Gannett Co., Inc. (NYSE: GCI) ("Gannett" or "company" or "we")
today reported third quarter 2017 financial results for the period
ended September 24, 2017.
“Throughout the quarter, we enhanced audience growth and
engagement, expanded our marketing services capabilities and added
new offerings to our portfolio,” said Robert J. Dickey, president
and chief executive officer. “Specifically, we reached record
audiences via our USA TODAY NETWORK, completed the migration of
remaining properties to the ReachLocal digital marketing platform,
and announced a majority investment in Grateful Ventures which
provides us with an increased presence in attractive lifestyle
categories.”
Mr. Dickey continued, “We delivered strong year-over-year
earnings growth in the third quarter, despite challenging print
advertising trends. Profitability gains were driven by improved
digital performance, most notably at ReachLocal, as well as the
continued realization of synergies from our 2016 local market
acquisitions and other cost saving initiatives.”
Third Quarter 2017 Consolidated
Results
Third quarter operating revenues were $744.3 million, including
a $1.4 million negative impact from hurricanes Harvey and Irma,
compared to $772.3 million in the prior year quarter. There was no
material impact on revenues related to currency changes in the
quarter. The year-over-year performance reflected lower print
advertising and circulation revenues offset partially by higher
digital advertising revenues and the contribution from acquired
operations (1). On a same store basis, operating revenues in the
third quarter declined 9.4% (or 10.2% when excluding $6.7 million
related to the 2016 third quarter revaluation of acquired deferred
revenue), an improvement compared to a decline in the 2017 second
quarter of 10.6%, as a result of digital revenue growth. Total
digital revenues in the third quarter increased to $245.0 million,
or approximately 33% of total revenue, including the contribution
from ReachLocal which was acquired in August 2016.
GAAP net income for the third quarter was $23.0 million,
including a $20.1 million tax benefit offset partially by $15.4
million of after-tax severance, acquisition, asset impairment,
facility consolidation and other costs; approximately $10.3 million
of these charges were non-cash. Adjusted EBITDA (2) for the third
quarter increased 27.3% to $73.9 million compared to $58.0 million
in the prior year quarter with a 240 basis point margin improvement
year-over-year, which includes the favorable comparison related to
the aforementioned deferred revenue revaluation.
Publishing Segment
Publishing segment operating revenues in the third quarter were
$660.3 million compared to $736.6 million in the prior year
quarter. On a same store basis, publishing segment operating
revenues in the third quarter declined 11.0% year-over-year. Same
store print advertising revenues in the third quarter declined
18.7% year-over-year versus a 16.8% decline in the 2017 second
quarter. Same store circulation revenues fell 7.6% from the prior
year quarter compared to a 7.4% decline in the 2017 second quarter.
Digital-only subscriber volumes grew 60% year-over-year and now
total approximately 312,000 subscribers.
Digital advertising revenues in the third quarter increased 4.1%
to $102.9 million compared to the prior year quarter. On a same
store basis, digital revenues increased 3.7% with growth in areas
such as mobile, audience extension, digital marketing services and
branded content.
Publishing segment adjusted EBITDA for the quarter was $87.5
million compared to $86.4 million in the prior year third quarter
reflecting continued operational efficiencies.
ReachLocal Segment
Operating revenues for the third quarter were $93.8 million, a
9% increase on a sequential basis versus the 2017 second quarter.
The increase was attributable to continued strong growth in North
America and the continued migration of Gannett clients onto the
ReachLocal platform.
Adjusted EBITDA was $5.2 million in the 2017 third quarter,
representing a 5.6% margin, a significant improvement from the 1.4%
margin in the 2017 second quarter. Improved profitability in the
quarter was driven by the further scaling of Gannett related
revenue on the ReachLocal platform and an increase in the number of
products per client in North America that is driving budget
growth.
“We reached the one-year mark since being acquired by Gannett in
August 2016, and we’re excited by the momentum in the business,”
said Sharon Rowlands, chief executive officer of ReachLocal. “We
recently completed the roll out of our digital marketing
capabilities to the former Journal Media Group properties, and we
are now focused on leveraging Gannett's broad local footprint to
drive market share growth of our strong digital solutions."
Cash Flow
Net cash flow from operating activities for the third quarter
was approximately $34.1 million compared to $24.6 million in the
prior year quarter. Capital expenditures in the third quarter were
approximately $17.1 million, primarily for technology investments
and maintenance projects. During the third quarter, the company
paid dividends of $18.1 million and repurchased two million shares
of its outstanding common stock for $17.4 million.
At the end of the third quarter, the company had a cash balance
of $110.0 million and a balance on its revolving line of credit of
$375.0 million, or net debt of $265.0 million.
Outlook
The company reiterates its prior revenue guidance for 2017 of
$3.15 to $3.22 billion and its Adjusted EBITDA guidance for 2017
for $360 to $365 million.
Additionally, for the full year 2017, the company expects the
following:
- Capital expenditures of approximately
$60 to $65 million, not including real estate projects;
- Depreciation and amortization of
approximately $145 to $150 million, not including accelerated
depreciation; and
- An effective tax rate of 30% to 32%, on
a non-GAAP basis.
1 Acquired businesses in the last twelve months
include North Jersey Media Group ("NJMG") (part of the Publishing
segment), as well as ReachLocal, Inc. ("ReachLocal") and SweetIQ
Analytics Corp. ("SweetIQ") (both part of the ReachLocal segment).
2 The company defines adjusted EBITDA as earnings before
income taxes, equity income, other non-operating items (which
include interest income and interest expense, among other items),
severance-related charges, asset impairment charges, depreciation
and amortization. Because of the variability of these and other
items as well as the impact of future events on these items,
management is unable to reconcile without unreasonable effort the
company's forecasted range of adjusted EBITDA for the full year to
a comparable GAAP range.
* * * *
Conference Call Information
The company will hold a conference call at 10:00 a.m. ET today
to discuss its third quarter results. The call can be accessed via
a live webcast through the company's investor site, http://investors.gannett.com/, or listen-only
conference lines. U.S. callers should dial 855-462-1958 and
international callers should dial 503-343-6635 at least 10 minutes
prior to the scheduled start of the call. The confirmation code for
the conference call is 1909911.
Forward Looking Statements
This press release contains certain forward-looking statements
regarding business strategies, market potential, future financial
performance and other matters. Forward-looking statements include
all statements that are not historical facts. The words “believe,”
“expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,”
“seek,” “anticipate,” “project” and similar expressions, among
others, generally identify forward-looking statements, which speak
only as of the date the statements were made and are not guarantees
of future performance. Where, in any forward-looking statement, an
expectation or belief as to future results or events is expressed,
such expectation or belief is based on the current plans and
expectations of our management and expressed in good faith and
believed to have a reasonable basis, but there can be no assurance
that the expectation or belief will result or be achieved or
accomplished. Whether or not any such forward-looking statements
are in fact achieved will depend on future events, some of which
are beyond our control.
The matters discussed in these forward-looking statements are
subject to a number of risks, trends, uncertainties and other
factors that could cause actual results to differ materially from
those projected, anticipated or implied in the forward-looking
statements. These factors include, among other things:
- macroeconomic trends and
conditions;
- an accelerated decline in general print
readership and/or advertiser patterns as a result of competitive
alternative media or other factors;
- an inability to adapt to technological
changes or grow our digital businesses;
- risks associated with the operation of
an increasingly digital business, such as rapid technological
changes, frequent new product introductions, declines in web
traffic levels, technical failures and proliferation of ad blocking
technologies;
- competitive pressures in the markets in
which we operate;
- an increase in newsprint costs over the
levels anticipated;
- potential disruption or interruption of
our IT systems due to accidents, extraordinary weather events,
civil unrest, political events, terrorism or cyber security
attacks;
- variability in the exchange rate
relative to the U.S. dollar of currencies in foreign jurisdictions
in which we operate;
- risks and uncertainties related to
strategic acquisitions or investments, including distraction of
management attention, incurrence of additional debt, integration
challenges, and failure to realize expected benefits or synergies
or to operate businesses effectively following acquisitions;
- risks and uncertainties associated with
our ReachLocal segment, including its significant reliance on
Google for media purchases, its international operations and its
ability to develop and gain market acceptance for new products or
services;
- our ability to protect our intellectual
property or defend successfully against infringement claims;
- our ability to attract and retain
employees;
- labor relations, including, but not
limited to, labor disputes which may cause business interruptions,
revenue declines or increased labor costs;
- risks associated with our underfunded
pension plans;
- adverse outcomes in litigation or
proceedings with governmental authorities or administrative
agencies, or changes in the regulatory environment, any of which
could encumber or impede our efforts to improve operating results
or the value of assets;
- volatility in financial and credit
markets which could affect the value of retirement plan assets and
our ability to raise funds through debt or equity issuances and
otherwise affect our ability to access the credit and capital
markets at the times and in the amounts needed and on acceptable
terms; and
- other uncertainties relating to general
economic, political, business, industry, regulatory and market
conditions.
A further description of these and other important risks,
trends, uncertainties and other factors is provided in the
company’s filings with the U.S. Securities and Exchange Commission,
including the company’s annual report on Form 10-K for fiscal year
2016. Any forward-looking statements should be evaluated in light
of these important risk factors. The company is not responsible for
updating or revising any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Non-GAAP Financial Measures
This press release also contains a discussion of certain
non-GAAP financial measures that the company presents to allow
investors and analysts to measure, analyze and compare its
financial condition and results of operations in a meaningful and
consistent manner. A reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP measures can be found
in the tables accompanying this press release.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is a next-generation media
company committed to strengthening communities across our network.
Through trusted, compelling content and unmatched local-to-national
reach, Gannett touches the lives of more than 110 million people
monthly. With more than 120 markets internationally, it is known
for Pulitzer Prize-winning newsrooms, powerhouse brands such as USA
TODAY and specialized media properties. To connect with us, visit
www.gannett.com.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands (except per share
amounts)
Table No. 1
Three months ended Nine months ended
September 24,2017
September 25,2016
September 24,2017
September 25,2016
Operating revenues:
Advertising $ 420,793 $ 429,053 $ 1,301,522 $ 1,190,108 Circulation
264,413 285,583 821,375 835,872 Other 59,068 57,685
169,341 154,500
Total operating revenues
744,274 772,321 2,292,238 2,180,480
Operating expenses: Cost of sales and operating
expenses 476,526 516,236 1,470,558 1,419,016 Selling, general and
administrative expenses 203,995 217,609 627,113 586,100
Depreciation 41,128 30,638 124,260 83,889 Amortization 8,658 5,003
24,193 7,961 Facility consolidation and asset impairment charges
2,189 28,673 22,799 33,160
Total
operating expenses 732,496 798,159 2,268,923
2,130,126
Operating income (loss) 11,778
(25,838 ) 23,315 50,354
Non-operating expenses: Interest expense (4,613 ) (3,652 )
(12,322 ) (8,509 ) Other non-operating items, net (922 ) (3,694 )
(10,110 ) (9,572 )
Total non-operating expenses (5,535 )
(7,346 ) (22,432 ) (18,081 )
Income (loss) before income
taxes 6,243 (33,184 ) 883 32,273 Provision (benefit) for income
taxes ** (16,801 ) (9,223 ) (19,595 ) 4,157
Net income
(loss) $ 23,044 $ (23,961 ) $ 20,478 $ 28,116
Earnings (loss) per share - basic $ 0.20 $
(0.21 ) $ 0.18 $ 0.24
Earnings (loss) per share - diluted $
0.20 $ (0.21 ) $ 0.18 $ 0.24
Weighted average number of
common shares outstanding: Basic 113,253 116,556 113,467
116,461 Diluted 115,774 116,556 115,655 119,149 * The
company early adopted Financial Accounting Standards Board ("FASB")
guidance requiring changes to the presentation of net periodic
pension and other postretirement benefit costs. Specifically, this
guidance requires entities to classify the service cost component
of the net benefit cost in the same income statement line item as
other employee compensation costs while all other components of net
benefit cost must be presented as non-operating items. The guidance
further requires such classification changes to be retrospectively
applied beginning in the interim period in which the guidance is
adopted. As a result of adopting this guidance, in the third
quarter of 2016 and the first nine months of 2016, operating income
and other non-operating expenses increased $2.8 million and $7.5
million, respectively. Net income, retained earnings, and earnings
per share remained unchanged. ** The benefit for income
taxes for the third quarter and first nine months of 2017 includes
a net benefit of $20.1 million related to a worthless stock and
debt deduction for one of our ReachLocal international
subsidiaries.
SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table
No. 2 Three months ended Nine months ended
September 24,2017
September 25,2016
September 24,2017
September 25,2016
Operating revenues: Publishing $ 660,338 $ 736,570 $
2,047,442 $ 2,142,621 ReachLocal 93,817 34,977 257,308 34,977
Corporate and Other 1,338 774 3,347 2,882 Intersegment eliminations
(11,219 ) — (15,859 ) — Total $ 744,274 $
772,321 $ 2,292,238 $ 2,180,480
Adjusted EBITDA: Publishing $ 87,451 $ 86,371 $ 283,235 $
298,161 ReachLocal 5,229 (6,744 ) 9,592 (6,744 ) Corporate and
Other (18,827 ) (21,598 ) (65,639 ) (61,367 ) Total $ 73,853
$ 58,029 $ 227,188 $ 230,050
Depreciation and amortization: Publishing $ 35,053 $ 27,766
$ 106,116 $ 76,519 ReachLocal 8,846 3,924 25,504 3,924 Corporate
and Other 5,887 3,951 16,833 11,407
Total $ 49,786 $ 35,641 $ 148,453 $ 91,850
Capital expenditures: Publishing $ 6,359 $
13,424 $ 23,586 $ 25,089 ReachLocal 5,004 1,196 12,904 1,196
Corporate and Other 5,690 4,245 10,394 18,716
Total $ 17,053 $ 18,865 $ 46,884 $
45,001
REVENUE DETAIL
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 3
Three months ended
September 24,2017
September 25,2016
% Change
Reported revenue $ 744,274 $ 772,321 (3.6 %)
Acquired revenue (44,942 ) —
***
Currency impact 491 —
***
Exited operations — (93 ) (100 %)
Same store revenue
$ 699,823 $ 772,228 (9.4 %)
Reported
advertising revenue $ 420,793 $ 429,053 (1.9 %) Acquired
revenue (37,761 ) — *** Currency impact 313 — ***
Same store advertising revenue $ 383,345 $
429,053 (10.7 %)
Reported circulation revenue
$ 264,413 $ 285,583 (7.4 %) Acquired revenue (809 ) — *** Currency
impact 138 — ***
Same store circulation
revenue $ 263,742 $ 285,583 (7.6 %)
Table No. 4 Three months ended
September 24,2017
September 25,2016
% Change
Publishing revenue detail Print advertising
$ 244,843 $ 298,434 (18.0 %) Digital advertising: External sales
92,959 98,780 (5.9 %) Intersegment sales 9,904 — ***
Total digital advertising 102,863 98,780 4.1 %
Total advertising 347,706 397,214 (12.5 %)
Circulation 264,413 285,583 (7.4 %) Other: External sales
46,904 53,773 (12.8 %) Intersegment sales 1,315 — ***
Total other 48,219 53,773 (10.3 %)
Total Publishing revenue $ 660,338 $ 736,570
(10.3 %)
USE OF NON-GAAP
INFORMATION
The company uses non-GAAP financial performance and liquidity
measures to supplement the financial information presented on a
GAAP basis. These non-GAAP financial measures should not be
considered in isolation from or as a substitute for the related
GAAP measures, and should be read together with financial
information presented on a GAAP basis.
The company defines its non-GAAP measures as follows:
- Adjusted EBITDA is a non-GAAP
financial performance measure that the company believes offers a
useful view of the overall operation of our business. The company
defines adjusted EBITDA, which may not be comparable to a similarly
titled measure reported by other companies, as net income before
(1) income taxes, (2) interest expense, (3) equity
income, (4) other non-operating items,
(5) severance-related charges, (6) acquisition-related
expenses (including certain integration expenses),
(7) facility consolidation and asset impairment charges, (8)
other items (including certain business transformation costs,
litigation expenses, multi-employer pension withdrawals and gains
or losses on certain investments), (9) depreciation, and
(10) amortization. The most directly comparable GAAP financial
measure is net income.
- Adjusted net income is a
non-GAAP financial performance measure that the company uses for
calculating adjusted earnings per share ("EPS"). Adjusted net
income is defined as net income before the adjustments we apply in
calculating adjusted EPS, as described below. We believe presenting
adjusted net income is useful to enable investors to understand how
we calculate adjusted EPS, which provides a useful view of the
overall operation of the company's business. The most directly
comparable GAAP financial measure is net income.
- Adjusted diluted EPS is a
non-GAAP financial performance measure that the company believes
offers a useful view of the overall operation of our business. The
company defines adjusted EPS, which may not be comparable to a
similarly titled measure reported by other companies, as EPS before
tax-effected (1) severance-related charges, (2) facility
consolidation and asset impairment charges,
(3) acquisition-related expenses (including certain
integration expenses), and (4) other items (including certain
business transformation expenses, litigation expenses,
multi-employer pension withdrawals and gains or losses on certain
investments). The tax impact on these non-GAAP tax deductible
adjustments is based on the estimated statutory tax rates for the
United Kingdom of 19.25% and the United States of 38.7%. In
addition, tax is adjusted for the impact of non-deductible
acquisition costs and a tax benefit related to a worthless stock
and debt deduction. The most directly comparable GAAP financial
measure is diluted EPS.
- Free cash flow is a non-GAAP
liquidity measure that adjusts our reported GAAP results for items
that we believe are critical to the ongoing success of our
business. The company defines free cash flow, which may not be
comparable to a similarly titled measure reported by other
companies, as cash flow from operating activities as reported on
the statement of cash flows less capital expenditures, which
results in a figure representing free cash flow available for use
in operations, additional investments, debt obligations and returns
to shareholders. The most directly comparable GAAP financial
measure is net cash from operating activities.
The company uses non-GAAP financial measures for purposes of
evaluating its performance and liquidity. Therefore, the company
believes that each of the non-GAAP measures presented provides
useful information to investors by allowing them to view our
businesses through the eyes of our management and Board of
Directors, facilitating comparison of results across historical
periods, and providing a focus on the underlying ongoing operating
performance of our business. Many of our peer group companies
present similar non-GAAP measures to better facilitate industry
comparisons.
NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table
No. 5 Three months ended September 24, 2017 Publishing
ReachLocal
Corporate andOther
ConsolidatedTotal
Net income (GAAP basis) $ 23,044 Benefit for income taxes
(16,801 ) Interest expense 4,613 Other non-operating items, net 922
Operating income (loss) (GAAP basis) $ 43,638 $ (4,207 ) $
(27,653 ) $ 11,778 Severance-related charges 5,421 191 (495 ) 5,117
Acquisition-related items 420 — 1,639 2,059 Facility consolidation
and asset impairment charges 2,189 — — 2,189 Other items 730 399
1,795 2,924 Depreciation 33,730 1,511 5,887 41,128 Amortization
1,323 7,335 — 8,658 Adjusted EBITDA
(non-GAAP basis) $ 87,451 $ 5,229 $ (18,827 ) $
73,853 Three months ended September 25,
2016 Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net (loss) (GAAP basis) $ (23,961 ) Benefit for income taxes
(9,223 ) Interest expense 3,652 Other non-operating items, net
3,694 Operating income (loss) (GAAP basis) $ 25,221 $
(11,230 ) $ (39,829 ) $ (25,838 ) Severance-related charges 4,575
562 — 5,137 Acquisition-related items 136 — 14,280 14,416 Facility
consolidation and asset impairment charges 28,673 — — 28,673
Depreciation 25,926 761 3,951 30,638 Amortization 1,840
3,163 — 5,003 Adjusted EBITDA (non-GAAP basis)
$ 86,371 $ (6,744 ) $ (21,598 ) $ 58,029
NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table
No. 5 (continued) Nine months ended September 24, 2017
Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net income (GAAP basis) $ 20,478 Benefit for income taxes
(19,595 ) Interest expense 12,322 Other non-operating items, net
10,110 Operating income (loss) (GAAP basis) $ 139,363 $
(16,868 ) $ (99,180 ) $ 23,315 Severance-related charges 21,181 514
3,687 25,382 Acquisition-related items 331 43 4,278 4,652 Facility
consolidation and asset impairment charges 22,799 — — 22,799 Other
items (6,555 ) 399 8,743 2,587 Depreciation 102,217 5,210 16,833
124,260 Amortization 3,899 20,294 — 24,193
Adjusted EBITDA (non-GAAP basis) $ 283,235 $ 9,592
$ (65,639 ) $ 227,188 Nine
months ended September 25, 2016 Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net income (GAAP basis) $ 28,116 Provision for income taxes
4,157 Interest expense 8,509 Other non-operating items, net 9,572
Operating income (loss) (GAAP basis) $ 163,277 $ (11,230 ) $
(101,693 ) $ 50,354 Severance-related charges 26,269 562 — 26,831
Acquisition-related items 136 — 28,919 29,055 Facility
consolidation and asset impairment charges 33,160 — — 33,160 Other
items (1,200 ) — — (1,200 ) Depreciation 71,721 761 11,407 83,889
Amortization 4,798 3,163 — 7,961
Adjusted EBITDA (non-GAAP basis) $ 298,161 $ (6,744 ) $
(61,367 ) $ 230,050
NON-GAAP FINANCIAL
INFORMATION ADJUSTED DILUTED EPS
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands (except per share
amounts)
Table
No. 6 Three months ended Nine months ended
September 24,2017
September 25,2016
September 24,2017
September 25,2016
Severance-related charges $ 5,117 $ 5,137 $ 25,382 $ 26,831
Acquisition-related items 2,059 14,416 4,652 29,055 Facility
consolidation and asset impairment charges (including accelerated
depreciation) 17,098 29,761 61,445 34,311 Other items 19 —
(3,179 ) (1,200 ) Pretax impact 24,293 49,314 88,300 88,997
Income tax impact of above items (8,863 ) (17,757 ) (33,295 )
(30,414 ) Tax benefit (20,086 ) — (20,086 ) — Impact
of items affecting comparability on net income (loss) $ (4,656 ) $
31,557 $ 34,919 $ 58,583 Net income
(loss) (GAAP basis) $ 23,044 $ (23,961 ) $ 20,478 $ 28,116 Impact
of items affecting comparability on net income (loss) (4,656 )
31,557 34,919 58,583 Adjusted net income
(non-GAAP basis) $ 18,388 $ 7,596 $ 55,397 $
86,699 Earnings (loss) per share - diluted (GAAP
basis) $ 0.20 $ (0.21 ) $ 0.18 $ 0.24 Impact of items affecting
comparability on net income (loss) (0.04 ) 0.27 0.30
0.49 Adjusted earnings per share - diluted (non-GAAP basis)
$ 0.16 $ 0.06 $ 0.48 $ 0.73
Diluted weighted average number of common shares outstanding (GAAP
basis) 115,774 116,556 115,655 119,149 Diluted weighted average
number of common shares outstanding (non-GAAP basis) 115,774
119,010 115,655 119,149
NON-GAAP FINANCIAL
INFORMATION FREE CASH FLOW
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 7
Three months endedSeptember 24, 2017
Nine months endedSeptember 24, 2017
Net cash flow from operating activities (GAAP basis) $
34,147 $ 163,691 Capital expenditures (17,053 ) (46,884 ) Free cash
flow (non-GAAP basis) $ 17,094 $ 116,807
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version on businesswire.com: http://www.businesswire.com/news/home/20171102005450/en/
Gannett Co., Inc.For investor inquiries, contact:Stacy
CunninghamVP, Financial Planning &
Analysis703-854-3168investors@gannett.comorJonathan SchafferThe
Blueshirt Groupinvestors@gannett.comorFor media inquiries,
contact:Amber AllmanVice President, Corporate Events &
Communications703-854-5358aallman@gannett.com
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