Core TV up 11.1% at Gannett


Gannett reported that Q4 broadcasting revenues were down 13.9% to $183.2 million. But if you exclude the Captivate elevator video business and political revenues, core TV revenues were up 11.1%.

Total revenues for the TV group were $174.5 million, as compared to $205.6 million a year ago, but Q4 of 2008 had included $47.5 million more in political advertising.

Gannett said the increase in core TV advertising was driven by double digit growth in the medical and media categories. Auto was down in the mid-single digits, but the company noted that was an improvement over the category’s performance in the previous three quarters.

As the company benefitted from cost-cutting efforts, broadcsting operating income fell only $18.8 million to $79.2 million.

Publishing saw ad revenues decline 18%, with retail, antional and classified all down double digits. Operating income, hwoever, rose 5.5% to $219.1 million.

For all of Gannett, Q4 earnings per share, excluding special items, were 72 cents, compared to 85 cents a year earlier. The Q4 2009 results beat Wall Street expectations and Gannett’s own guidance.