Broadcast Revenue Drop Hurts Profit at Gannett

Gannett Co., publisher of USA Today and the owner of 21 television stations, said quarterly earnings fell for the first time since 2001 as declining broadcast revenue and higher costs cut profit by 3.2%.

First-quarter net income was $265.7 million, or $1.05 a share, compared with $274.4 million, or $1, a year earlier, McLean, Va.-based Gannett said. Per-share earnings rose because the company bought back stock. Sales rose 3.6% to $1.79 billion.

Gannett shares rose $1.19 to $80 on the New York Stock Exchange.