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GANNETT CO INC /DE/


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-27




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Selected tables from the SEC filing


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PART I. FINANCIAL INFORMATION


Items 1 and 2. Financial Statements and Managements Discussion and Analysis of Financial Condition and Results of Operations


CONDENSED CONSOLIDATED BALANCE SHEETS


CONDENSED CONSOLIDATED STATEMENTS OF INCOME


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Item 3. Quantitative and Qualitative Disclosures about Market Risk


Item 4. Controls and Procedures


PART II. OTHER INFORMATION


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds


Item 6. Exhibits


SIGNATURES


EXHIBIT INDEX


Exhibit 3-2


Exhibit 31-1


Exhibit 31-2


Exhibit 32-1


Exhibit 32-2


EX-101 INSTANCE DOCUMENT


EX-101 SCHEMA DOCUMENT


EX-101 CALCULATION LINKBASE DOCUMENT


EX-101 LABELS LINKBASE DOCUMENT


EX-101 PRESENTATION LINKBASE DOCUMENT






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    [2..8)   [0..0] (stub): 'CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS'

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    [2..8)   [0..0] (stub): 'NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS'

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Table attributes: balancesheet,incomestatement,cash



Table 1


Financial table in standard format


CONDENSED CONSOLIDATED BALANCE SHEETS

Gannett Co., Inc. and Subsidiaries

In thousands of dollars (except per share amounts)








     
     
     
     
     
     
     
     
     




     
     
    Jun. 27, 2010
     
     
    Dec. 27, 2009
     




     
     
    (Unaudited)
     
     
     
     
     







    
ASSETS

     
     
     
     
     
     
     
     




    
Current assets

     
     
     
     
     
     
     
     




    
Cash and cash equivalents

     
    $
    157,208
     
     
    $
    98,795
     




    
Trade receivables, less allowance for doubtful receivables
(2010 - $46,663; 2009 - $46,255)

     
     
    647,224
     
     
     
    759,934
     




    
Other receivables

     
     
    20,503
     
     
     
    20,557
     




    
Inventories

     
     
    62,378
     
     
     
    63,752
     




    
Deferred income taxes

     
     
    18,663
     
     
     
    19,577
     




    
Prepaid expenses and other current assets

     
     
    73,521
     
     
     
    86,427
     




    
Assets held for sale

     
     
    19,654
     
     
     
    
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total current assets

     
     
    999,151
     
     
     
    1,049,042
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Property, plant and equipment

     
     
     
     
     
     
     
     




    
Cost

     
     
    4,270,235
     
     
     
    4,428,859
     




    
Less accumulated depreciation

     
     
    (2,449,865
    )
     
     
    (2,457,041
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Net property, plant and equipment

     
     
    1,820,370
     
     
     
    1,971,818
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Intangible and other assets

     
     
     
     
     
     
     
     




    
Goodwill

     
     
    2,834,025
     
     
     
    2,854,247
     




    
Indefinite-lived and amortizable intangible assets, less
accumulated amortization

     
     
    549,785
     
     
     
    565,610
     




    
Deferred income taxes

     
     
    259,364
     
     
     
    302,360
     




    
Investments and other assets

     
     
    383,191
     
     
     
    405,355
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total intangible and other assets

     
     
    4,026,365
     
     
     
    4,127,572
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total assets

     
    $
    6,845,886
     
     
    $
    7,148,432
     




    
 

     
         
     
     
         
     











GANNETT CO INC /DE/
CIK:39899


2010-06-27
2009-12-27

(Unaudited)


ASSETS


Current assets


Cash and cash equivalents$157,208$98,795


Trade receivables, less allowance for doubtful receivables (2010 - $46,663; 2009 - $46,255)647,224759,934


Other receivables20,50320,557


Inventories62,37863,752


Deferred income taxes18,66319,577


Prepaid expenses and other current assets73,52186,427


Assets held for sale19,654


Total current assets999,1511,049,042


Property, plant and equipment


Cost4,270,2354,428,859


Less accumulated depreciation(2,449,865)(2,457,041)


Net property, plant and equipment1,820,3701,971,818


Intangible and other assets


Goodwill2,834,0252,854,247


Indefinite-lived and amortizable intangible assets, less accumulated amortization549,785565,610


Deferred income taxes259,364302,360


Investments and other assets383,191405,355


Total intangible and other assets4,026,3654,127,572


Total assets$6,845,886$7,148,432





Table 2


Financial table in standard format


CONDENSED CONSOLIDATED BALANCE SHEETS

Gannett Co., Inc. and Subsidiaries

In thousands of dollars (except per share amounts)








     
     
     
     
     
     
     
     
     




     
     
    Jun. 27, 2010
     
     
    Dec. 27, 2009
     




     
     
    (Unaudited)
     
     
     
     
     







    
LIABILITIES AND EQUITY

     
     
     
     
     
     
     
     




    
Current liabilities

     
     
     
     
     
     
     
     




    
Accounts payable and current portion of film
contracts payable

     
    $
    174,627
     
     
    $
    252,585
     




    
Compensation, interest and other accruals

     
     
    350,178
     
     
     
    370,174
     




    
Dividends payable

     
     
    9,756
     
     
     
    9,703
     




    
Income taxes

     
     
    40,921
     
     
     
    45,085
     




    
Deferred income

     
     
    229,845
     
     
     
    222,556
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total current liabilities

     
     
    805,327
     
     
     
    900,103
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Income taxes

     
     
    166,915
     
     
     
    206,115
     




    
Long-term debt

     
     
    2,630,035
     
     
     
    3,061,951
     




    
Postretirement medical and life insurance liabilities

     
     
    174,233
     
     
     
    185,433
     




    
Pension liabilities

     
     
    704,597
     
     
     
    708,133
     




    
Other long-term liabilities

     
     
    240,317
     
     
     
    260,918
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total liabilities

     
     
    4,721,424
     
     
     
    5,322,653
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Redeemable noncontrolling interest

     
     
    81,142
     
     
     
    78,304
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Commitments and contingent liabilities (See Note 14)

     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Equity

     
     
     
     
     
     
     
     




    
Gannett Co., Inc. shareholders equity

     
     
     
     
     
     
     
     




    
Preferred
stock of $1 par value per share 

Authorized: 2,000,000 shares;

     
     
     
     
     
     
     
     




    
 Issued: none

     
     
    
     
     
     
    
     




    
Common stock of $1 par value per share

     
     
     
     
     
     
     
     




    
Authorized: 800,000,000 shares;

     
     
     
     
     
     
     
     




    
Issued: 324,418,632 shares

     
     
    324,419
     
     
     
    324,419
     




    
Additional paid-in capital

     
     
    624,935
     
     
     
    629,714
     




    
Retained earnings

     
     
    6,618,191
     
     
     
    6,324,586
     




    
Accumulated other comprehensive loss

     
     
    (346,687
    )
     
     
    (316,832
    )




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
 

     
     
    7,220,858
     
     
     
    6,961,887
     




    
 

     
     
     
     
     
     




    
Less treasury stock, 85,849,060 shares and
87,261,969 shares, respectively, at cost

     
     
    (5,323,510
    )
     
     
    (5,357,962
    )





    
 

     
     
     
     
     
     





    
Total Gannett Co., Inc. shareholders equity

     
     
    1,897,348
     
     
     
    1,603,925
     




    
 

     
     
     
     
     
     




    
Noncontrolling interests

     
     
    145,972
     
     
     
    143,550
     




    
 

     
     
     
     
     
     




    
Total equity

     
     
    2,043,320
     
     
     
    1,747,475
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total liabilities, redeemable noncontrolling
interest and equity

     
    $
    6,845,886
     
     
    $
    7,148,432
     




    
 

     
         
     
     
         
     











GANNETT CO INC /DE/
CIK:39899


2010-06-27
2009-12-27

(Unaudited)


LIABILITIES AND EQUITY


Current liabilities


Accounts payable and current portion of film contracts payable$174,627$252,585


Compensation, interest and other accruals350,178370,174


Dividends payable9,7569,703


Income taxes40,92145,085


Deferred income229,845222,556


Total current liabilities805,327900,103


Income taxes166,915206,115


Long-term debt2,630,0353,061,951


Postretirement medical and life insurance liabilities174,233185,433


Pension liabilities704,597708,133


Other long-term liabilities240,317260,918


Total liabilities4,721,4245,322,653


Redeemable noncontrolling interest81,14278,304


Commitments and contingent liabilities (See Note 14)


Equity


Gannett Co., Inc. shareholders equity


Preferred stock of $1 par value per share  Authorized: 2,000,000 shares;


Issued: none


Common stock of $1 par value per share


Authorized: 800,000,000 shares;


Issued: 324,418,632 shares324,419324,419


Additional paid-in capital624,935629,714


Retained earnings6,618,1916,324,586


Accumulated other comprehensive loss(346,687)(316,832)


7,220,8586,961,887


Less treasury stock, 85,849,060 shares and 87,261,969 shares, respectively, at cost(5,323,510)(5,357,962)


Total Gannett Co., Inc. shareholders equity1,897,3481,603,925


Noncontrolling interests145,972143,550


Total equity2,043,3201,747,475


Total liabilities, redeemable noncontrolling interest and equity$6,845,886$7,148,432





Table 3


Financial table in standard format


CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Gannett Co., Inc. and Subsidiaries

Unaudited, in thousands of dollars (except per share amounts)








     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Thirteen Weeks Ended
     
     
    % Inc
     




     
     
    June 27, 2010
     
     
    June 28, 2009
     
     
    (Dec)
     







    
Net Operating Revenues:

     
     
     
     
     
     
     
     
     
     
     
     




    
Publishing advertising

     
    $
    692,172
     
     
    $
    734,241
     
     
     
    (5.7
    )




    
Publishing circulation

     
     
    270,086
     
     
     
    287,058
     
     
     
    (5.9
    )




    
Digital

     
     
    154,104
     
     
     
    142,354
     
     
     
    8.3
     




    
Broadcasting

     
     
    184,016
     
     
     
    152,966
     
     
     
    20.3
     




    
All other

     
     
    64,765
     
     
     
    70,716
     
     
     
    (8.4
    )




    
 

     
     
     
     
     
     
     
     
     




    
Total

     
     
    1,365,143
     
     
     
    1,387,335
     
     
     
    (1.6
    )




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Operating Expenses:

     
     
     
     
     
     
     
     
     
     
     
     




    
Cost of sales and operating expenses, exclusive of depreciation

     
     
    745,489
     
     
     
    848,257
     
     
     
    (12.1
    )




    
Selling, general and administrative expenses, exclusive of depreciation

     
     
    292,691
     
     
     
    288,200
     
     
     
    1.6
     




    
Depreciation

     
     
    46,274
     
     
     
    53,208
     
     
     
    (13.0
    )




    
Amortization of intangible assets

     
     
    8,080
     
     
     
    8,232
     
     
     
    (1.8
    )




    
Facility consolidation and asset impairment charges

     
     
    
     
     
     
    47,391
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Total

     
     
    1,092,534
     
     
     
    1,245,288
     
     
     
    (12.3
    )




    
 

     
     
     
     
     
     
     
     
     




    
Operating income

     
     
    272,609
     
     
     
    142,047
     
     
     
    91.9
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Non-operating (expense) income:

     
     
     
     
     
     
     
     
     
     
     
     




    
Equity income in unconsolidated investees, net

     
     
    7,503
     
     
     
    2,839
     
     
     
    164.3
     




    
Interest expense

     
     
    (42,190
    )
     
     
    (43,971
    )
     
     
    (4.1
    )




    
Other non-operating items

     
     
    (2,934
    )
     
     
    16,582
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Total

     
     
    (37,621
    )
     
     
    (24,550
    )
     
     
    53.2
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Income before income taxes

     
     
    234,988
     
     
     
    117,497
     
     
     
    100.0
     




    
Provision for income taxes

     
     
    49,400
     
     
     
    39,614
     
     
     
    24.7
     




    
 

     
     
     
     
     
     
     
     
     




    
Income from continuing operations

     
     
    185,588
     
     
     
    77,883
     
     
     
    138.3
     




    
(Loss) income from the operation of discontinued operations, net of tax

     
     
    (882
    )
     
     
    424
     
     
     
    ***
    




    
Gain on disposal of newspaper businesses, net of tax

     
     
    21,195
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income

     
     
    205,901
     
     
     
    78,307
     
     
     
    162.9
     




    
Net income attributable to noncontrolling interest

     
     
    (10,423
    )
     
     
    (7,826
    )
     
     
    33.2
     




    
 

     
     
     
     
     
     
     
     
     




    
Net income attributable to Gannett Co., Inc.

     
    $
    195,478
     
     
    $
    70,481
     
     
     
    177.3
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Income from continuing operations attributable to Gannett Co., Inc.

     
    $
    175,165
     
     
    $
    70,057
     
     
     
    150.0
     




    
(Loss) income from the operation of discontinued operations, net of tax

     
     
    (882
    )
     
     
    424
     
     
     
    ***
    




    
Gain on disposal of publishing businesses, net of tax

     
     
    21,195
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income attributable to Gannett Co., Inc.

     
    $
    195,478
     
     
    $
    70,481
     
     
     
    177.3
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Earnings from continuing operations per share  basic

     
    $
    0.74
     
     
    $
    0.30
     
     
     
    146.7
     




    
Earnings (loss) from discontinued operations

     
     
     
     
     
     
     
     
     
     
     
     




    
Discontinued operations per share  basic

     
     
    (0.01
    )
     
     
    
     
     
     
    ***
    




    
Gain on disposal of newspaper businesses per share  basic

     
     
    0.09
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income per share  basic

     
    $
    0.82
     
     
    $
    0.30
     
     
     
    173.3
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Earnings from continuing operations per share  diluted

     
    $
    0.73
     
     
    $
    0.30
     
     
     
    143.3
     




    
Earnings (loss) from discontinued operations

     
     
     
     
     
     
     
     
     
     
     
     




    
Discontinued operations per share  diluted

     
     
    (0.01
    )
     
     
    
     
     
     
    ***
    




    
Gain on disposal of newspaper businesses per share  diluted

     
     
    0.09
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income per share  diluted

     
    $
    0.81
     
     
    $
    0.30
     
     
     
    170.0
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Dividends per share

     
    $
    0.04
     
     
    $
    0.04
     
     
     
    
     




    
 

     
         
     
     
         
     
     
         
     











GANNETT CO INC /DE/
CIK:39899


2010-03-28
to
2010-06-27
(13-weeks)		
2009-03-29
to
2009-06-28
(13-weeks)		


Net Operating Revenues:


Publishing advertising$692,172$734,241(5.7)


Publishing circulation270,086287,058(5.9)


Digital154,104142,3548.3


Broadcasting184,016152,96620.3


All other64,76570,716(8.4)


Total1,365,1431,387,335(1.6)


Operating Expenses:


Cost of sales and operating expenses, exclusive of depreciation745,489848,257(12.1)


Selling, general and administrative expenses, exclusive of depreciation292,691288,2001.6


Depreciation46,27453,208(13.0)


Amortization of intangible assets8,0808,232(1.8)


Facility consolidation and asset impairment charges47,391


Total1,092,5341,245,288(12.3)


Operating income272,609142,04791.9


Non-operating (expense) income:


Equity income in unconsolidated investees, net7,5032,839164.3


Interest expense(42,190)(43,971)(4.1)


Other non-operating items(2,934)16,582


Total(37,621)(24,550)53.2


Income before income taxes234,988117,497100.0


Provision for income taxes49,40039,61424.7


Income from continuing operations185,58877,883138.3


(Loss) income from the operation of discontinued operations, net of tax(882)424


Gain on disposal of newspaper businesses, net of tax21,195


Net income205,90178,307162.9


Net income attributable to noncontrolling interest(10,423)(7,826)33.2


Net income attributable to Gannett Co., Inc.$195,478$70,481177.3


Income from continuing operations attributable to Gannett Co., Inc.$175,165$70,057150.0


(Loss) income from the operation of discontinued operations, net of tax(882)424


Gain on disposal of publishing businesses, net of tax21,195


Net income attributable to Gannett Co., Inc.$195,478$70,481177.3


Earnings from continuing operations per share basic$0.74$0.30146.7


Earnings (loss) from discontinued operations


Discontinued operations per share basic(0.01)


Gain on disposal of newspaper businesses per share basic0.09


Net income per share basic$0.82$0.30173.3


Earnings from continuing operations per share diluted$0.73$0.30143.3


Earnings (loss) from discontinued operations


Discontinued operations per share diluted(0.01)


Gain on disposal of newspaper businesses per share diluted0.09


Net income per share diluted$0.81$0.30170.0


Dividends per share$0.04$0.04





Data column 3: Unable to interpret date in column header


Table 4


Financial table in standard format


CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Gannett Co., Inc. and Subsidiaries

Unaudited, in thousands of dollars (except per share amounts)








     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Twenty-six Weeks Ended
     
     
    % Inc
     




     
     
    June 27, 2010
     
     
    June 28, 2009
     
     
    (Dec)
     







    
Net Operating Revenues:

     
     
     
     
     
     
     
     
     
     
     
     




    
Publishing advertising

     
    $
    1,341,507
     
     
    $
    1,439,059
     
     
     
    (6.8
    )




    
Publishing circulation

     
     
    549,086
     
     
     
    581,190
     
     
     
    (5.5
    )




    
Digital

     
     
    294,742
     
     
     
    285,514
     
     
     
    3.2
     




    
Broadcasting

     
     
    351,504
     
     
     
    296,456
     
     
     
    18.6
     




    
All other

     
     
    127,889
     
     
     
    139,510
     
     
     
    (8.3
    )




    
 

     
     
     
     
     
     
     
     
     




    
Total

     
     
    2,664,728
     
     
     
    2,741,729
     
     
     
    (2.8
    )




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Operating Expenses:

     
     
     
     
     
     
     
     
     
     
     
     




    
Cost of sales and operating expenses, exclusive of depreciation

     
     
    1,477,598
     
     
     
    1,667,411
     
     
     
    (11.4
    )




    
Selling, general and administrative expenses, exclusive of depreciation

     
     
    587,824
     
     
     
    592,068
     
     
     
    (0.7
    )




    
Depreciation

     
     
    93,625
     
     
     
    108,354
     
     
     
    (13.6
    )




    
Amortization of intangible assets

     
     
    16,042
     
     
     
    16,397
     
     
     
    (2.2
    )




    
Facility consolidation and asset impairment charges

     
     
    
     
     
     
    47,391
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Total

     
     
    2,175,089
     
     
     
    2,431,621
     
     
     
    (10.5
    )




    
 

     
     
     
     
     
     
     
     
     




    
Operating income

     
     
    489,639
     
     
     
    310,108
     
     
     
    57.9
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Non-operating (expense) income:

     
     
     
     
     
     
     
     
     
     
     
     




    
Equity income in unconsolidated investees, net

     
     
    8,036
     
     
     
    150
     
     
     
    ***
    




    
Interest expense

     
     
    (85,663
    )
     
     
    (92,882
    )
     
     
    (7.8
    )




    
Other non-operating items

     
     
    (3,457
    )
     
     
    19,039
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Total

     
     
    (81,084
    )
     
     
    (73,693
    )
     
     
    10.0
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Income before income taxes

     
     
    408,555
     
     
     
    236,415
     
     
     
    72.8
     




    
Provision for income taxes

     
     
    104,213
     
     
     
    79,628
     
     
     
    30.9
     




    
 

     
     
     
     
     
     
     
     
     




    
Income from continuing operations

     
     
    304,342
     
     
     
    156,787
     
     
     
    94.1
     




    
Loss from the operation of discontinued operations, net of tax

     
     
    (322
    )
     
     
    (731
    )
     
     
    (56.0
    )




    
Gain on disposal of newspaper businesses, net of tax

     
     
    21,195
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income

     
     
    325,215
     
     
     
    156,056
     
     
     
    108.4
     




    
Net income attributable to noncontrolling interest

     
     
    (12,558
    )
     
     
    (8,140
    )
     
     
    54.3
     




    
 

     
     
     
     
     
     
     
     
     




    
Net income attributable to Gannett Co., Inc.

     
    $
    312,657
     
     
    $
    147,916
     
     
     
    111.4
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Income from continuing operations attributable to Gannett Co., Inc.

     
    $
    291,784
     
     
    $
    148,647
     
     
     
    96.3
     




    
Loss from the operation of discontinued operations, net of tax

     
     
    (322
    )
     
     
    (731
    )
     
     
    (56.0
    )




    
Gain on disposal of publishing businesses, net of tax

     
     
    21,195
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income attributable to Gannett Co., Inc.

     
    $
    312,657
     
     
    $
    147,916
     
     
     
    111.4
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Earnings from continuing operations per share  basic

     
    $
    1.23
     
     
    $
    0.64
     
     
     
    92.2
     




    
Earnings (loss) from discontinued operations

     
     
     
     
     
     
     
     
     
     
     
     




    
Discontinued operations per share  basic

     
     
    (0.01
    )
     
     
    
     
     
     
    ***
    




    
Gain on disposal of newspaper businesses per share  basic

     
     
    0.09
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Net income per share  basic

     
    $
    1.31
     
     
    $
    0.64
     
     
     
    104.7
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Earnings from continuing operations per share  diluted

     
    $
    1.21
     
     
    $
    0.64
     
     
     
    89.1
     




    
Earnings from discontinued operations

     
     
     
     
     
     
     
     
     
     
     
     




    
Discontinued operations per share  diluted

     
     
    
     
     
     
    
     
     
     
    ***
    




    
Gain on disposal of newspaper businesses per share  diluted

     
     
    0.09
     
     
     
    
     
     
     
    ***
    




    
 

     
     
     
     
     
     
     
     
     




    
Earnings per share  diluted

     
    $
    1.30
     
     
    $
    0.64
     
     
     
    103.1
     




    
 

     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Dividends per share

     
    $
    0.08
     
     
    $
    0.08
     
     
     
    
     




    
 

     
         
     
     
         
     
     
         
     











GANNETT CO INC /DE/
CIK:39899


2009-12-27
to
2010-06-27
(26-weeks)		
2008-12-28
to
2009-06-28
(26-weeks)		


Net Operating Revenues:


Publishing advertising$1,341,507$1,439,059(6.8)


Publishing circulation549,086581,190(5.5)


Digital294,742285,5143.2


Broadcasting351,504296,45618.6


All other127,889139,510(8.3)


Total2,664,7282,741,729(2.8)


Operating Expenses:


Cost of sales and operating expenses, exclusive of depreciation1,477,5981,667,411(11.4)


Selling, general and administrative expenses, exclusive of depreciation587,824592,068(0.7)


Depreciation93,625108,354(13.6)


Amortization of intangible assets16,04216,397(2.2)


Facility consolidation and asset impairment charges47,391


Total2,175,0892,431,621(10.5)


Operating income489,639310,10857.9


Non-operating (expense) income:


Equity income in unconsolidated investees, net8,036150


Interest expense(85,663)(92,882)(7.8)


Other non-operating items(3,457)19,039


Total(81,084)(73,693)10.0


Income before income taxes408,555236,41572.8


Provision for income taxes104,21379,62830.9


Income from continuing operations304,342156,78794.1


Loss from the operation of discontinued operations, net of tax(322)(731)(56.0)


Gain on disposal of newspaper businesses, net of tax21,195


Net income325,215156,056108.4


Net income attributable to noncontrolling interest(12,558)(8,140)54.3


Net income attributable to Gannett Co., Inc.$312,657$147,916111.4


Income from continuing operations attributable to Gannett Co., Inc.$291,784$148,64796.3


Loss from the operation of discontinued operations, net of tax(322)(731)(56.0)


Gain on disposal of publishing businesses, net of tax21,195


Net income attributable to Gannett Co., Inc.$312,657$147,916111.4


Earnings from continuing operations per share basic$1.23$0.6492.2


Earnings (loss) from discontinued operations


Discontinued operations per share basic(0.01)


Gain on disposal of newspaper businesses per share basic0.09


Net income per share basic$1.31$0.64104.7


Earnings from continuing operations per share diluted$1.21$0.6489.1


Earnings from discontinued operations


Discontinued operations per share diluted


Gain on disposal of newspaper businesses per share diluted0.09


Earnings per share diluted$1.30$0.64103.1


Dividends per share$0.08$0.08





Data column 3: Unable to interpret date in column header


Table 5


Financial table in standard format


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 27, 2010

NOTE 1 Basis of presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Gannett Co., Inc. (the Company) have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes, which are normally included in the Form 10-K and annual report to shareholders. The financial statements covering the thirteen week and year-to-date periods ended June 27, 2010, and the comparable periods of 2009, reflect all adjustments which, in the opinion of the Company, are necessary for a fair statement of results for the interim periods and reflect all normal and recurring adjustments which are necessary for a fair presentation of the Companys financial position, results of operations and cash flows as of the dates and for the periods presented.

During the quarter, the company completed the sale of The Honolulu Advertiser as well as a small directory publishing operation in Michigan. Income from continuing operations for the second quarter and year-to-date periods exclude the disposition gains and operating results from these former properties which have been reclassified to discontinued operations. Amounts applicable to discontinued operations, which have been reclassified in the Statements of Income for the thirteen week and twenty-six week periods ended June 27, 2010 and June 28, 2009, are as follows:








     
     
     
     
     
     
     
     
     




     
     
    Thirteen Weeks Ended
     
     
    Thirteen Weeks Ended
     




    (in thousands of dollars)
     
    June 27, 2010
     
     
    June 28, 2009
     







    
Revenues

     
    $
    9,890
     
     
    $
    25,258
     




    
Pretax (loss) income

     
    $
    (1,905
    )
     
    $
    710
     




    
Net (loss) income

     
    $
    (882
    )
     
    $
    424
     




    
Gains (after tax)

     
    $
    21,195
     
     
     
    
     





     





     
     
    Twenty-six Weeks Ended
     
     
    Twenty-six Weeks Ended
     




    (in thousands of dollars)
     
    June 27, 2010
     
     
    June 28, 2009
     







    
Revenues

     
    $
    32,710
     
     
    $
    49,342
     




    
Pretax loss

     
    $
    (758
    )
     
    $
    (1,159
    )




    
Net loss

     
    $
    (322
    )
     
    $
    (731
    )




    
Gains (after tax)

     
    $
    21,195
     
     
     
    
     











GANNETT CO INC /DE/
CIK:39899


2010-03-28
to
2010-06-27
(13-weeks)		
2009-03-29
to
2009-06-28
(13-weeks)		

Revenues$9,890$25,258


Pretax (loss) income$(1,905)$710


Net (loss) income$(882)$424


Gains (after tax)$21,195


Twenty-six Weeks Ended


(in thousands of dollars)


Revenues$32,710$49,342


Pretax loss$(758)$(1,159)


Net loss$(322)$(731)


Gains (after tax)$21,195





Table 6


Financial table in standard format


 

 

 

Level 1

 

Quoted market prices in active markets for identical assets or liabilities;

 

 

 

Level 2

 

Inputs other than Level 1 inputs that are either directly or indirectly observable; and

 

 

 

Level 3

 

Unobservable inputs developed using estimates and assumptions developed by the company, which reflect those that a market participant would use.

The following table summarizes the financial instruments measured at fair value in the accompanying condensed consolidated balance sheet as of June 27, 2010 (in thousands):








     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Fair Value Measurements as of
     




     
     
    June 27, 2010
     




     
     
    Level 1
     
     
    Level 2
     
     
    Level 3
     
     
    Total
     







    
Employee compensation related investments

     
    $
    13,705
     
     
    $
    
     
     
    $
    
     
     
    $
    13,705
     




    
Rabbi trust investments

     
    $
    24,066
     
     
    $
    
     
     
    $
    
     
     
    $
    24,066
     











GANNETT CO INC /DE/
CIK:39899


2010-06-27
2010-06-27
2010-06-27
2010-06-27

Level 1


Employee compensation related investments$13,705$13,705


Rabbi trust investments$24,066$24,066





Table 7


Financial table in standard format


EXHIBIT INDEX








     
     
     
     
     




    Exhibit
     
     
     
     




    Number
     
    Exhibit
     
    Location







    
 

     
     
     
     




    
3-1


     
    Third Restated Certificate of
Incorporation of Gannett Co., Inc.

     
    Incorporated by
reference to
Exhibit 3.1 to
Gannett Co., Inc.s
Form 10-Q for the
fiscal quarter ended
April 1, 2007.




    
 

     
     
     
     




    
3-2


     
    Amended by-laws of Gannett Co., Inc.

     
    Attached.




    
 

     
     
     
     




    
4-1


     
    Specimen Certificate for Gannett Co.,
Inc.s common stock, par value $1.00
per share.

     
    Incorporated by
reference to
Exhibit 2 to Gannett
Co., Inc.s Form 8-B
filed on June 14,
1972.




    
 

     
     
     
     




    
10-1


     
    Gannett Co., Inc. 2001 Omnibus
Incentive Compensation Plan, as
amended and restated as of May 4,
2010.*

     
    Incorporated by
reference to
Exhibit 10-2 to
Gannett Co., Inc.s
Form 10-Q for the
fiscal quarter ended
March 28, 2010.




    
 

     
     
     
     




    
10-2


     
    Amendment No. 1 to Gannett Co., Inc.
Transitional Compensation Plan
Restatement dated as of May 4, 2010.
*

     
    Incorporated by
reference to Exhibit
10-3 to Gannett Co.,
Inc.s Form 10-Q for
the fiscal quarter
ended March 28, 2010.




    
 

     
     
     
     




    
31-1


     
    Rule 13a-14(a) Certification of CEO.

     
    Attached.




    
 

     
     
     
     




    
31-2


     
    Rule 13a-14(a) Certification of CFO.

     
    Attached.




    
 

     
     
     
     




    
32-1


     
    Section 1350 Certification of CEO.

     
    Attached.




    
 

     
     
     
     




    
32-2


     
    Section 1350 Certification of CFO.

     
    Attached.




    
 

     
     
     
     




    
101


     
    The following financial information
from Gannett Co., Inc. Quarterly
Report on Form 10-Q for the quarter
ended June 27, 2010, formatted in
XBRL includes: (i) Condensed
Consolidated Statements of Income for
the fiscal quarter and year-to-date
periods ended June 27, 2010 and June
28, 2009, (ii) Condensed Consolidated
Balance Sheets at June 27, 2010 and
December 27, 2009, (iii) Condensed
Consolidated Cash Flow Statements for
the fiscal year-to-date periods ended
June 27, 2010 and June 28, 2009, and
(iv) the Notes to Condensed
Consolidated Financial Statements,
tagged as blocks of text.

     
    Attached.











GANNETT CO INC /DE/
CIK:39899





31-1


31-2


32-1


32-2


101





Data column 1: "numyear" is ambiguous (2001 or 2010 or 2010)

Data column 1: "month" is ambiguous (5 or 5)

Data column 1: "dayofmonth" is ambiguous (4 or 4)

Data column 1: Unable to interpret date in column header

Data column 2: "numyear" is ambiguous (2007 or 2010 or 2010)

Data column 2: "month" is ambiguous (4 or 6 or 3 or 3)

Data column 2: "dayofmonth" is ambiguous (1 or 14 or 28 or 28)

Data column 2: Unable to interpret date in column header


Table 8


Table column format standardization was unsuccessful.


 

 

 

 

 

Exhibit

 

 

 

 

Number

 

Exhibit

 

Location

 

 

 

 

 

3-1

 

Third Restated Certificate of Incorporation of Gannett Co., Inc.

 

Incorporated by reference to Exhibit 3.1 to Gannett Co., Inc.s Form 10-Q for the fiscal quarter ended April 1, 2007.

 

 

 

 

 

3-2

 

Amended by-laws of Gannett Co., Inc.

 

Attached.

 

 

 

 

 

4-1

 

Specimen Certificate for Gannett Co., Inc.s common stock, par value $1.00 per share.

 

Incorporated by reference to Exhibit 2 to Gannett Co., Inc.s Form 8-B filed on June 14, 1972.

 

 

 

 

 

10-1

 

Gannett Co., Inc. 2001 Omnibus Incentive Compensation Plan, as amended and restated as of May 4, 2010.*

 

Incorporated by reference to Exhibit 10-2 to Gannett Co., Inc.s Form 10-Q for the fiscal quarter ended March 28, 2010.

 

 

 

 

 

10-2

 

Amendment No. 1 to Gannett Co., Inc. Transitional Compensation Plan Restatement dated as of May 4, 2010. *

 

Incorporated by reference to Exhibit 10-3 to Gannett Co., Inc.s Form 10-Q for the fiscal quarter ended March 28, 2010.

 

 

 

 

 

31-1

 

Rule 13a-14(a) Certification of CEO.

 

Attached.

 

 

 

 

 

31-2

 

Rule 13a-14(a) Certification of CFO.

 

Attached.

 

 

 

 

 

32-1

 

Section 1350 Certification of CEO.

 

Attached.

 

 

 

 

 

32-2

 

Section 1350 Certification of CFO.

 

Attached.

 

 

 

 

 

101

 

The following financial information from Gannett Co., Inc. Quarterly Report on Form 10-Q for the quarter ended June 27, 2010, formatted in XBRL includes: (i) Condensed Consolidated Statements of Income for the fiscal quarter and year-to-date periods ended June 27, 2010 and June 28, 2009, (ii) Condensed Consolidated Balance Sheets at June 27, 2010 and December 27, 2009, (iii) Condensed Consolidated Cash Flow Statements for the fiscal year-to-date periods ended June 27, 2010 and June 28, 2009, and (iv) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text.

 

Attached.







     
     
     




    *
     
    Asterisks identify management contracts and compensatory plans or arrangements.








Unable to find the column headers.


Table internal representation dump (debug use)
First numeric data row: 0
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Row 1
    [0..0)   [0..0] (stub): '*'
    [2..2)   [1..1] (stub): 'Asterisks identify management contracts and compensatory plans or arrangements.'



Prototype ranges:
Row 1
    [0..0)   [0..0] (stub): ''
    [2..2)   [1..1] (stub): ''

Best data column prototype:
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    [0..0)   [0..0] (stub): ''
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Table attributes: balancesheet,date,incomestatement,cash



Original filing from SEC EDGAR system.