GateHouse Media Revenue, Profits Fall In Q1
New York-based GateHouse Media, which operates two daily newspapers in Central Massachusetts and 79 across the country, saw its revenue fall and its losses increase during its first fiscal quarter, ended March 31.
GateHouse, which trades on the OTC Pink Sheets, posted revenue of $110.9 million, down 6 percent from $118 million during the same quarter a year ago.
That decline was driven by lower advertising revenue, which dipped 10 percent to $71.4 million.
The company's net loss widened from $13.4 million to $17.6 million.
Michael E. Reed, GateHouse's CEO, said small businesses are holding back on ad spending and that classified revenue was impacted by fewer foreclosures in Massachusetts, a dip that accounted for 20 percent of the company's total revenue drop.
Reed said weaker employment advertising also had an impact during the quarter.
GateHouse owns The MetroWest Daily News, The Milford Daily News and six other dailies in Massachusetts. The company also operates several dozen Wicked Local news websites that cover Central Massachusetts communities.
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