Benchmark Reports Gannett Posted In-Line 1Q11 Results

According to Benchmark, Gannett GCI cash could be returned in 2H11. Benchmark reported that Gannett (GCI-Buy, PT $18) posted in-line 1Q11 results. “Ongoing publishing declines, notably at Newsquest, and a difficult comparison in broadcasting resulted in a 4% y/y revenue decline to $1.25 billion, matching consensus. Continued cost management helped limit EBITDA declines to 11% y/y, leading to adjusted EPS of $0.41, in line with consensus and $0.01 below our $0.42 estimate.” Gannett closed yesterday at $15.39.