stores’ movie-rental business. After all, in the age of Netflix and on-demand cable services, who would go all the way to the mall to rent movies?
But Spriggs thinks he knows who: mall employees.
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The worldwide popularity of loyalty programs has created a headache for the companies that offer then. There are trillions of banked miles and travel reward points out there that they
NAI DESCO, a commercial real estate firm, today said it will buy Coldwell Banker Commercial’s St. Louis brokerage operation.
The move will increase DESCO’s local property inventory and agents by 50 percent. The price was not revealed.
The move doesn’t affect Coldwell Banker Gundaker, which is a separate residential real estate company.
Carl Conceller, a founding member of Coldwell Banker Commercial, will join NAI DESCO as a principal.
DESCO, based in Clayton, lists about 200 commercial properties and Coldwell about 100. DESCO’s listings include the Chrysler plant in Fenton, Northwest Plaza in St. Ann and the Merrill Lynch and Regions Bank buildings in Clayton.
DESCO was originally an acronym standing for Don and Ed Schnuck company. It’s sister firm, the DESCO Group develops real estate, including projects for the Schnuck supermarket chain.
Today’s news was the second ownership switch in the local real estate business in the past week. Last Tuesday, Brookfield Residential Property Services of Canada bought Prudential Real Estate and Relocation Services, franchisor for the Prudential Alliance real estate operation in St. Louis.
Andrea Lawrence, president of Prudential Alliance Realtors, said she expects little change in the St. Louis operation. The realtors will continue to use the Prudential brand under the terms of the sale.
Kenneth continues to strengthen in the eastern Pacific Ocean, with forecasters predicting the rare late-season tropical storm will become a hurricane.
The U.S. National Hurricane Center in Miami said Monday that Kenneth had maximum sustained winds near 65 mph (100 kph). The storm was centered about 740 miles (1,190 kilometers) south of the southern tip of Baja California, Mexico, but was moving away from the coast.
It is moving west at 14 mph (22 kph)
Projections show Kenneth moving west out to sea, away from land. There are no coastal watches or warnings in effect.
The eastern Pacific hurricane season ends Nov. 30.
Patricia Ranzini was appointed executive director of St. Anthony’s Charitable Foundation at St. Anthony’s Medical Center.
She will be responsible for strategic direction, oversight and implementation of the foundation’s fund-raising programs and long-range planning.
Ranzini has worked for 12 years in the development field, most recently for the Herbert Hoover Boys & Girls Club payday advance online. She is a member of the Association of Hospital Philanthropy, the Association of Fundraising Professionals and the Women’s Leadership Council of the Humane Society of Missouri.
The deputy supreme commander of the United Arab Emirates’ armed forces says France is seeking unacceptable terms for the sale of up to 60 Rafale fighter jets.
The comments Wednesday by Sheik Mohammed bin Zayed Al Nahyan could signal a final blow to the bid by France’s Dassault Aviation, which has been in talks with UAE officials for several years.
The official WAM news agency quotes Sheik Mohammed _ who is also the highly influential crown prince of Abu Dhabi _ as saying Dassault was offering noncompetitive and “unworkable” terms. He gave no other details.
He made the comments after touring the Dubai Airshow, where the Rafale and others, including American-made F-15, F-16 and F-18 fighters, performed flight demonstrations,
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
DUBAI, United Arab Emirates (AP) _ Airbus says its customers are committed to buy 1,420 of its new A320neo after less than a year of sales savings account payday advance.
Chief Operating Officer John Leahy said on Wednesday that the brisk business shows there’s strong demand for fuel-efficient planes despite some economic “storm clouds on the horizon.”
Leahy spoke as Airbus wrapped up its order announcements at the Dubai Airshow, where it scored 130 firm orders for the single-aisle plane.
Airbus says it now has 1,268 firm orders for the A320neo, which promises a smaller fuel bill than older A320 models. It ended the Dubai show with $13.7 billion worth of firm orders.
Its rival Boeing snagged the show’s biggest deal _ an $18 billion order for 50 777s from Dubai’s Emirates airline.
Dubai’s fast-growing airline Emirates is kicking off the Mideast city’s airshow with an order for 50 Boeing 777s.
The list price for the deal is $18 billion, but airlines typically negotiate discounts for large orders. The announcement was made Sunday by Emirates chairman and CEO Sheik Ahmed bin Saeed Al Maktoum.
Emirates is the Middle East’s largest carrier. It is owned by the government of Dubai, which is recovering from a debt-fueled financial crisis that came to a head two years ago.
The carrier is Boeing’s largest customer for the wide-body 777. Its young fleet also includes Airbus A330s and A340s, and the double-decker A380.
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