GateHouse Media Reports $18.5M Loss
GateHouse Media Inc., the Fairport, N.Y.-based parent of the MetroWest Daily News of Framingham and the Milford Daily News, reported a third quarter net loss of $18.5 million despite revenue that increased 6.4 percent to $171.6 million compared to the third quarter of 2007.
The company also posted an operating loss of $15.5 million compared to an operating loss of $9.9 million for the same period a year ago.
Operating expenses such as selling, administrative and other costs all increased compared to the third quarter of 2007.
The company said classified advertising revenue, which dropped 21 percent during the quarter, is responsible for 97 percent of the company's total revenue declines. However, online advertising revenue continues to grow and increased by 34 percent over the third quarter of 2007.
Circulation revenue increased by 4 percent during the quarter, the company said.
GateHouse publishes 92 daily newspapers in 21 states, including eight in Massachsuetts. The company also publishes more than 100 free and paid weekly papers in Massachusetts.
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