gannett 2Qtranscript03final

Gannett reported second quarter earnings of $1.20 per share, a 6% increase over the prior year. Newspaper advertising revenues rose 3% domestically and Newsquest revenues were up 3% in pounds in the UK. Television revenues increased 1% despite lower political spending. Cash costs rose over 6% including acquisitions, but on a pro forma basis excluding acquisitions costs rose around 3% reflecting commercial printing growth and currency impacts. July advertising trends were mixed with television pacings slightly below prior year when adjusting for large political spending last year. Near-term outlook remained cautious due to economic uncertainty.