Exhibit 99-1
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Quarter ended % Inc
March 31, 1996 March 26, 1995
Net Operating Revenues:
Newspaper advertising $ 556,885 $ 516,742 7.8
Newspaper circulation 229,417 211,964 8.2
Broadcasting 141,688 96,983 46.1
Cable and security 56,612 0 --
Other 39,281 37,535 4.7
--------- --------- ------
Total 1,023,883 863,224 18.6
--------- --------- ------
Operating Expenses:
Cost of sales and operating expenses,
exclusive of depreciation 590,515 501,776 17.7
Selling, general and administrative,
exclusive of depreciation 168,707 155,004 8.8
Depreciation 48,837 35,248 38.6
Amortization of intangible assets 23,515 11,201 109.9
--------- --------- ------
Total 831,574 703,229 18.3
--------- --------- ------
Operating income 192,309 159,995 20.2
--------- --------- ------
Non-operating income (expense):
Interest expense (39,528) (11,732) 236.9
Other (1,583) (529) 199.2
--------- --------- ------
Total (41,111) (12,261) 235.3
--------- --------- ------
Income before income taxes 151,198 147,734 2.3
Provision for income taxes 64,750 59,700 8.5
--------- --------- ------
Income from continuing operations 86,448 88,034 (1.8)
Discontinued operations:
Income from discontinued operations,
net of income taxes 2,902 (1,828) 258.8
Gain on sale of Outdoor business,
net of income taxes 0 0 --
--------- --------- ------
Net income $ 89,350 $ 86,206 3.6
========= ========= ======
Earnings per share:
Earnings from continuing operations $0.61 $0.63 (3.2)
Earnings from discontinued operations:
Discontinued operations, net of tax $0.03 ($0.01) 400.0
Gain on sale of Outdoor, net of tax $0.00 $0.00 --
----- ----- ------
Net income per share $0.64 $0.62 3.2
===== ===== ======
Dividends per share $0.35 $0.34 2.9
===== ===== ======
Note: This statement has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation.
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Quarter ended % Inc
June 30, 1996 June 25, 1995
Net Operating Revenues:
Newspaper advertising $ 604,980 $ 567,134 6.7
Newspaper circulation 227,260 214,045 6.2
Broadcasting 176,306 120,880 45.9
Cable and security 57,732 0 --
Other 43,016 43,294 (0.6)
--------- --------- ------
Total 1,109,294 945,353 17.3
--------- --------- ------
Operating Expenses:
Cost of sales and operating expenses,
exclusive of depreciation 587,515 507,070 15.9
Selling, general and administrative,
exclusive of depreciation 168,590 156,880 7.5
Depreciation 49,034 34,948 40.3
Amortization of intangible assets 23,481 11,167 110.3
--------- --------- ------
Total 828,620 710,065 16.7
--------- --------- ------
Operating income 280,674 235,288 19.3
--------- --------- ------
Non-operating income (expense):
Interest expense (38,403) (10,878) 253.0
Other (657) (1,198) (45.2)
--------- --------- ------
Total (39,060) (12,076) 223.5
--------- --------- ------
Income before income taxes 241,614 223,212 8.2
Provision for income taxes 104,375 90,500 15.3
--------- --------- ------
Income from continuing operations 137,239 132,712 3.4
Discontinued operations:
Income from discontinued operations,
net of income taxes 12,777 6,711 90.4
Gain on sale of Outdoor business,
net of income taxes 0 0 --
--------- --------- ------
Net income $ 150,016 $ 139,423 7.6
========= ========= ======
Earnings per share:
Earnings from continuing operations $0.98 $0.95 3.2
Earnings from discontinued operations:
Discontinued operations, net of tax $0.09 $0.05 80.0
Gain on sale of Outdoor, net of tax $0.00 $0.00 --
----- ----- ------
Net income per share $1.07 $1.00 7.0
===== ===== ======
Dividends per share $0.35 $0.34 2.9
===== ===== ======
Note: This statement has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation.
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Quarter ended % Inc
Sept. 29, 1996 Sept. 24, 1995
Net Operating Revenues:
Newspaper advertising $ 585,814 $ 508,821 15.1
Newspaper circulation 229,197 209,445 9.4
Broadcasting 178,879 104,787 70.7
Cable and security 58,332 0 --
Other 40,481 41,810 (3.2)
--------- --------- ------
Total 1,092,703 864,863 26.3
--------- --------- ------
Operating Expenses:
Cost of sales and operating expenses,
exclusive of depreciation 612,888 510,661 20.0
Selling, general and administrative,
exclusive of depreciation 174,533 148,996 17.1
Depreciation 48,772 34,347 42.0
Amortization of intangible assets 23,472 11,168 110.2
--------- --------- ------
Total 859,665 705,172 21.9
--------- --------- ------
Operating income 233,038 159,691 45.9
--------- --------- ------
Non-operating income (expense):
Interest expense (34,111) (9,113) 274.3
Other (3,917) 1,100 (456.1)
--------- --------- ------
Total (38,028) (8,013) 374.6
--------- --------- ------
Income before income taxes 195,010 151,678 28.6
Provision for income taxes 83,800 61,400 36.5
--------- --------- ------
Income from continuing operations 111,210 90,278 23.2
Discontinued operations:
Income from discontinued operations,
net of income taxes 8,861 5,823 52.2
Gain on sale of Outdoor business,
net of income taxes 294,580 0 --
--------- --------- ------
Net income $ 414,651 $ 96,101 331.5
========= ========= ======
Earnings per share:
Earnings from continuing operations $0.79 $0.64 23.4
Earnings from discontinued operations:
Discontinued operations, net of tax $0.06 $0.05 20.0
Gain on sale of Outdoor, net of tax $2.09 $0.00 --
----- ----- ------
Net income per share $2.94 $0.69 326.1
===== ===== ======
Dividends per share $0.36 $0.35 2.9
===== ===== ======
Note: This statement has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation.
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Quarter Ended
December 31, 1995
Net Operating Revenues:
Newspaper advertising $ 626,553
Newspaper circulation 233,719
Broadcasting 143,537
Cable and security 17,831
Other 48,787
---------
Total 1,070,427
---------
Operating Expenses:
Cost of sales and operating expenses,
exclusive of depreciation 590,236
Selling, general and administrative,
exclusive of depreciation 158,245
Depreciation 39,196
Amortization of intangible assets 15,792
---------
Total 803,469
---------
Operating income 266,958
---------
Non-operating income (expense):
Interest expense (20,452)
Other 4,381
---------
Total (16,071)
---------
Income before income taxes 250,887
Provision for income taxes 102,500
---------
Income from continuing operations 148,387
Discontinued operations:
Income from discontinued operations,
net of income taxes 7,145
Gain on sale of Outdoor business,
net of income taxes 0
---------
Net income $ 155,532
=========
Earnings per share:
Earnings from continuing operations $1.06
Earnings from discontinued operations:
Discontinued operations, net of tax $0.05
Gain on sale of Outdoor, net of tax $0.00
-----
Net income per share $1.11
=====
Dividends per share $0.35
=====
Note: This statement has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation.
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Three Quarters Ended % Inc
Sept. 29, 1996 Sept. 24, 1995
Net Operating Revenues:
Newspaper advertising $ 1,747,679 $ 1,592,697 9.7
Newspaper circulation 685,874 635,454 7.9
Broadcasting 496,873 322,650 54.0
Cable and security 172,676 0 --
Other 122,778 122,639 0.1
--------- --------- ------
Total 3,225,880 2,673,440 20.7
--------- --------- ------
Operating Expenses:
Cost of sales and operating expenses,
exclusive of depreciation 1,790,918 1,519,507 17.9
Selling, general and administrative,
exclusive of depreciation 511,830 460,880 11.1
Depreciation 146,643 104,543 40.3
Amortization of intangible assets 70,468 33,536 110.1
--------- --------- ------
Total 2,519,859 2,118,466 18.9
--------- --------- ------
Operating income 706,021 554,974 27.2
--------- --------- ------
Non-operating income (expense):
Interest expense (112,042) (31,723) 253.2
Other (6,157) (627) 882.0
--------- --------- ------
Total (118,199) (32,350) 265.4
--------- --------- ------
Income before income taxes 587,822 522,624 12.5
Provision for income taxes 252,925 211,600 19.5
--------- --------- ------
Income from continuing operations 334,897 311,024 7.7
Discontinued operations:
Income from discontinued operations,
net of income taxes 24,540 10,706 129.2
Gain on sale of Outdoor business,
net of income taxes 294,580 0 --
--------- --------- ------
Net income $ 654,017 $ 321,730 103.3
========= ========= ======
Earnings per share:
Earnings from continuing operations $2.38 $2.22 7.2
Earnings from discontinued operations:
Discontinued operations, net of tax $0.17 $0.08 112.5
Gain on sale of Outdoor, net of tax $2.09 $0.00 --
----- ----- ------
Net income per share $4.64 $2.30 101.7
===== ===== ======
Dividends per share $1.06 $1.03 2.9
===== ===== ======
Note: This statement has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation.
CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Year Ended
December 31, 1995
Net Operating Revenues:
Newspaper advertising $ 2,219,250
Newspaper circulation 869,173
Broadcasting 466,187
Cable and security 17,831
Other 171,426
---------
Total 3,743,867
---------
Operating Expenses:
Cost of sales and operating expenses,
exclusive of depreciation 2,109,743
Selling, general and administrative,
exclusive of depreciation 619,125
Depreciation 143,739
Amortization of intangible assets 49,328
---------
Total 2,921,935
---------
Operating income 821,932
---------
Non-operating income (expense):
Interest expense (52,175)
Other 3,754
---------
Total (48,421)
---------
Income before income taxes 773,511
Provision for income taxes 314,100
---------
Income from continuing operations 459,411
Discontinued operations:
Income from discontinued operations,
net of income taxes 17,851
Gain on sale of Outdoor business,
net of income taxes 0
---------
Net income $ 477,262
=========
Earnings per share:
Earnings from continuing operations $3.28
Earnings from discontinued operations:
net of tax $0.13
-----
Net income per share $3.41
=====
Dividends per share $1.38
=====
Note: This statement has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Quarter ended %Inc
March 31, 1996 March 26, 1995
Operating Revenues:
Newspaper publishing $ 825,583 $ 766,241 7.7
Broadcasting 141,688 96,983 46.1
Cable and security 56,612 0 --
--------- --------- ------
Total $ 1,023,883 $ 863,224 18.6
========= ========= ======
Operating Income:
(net of depreciation and amortization)
Newspaper publishing $ 146,971 $ 150,741 (2.5)
Broadcasting 50,039 26,240 90.7
Cable and security 11,717 0 --
Corporate (16,418) (16,986) 3.3
--------- --------- ------
Total $ 192,309 $ 159,995 20.2
========= ========= ======
Depreciation and Amortization:
Newspaper publishing $ 40,716 $ 36,724 10.9
Broadcasting 13,119 7,064 85.7
Cable and security 15,961 0 --
Corporate 2,556 2,661 (3.9)
--------- --------- ------
Total $ 72,352 $ 46,449 55.8
========= ========= ======
Operating Cash Flow:
Newspaper publishing $ 187,687 $ 187,465 0.1
Broadcasting 63,158 33,304 89.6
Cable and security 27,678 0 --
Corporate (13,862) (14,325) 3.2
--------- --------- ------
Total $ 264,661 $ 206,444 28.2
========= ========= ======
Note: This information has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation and to reflect the
elimination of the previously reported "Other businesses" segment. The Alarm
Security business previously reported therein is now reflected with the Cable
business (Cable and security segment); all other businesses included therein
are now reflected with the Newspaper publishing segment.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Quarter ended %Inc
June 30, 1996 June 25, 1995
Operating Revenues:
Newspaper publishing $ 875,256 $ 824,473 6.2
Broadcasting 176,306 120,880 45.9
Cable and security 57,732 0 --
--------- --------- ------
Total $ 1,109,294 $ 945,353 17.3
========= ========= ======
Operating Income:
(net of depreciation and amortization)
Newspaper publishing $ 203,079 $ 205,350 (1.1)
Broadcasting 82,109 47,366 73.4
Cable and security 12,072 0 --
Corporate (16,586) (17,428) 4.8
--------- --------- ------
Total $ 280,674 $ 235,288 19.3
========= ========= ======
Depreciation and Amortization:
Newspaper publishing $ 40,743 $ 36,692 11.0
Broadcasting 12,899 7,006 84.1
Cable and security 16,317 0 --
Corporate 2,556 2,417 5.8
--------- --------- ------
Total $ 72,515 $ 46,115 57.2
========= ========= ======
Operating Cash Flow:
Newspaper publishing $ 243,822 $ 242,042 0.7
Broadcasting 95,008 54,372 74.7
Cable and security 28,389 0 --
Corporate (14,030) (15,011) 6.5
--------- --------- ------
Total $ 353,189 $ 281,403 25.5
========= ========= ======
Note: This information has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation and to reflect the
elimination of the previously reported "Other businesses" segment. The Alarm
Security business previously reported therein is now reflected with the Cable
business (Cable and security segment); all other businesses included therein
are now reflected with the Newspaper publishing segment.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Quarter ended %Inc
Sept. 29, 1996 Sept. 24, 1995
Operating Revenues:
Newspaper publishing $ 855,492 $ 760,076 12.6
Broadcasting 178,879 104,787 70.7
Cable and security 58,332 0 --
--------- --------- ------
Total $ 1,092,703 $ 864,863 26.3
========= ========= ======
Operating Income:
(net of depreciation and amortization)
Newspaper publishing $ 159,783 $ 136,344 17.2
Broadcasting 76,116 38,513 97.6
Cable and security 11,546 0 --
Corporate (14,407) (15,166) 5.0
--------- --------- ------
Total $ 233,038 $ 159,691 45.9
========= ========= ======
Depreciation and Amortization:
Newspaper publishing $ 40,282 $ 36,169 11.4
Broadcasting 12,886 6,991 84.3
Cable and security 16,609 0 --
Corporate 2,467 2,355 4.8
--------- --------- ------
Total $ 72,244 $ 45,515 58.7
========= ========= ======
Operating Cash Flow:
Newspaper publishing $ 200,065 $ 172,513 16.0
Broadcasting 89,002 45,504 95.6
Cable and security 28,155 0 --
Corporate (11,940) (12,811) 6.8
--------- --------- ------
Total $ 305,282 $ 205,206 48.8
========= ========= ======
Note: This information has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation and to reflect the
elimination of the previously reported "Other businesses" segment. The Alarm
Security business previously reported therein is now reflected with the Cable
business (Cable and security segment); all other businesses included therein
are now reflected with the Newspaper publishing segment.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Quarter ended
December 31, 1995
Operating Revenues:
Newspaper publishing $ 909,059
Broadcasting 143,537
Cable and security 17,831
---------
Total $ 1,070,427
=========
Operating Income:
(net of depreciation and amortization)
Newspaper publishing $ 209,134
Broadcasting 70,746
Cable and security 4,801
Corporate (17,723)
---------
Total $ 266,958
=========
Depreciation and Amortization:
Newspaper publishing $ 39,347
Broadcasting 9,046
Cable and security 4,407
Corporate 2,188
---------
Total $ 54,988
=========
Operating Cash Flow:
Newspaper publishing $ 248,481
Broadcasting 79,792
Cable and security 9,208
Corporate (15,535)
---------
Total $ 321,946
=========
Note: This information has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation and to reflect the
elimination of the previously reported "Other businesses" segment. The Alarm
Security business previously reported therein is now reflected with the Cable
business (Cable and security segment); all other businesses included therein
are now reflected with the Newspaper publishing segment.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Three Quarters Ended %Inc
Sept. 29, 1996 Sept. 24, 1995
Operating Revenues:
Newspaper publishing $ 2,556,331 $ 2,350,790 8.7
Broadcasting 496,873 322,650 54.0
Cable and security 172,676 0 --
--------- --------- ------
Total $ 3,225,880 $ 2,673,440 20.7
========= ========= ======
Operating Income:
(net of depreciation and amortization)
Newspaper publishing $ 509,833 $ 492,435 3.5
Broadcasting 208,264 112,119 85.8
Cable and security 35,335 0 --
Corporate (47,411) (49,580) 4.4
--------- --------- ------
Total $ 706,021 $ 554,974 27.2
========= ========= ======
Depreciation and Amortization:
Newspaper publishing $ 121,741 $ 109,585 11.1
Broadcasting 38,904 21,061 84.7
Cable and security 48,887 0 --
Corporate 7,579 7,433 2.0
--------- --------- ------
Total $ 217,111 $ 138,079 57.2
========= ========= ======
Operating Cash Flow:
Newspaper publishing $ 631,574 $ 602,020 4.9
Broadcasting 247,168 133,180 85.6
Cable and security 84,222 0 --
Corporate (39,832) (42,147) 5.5
--------- --------- ------
Total $ 923,132 $ 693,053 33.2
========= ========= ======
Note: This information has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation and to reflect the
elimination of the previously reported "Other businesses" segment. The Alarm
Security business previously reported therein is now reflected with the Cable
business (Cable and security segment); all other businesses included therein
are now reflected with the Newspaper publishing segment.
BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars
Year Ended
December 31, 1995
Operating Revenues:
Newspaper publishing $ 3,259,849
Broadcasting 466,187
Cable and security 17,831
---------
Total $ 3,743,867
=========
Operating Income:
(net of depreciation and amortization)
Newspaper publishing $ 701,569
Broadcasting 182,865
Cable and security 4,801
Corporate (67,303)
---------
Total $ 821,932
=========
Depreciation and Amortization:
Newspaper publishing $ 148,932
Broadcasting 30,107
Cable and security 4,407
Corporate 9,621
---------
Total $ 193,067
=========
Operating Cash Flow:
Newspaper publishing $ 850,501
Broadcasting 212,972
Cable and security 9,208
Corporate (57,682)
---------
Total $ 1,014,999
=========
Note: This information has been restated to reflect Multimedia Entertainment
(sold in December, 1996) as a discontinued operation and to reflect the
elimination of the previously reported "Other businesses" segment. The Alarm
Security business previously reported therein is now reflected with the Cable
business (Cable and security segment); all other businesses included therein
are now reflected with the Newspaper publishing segment.