8k

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DtFJ7yY7jjFeeIOaasA7ZhK1YmXKOjJWgkuurPBMwosXDtTrSIAFY2FrYZcV8t/H ECWkcatIpCMUaflg99FwxA== 0000039899-04-000002.txt : 20040202 0000039899-04-000002.hdr.sgml : 20040202 20040202085751 ACCESSION NUMBER: 0000039899-04-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031228 ITEM INFORMATION: FILED AS OF DATE: 20040202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GANNETT CO INC /DE/ CENTRAL INDEX KEY: 0000039899 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 160442930 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06961 FILM NUMBER: 04557740 BUSINESS ADDRESS: STREET 1: 7950 JONES BRANCH DRIVE CITY: MCLEAN STATE: VA ZIP: 22107-0910 BUSINESS PHONE: 7038546000 MAIL ADDRESS: STREET 1: 7950 JONES BRANCH DRIVE CITY: MCLEAN STATE: VA ZIP: 22107-0910 8-K 1 form8-k.htm 8k

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported):

February 2, 2004

Commission file number 1-6961

GANNETT CO., INC.
(Exact name of registrant as specified in charter)


Delaware		16-0442930
(State or Other Jurisdiction of Incorporation or Organization of Registrant)		(I.R.S. Employer Identification No.)

7950 Jones Branch Drive, McLean, Virginia		22107-0910
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (703) 854-6000.

Item 12. Results of Operations and Financial Condition

On February 2, 2004, Gannett Co., Inc. announced its consolidated financial results for the fourth quarter and year ended December 28, 2003. On February 2, 2004, the company also issued a press release announcing the company's statistical report for the period and quarter ended December 28, 2003. Copies of these press releases are furnished with this report as exhibits.

SIGNATURE

Pursuant to requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Gannett Co., Inc.

Date: February 2, 2004
By: /s/George R. Gavagan

George R. Gavagan

Vice President and Controller

Exhibit Index

Exhibit		Description
99.1		Gannett Co., Inc. Earnings Press Release dated February 2, 2004
99.2		Gannett Co., Inc. Statistical Report Press Release dated February 2, 2004

EX-99 3 exh99-1.htm EXHIBIT 99.1

News Release

Monday, February 2, 2004

Gannett Co., Inc. Reports Fourth Quarter Results

and 2003 Full-Year Results

McLEAN, VA - Gannett Co., Inc. (NYSE: GCI) reported today that 2003 fourth quarter earnings per diluted share, on a GAAP (generally accepted accounting principles) basis, were $1.31 versus $1.29 per share for the fourth quarter of 2002, a new record. For the full year 2003, diluted earnings per share, on a GAAP basis, were $4.46, compared with $4.31 for 2002, also a new record.

Total operating revenues for the company increased 6 percent to $1.82 billion in the quarter from $1.73 billion in the similar interval in 2002. Net income increased 3 percent to $358.0 million in the fourth quarter of 2003 versus $347.0 million in the same quarter of last year. Operating cash flow (defined as operating income plus depreciation and amortization) rose 2 percent to $637.1 million in the quarter from $624.6 million in the year earlier quarter.

Operating revenues increased 4 percent to $6.7 billion for the year. For the full year, net income rose 4 percent to a record $1.21 billion from $1.16 billion in 2002. Operating cash flow advanced 3 percent to $2.2 billion from $2.1 billion in 2002.

Average diluted shares outstanding in the fourth quarter totaled 274,257,000 compared with 269,799,000 in 2002's fourth quarter. Average diluted shares outstanding for all of 2003 were 271,872,000 versus 269,286,000 in 2002.

Commenting on the company's performance, Douglas H. McCorkindale, Chairman, President and CEO said; "We are very pleased to report another quarter and year of record revenues, earnings and operating cash flow. These strong results were achieved for 2003 despite significantly reduced political and Olympic ad spending that bolstered our television stations in 2002. Our newspaper operations reported their best results of the year in the fourth quarter against a backdrop of continued subdued advertising demand. In the UK, our Newsquest properties also achieved their strongest advertising revenue gains in the fourth quarter and made another strong contribution to earnings for the quarter, and all of 2003. Gannett's newspapers, in fact, have delivered some of the best ad revenue growth numbers in the industry all year long. A favorable currency exchange rate and a decline in interest expense also helped our results."

NEWSPAPERS

Newspaper results in the quarter include the SMG Publishing business, The Texas-New Mexico Newspapers Partnership, and Clipper Magazine, Inc. acquired in late October.

Total newspaper segment operating cash flow increased 7 percent to $544.2 million in the fourth quarter, versus $506.3 million in the same quarter of 2002. Operating revenues were $1.63 billion for the quarter. Assuming Gannett had owned the same group of newspapers in both the fourth quarter of 2003 and 2002, advertising revenues would have risen 6 percent. On the same basis, local advertising revenues were 4 percent higher, classified increased 8 percent and national revenues jumped 11 percent. Newspaper ad volume increased 1 percent. Reported newsprint expense increased in the quarter, reflecting higher year-over-year prices and increased consumption due primarily to the aforementioned acquisitions and growth in our commercial printing activities.

At USA TODAY, advertising revenues increased 10 percent in the fourth quarter. Paid advertising pages totaled 1,580 compared with 1,438 in the same quarter of 2002. For the full year, USA TODAY's advertising revenues increased 4 percent and paid pages totaled 4,918, a 1 percent increase.

TELEVISION

In the fourth quarter of 2003, television operating cash flow fell 19 percent to $104.4 million from $128.7 million in the year earlier quarter. Television revenues declined 14 percent to $196.7 million reflecting substantially reduced political advertising in the quarter.

NON-OPERATING ITEMS

Interest expense for the fourth quarter declined 10 percent to $33.0 million from $36.8 million in the same quarter of 2002. Other non-operating expense primarily reflects non-operating charges for minority interest and Internet investments in part offset by currency gains and investment income.

At the end of the year, Gannett had more than 100 domestic publishing Web sites, including USATODAY.com, one of the most popular newspaper sites on the Web. The company also had Web sites in all of its 19 television markets. In December, Gannett's consolidated domestic Internet audience share was 14.8 million unique visitors reaching about 10 percent of the Internet audience according to Nielsen//NetRatings. Newsquest is also an Internet leader in the UK where its network of Web sites attracts more than 25.7 million monthly page impressions from more than 2.9 million unique users.

Subsequent to the close of the quarter, the Company provided notice to The E.W. Scripps Company, as required under the terms of the Joint Operating Agreement (JOA) involving The Cincinnati Enquirer, The Cincinnati Post and The Kentucky Post, that the JOA would not be renewed when it expires on December 31, 2007.

All references in this release to "comparable" financial results and "operating cash flow" are to non-GAAP financial measures. Management believes that this use allows management and investors to analyze and compare the Company's results in a more meaningful and consistent manner. A reconciliation of these non-GAAP amounts to the Company's consolidated statements of income is attached.

As previously announced, the company will hold an earnings conference call at 10:00 a.m. ET today. The call can be accessed via a live Webcast through the Investor Relations section of the company's Web site, www.gannett.com, or listen-only conference lines, by dialing 1-800-838-4403 (in the U.S.) and 1-973-317-5319 (outside the U.S.) at least 10 minutes prior to the scheduled start of the call. Replay of the conference call will be available about two hours after the live call. To access the replay, dial 1-800-428-6051 (in the U.S.) and 1-973-709-2089 (outside the U.S.). The access code for the replay is 325400. Materials related to the call will be available through the Investor Relations section of the company's Web site Tuesday morning.

Gannett Co., Inc. is a leading international news and information company that publishes 100 daily newspapers in the USA, including USA TODAY, the nation's largest-selling daily newspaper. The company also owns almost 500 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom's second largest regional newspaper company. Newsquest publishes more than 300 titles, including 17 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 22 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.

Certain statements in this press release may be forward looking in nature or "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The forward looking statements contained in this press release are subject to a number of risks, trends and uncertainties that could cause actual performance to differ materially from these forward looking statements. A number of those risks, trends and uncertainties are discussed in the company's SEC reports, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward looking statements in this press release should be evaluated in light of these important risk factors.

Gannett is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media.

For investor inquiries, contact:
Jeffrey Heinz
Director, Investor Relations
703-854-6917
jheinz@gannett.com

For media inquires, contact:
Tara Connell
Vice President of Corporate Communications
703-854-6049
tjconnel@gannett.com

# # #

CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)


                                  Thirteen weeks ended         % Inc
                            Dec. 28, 2003    Dec. 29, 2002      (Dec)
Net Operating Revenues:
Newspaper advertising       $   1,208,777    $   1,100,021        10
Newspaper circulation             307,003          296,192         4
Television                        196,679          228,779       (14)
Other                             109,845          101,230         9
                            -------------    -------------     ------
Total                           1,822,304        1,726,222         6
                            -------------    -------------     ------
Operating Expenses:
Cost of sales and operating
 expenses, exclusive of
 depreciation                     911,087          838,750         9
Selling, general and
 administrative expenses,
 exclusive of depreciation        274,161          262,893         4
Depreciation                       55,502           53,814         3
Amortization of intangible
 assets                             2,133            1,830        17
                            -------------    -------------     ------
Total                           1,242,883        1,157,287         7
                            -------------    -------------     ------
Operating income                  579,421          568,935         2
                            -------------    -------------     ------
Non-operating income
 (expense):
Interest expense                  (32,971)         (36,795)      (10)
Other                              (2,612)          (7,034)      (63)
                            -------------    -------------     ------
Total                             (35,583)         (43,829)      (19)
                            -------------    -------------     ------

Income before income taxes        543,838          525,106         4
Provision for income taxes        185,800          178,100         4
                            -------------    -------------     ------
Net income                  $     358,038    $     347,006         3
                            =============    =============     ======

Net income per share-basic          $1.32            $1.30         2
                                    =====            =====     ======
Net income per share-diluted        $1.31            $1.29         2
                                    =====            =====     ======
Dividends per share                 $0.25            $0.24         4
                                    =====            =====     ======




CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)


                                  Fifty-two weeks ended        % Inc
                            Dec. 28, 2003    Dec. 29, 2002      (Dec)
Net Operating Revenues:
Newspaper advertising       $   4,397,244    $   4,122,685         7
Newspaper circulation           1,212,891        1,182,103         3
Television                        719,884          771,303        (7)
Other                             381,096          346,158        10
                            -------------    -------------     ------
Total                           6,711,115        6,422,249         4
                            -------------    -------------     ------
Operating Expenses:
Cost of sales and operating
 expenses, exclusive of
 depreciation                   3,453,769        3,254,003         6
Selling, general and
 administrative expenses,
 exclusive of depreciation      1,044,796        1,019,493         2
Depreciation                      223,261          215,117         4
Amortization of intangible
 assets                             8,271            7,327        13
                            -------------    -------------     ------
Total                           4,730,097        4,495,940         5
                            -------------    -------------     ------
Operating income                1,981,018        1,926,309         3
                            -------------    -------------     ------
Non-operating income
 (expense):
Interest expense                 (139,271)        (146,359)       (5)
Other                              (1,434)         (15,422)      (91)
                            -------------    -------------     ------
Total                            (140,705)        (161,781)      (13)
                            -------------    -------------     ------

Income before income taxes      1,840,313        1,764,528         4
Provision for income taxes        629,100          604,400         4
                            -------------    -------------     ------
Net income                  $   1,211,213    $   1,160,128         4
                            =============    =============     ======

Net income per share-basic          $4.49            $4.35         3
                                    =====            =====     ======
Net income per share-diluted        $4.46            $4.31         3
                                    =====            =====     ======
Dividends per share                 $0.98            $0.94         4
                                    =====            =====     ======





BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars

                                  Thirteen weeks ended         % Inc
                            Dec. 28, 2003    Dec. 29, 2002      (Dec)

Net Operating Revenues:
Newspaper publishing        $   1,625,625    $   1,497,443         9
Television                        196,679          228,779       (14)
                            -------------    -------------     ------
Total                       $   1,822,304    $   1,726,222         6
                            =============    =============     ======
Operating Income (net
 of depreciation and
 amortization):
Newspaper publishing        $     496,863    $     461,438         8
Television                         97,890          122,394       (20)
Corporate                         (15,332)         (14,897)       (3)
                            -------------    -------------     ------
Total                       $     579,421    $     568,935         2
                            =============    =============     ======
Depreciation and
 Amortization:
Newspaper publishing        $      47,386    $      44,867         6
Television                          6,537            6,281         4
Corporate                           3,712            4,496       (17)
                            -------------    -------------     ------
Total                       $      57,635    $      55,644         4
                            =============    =============     ======
Operating Cash Flow (1):
Newspaper publishing        $     544,249    $     506,305         7
Television                        104,427          128,675       (19)
Corporate                         (11,620)         (10,401)      (12)
                            -------------    -------------     ------
Total                       $     637,056    $     624,579         2
                            =============    =============     ======


(1) Operating Cash Flow represents operating income for each of the
    company's business segments plus related depreciation and
    amortization expense. See attachment for reconciliation of
    amounts to the Consolidated Statements of Income.




BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars

                                  Fifty-two weeks ended        % Inc
                            Dec. 28, 2003    Dec. 29, 2002      (Dec)

Net Operating Revenues:
Newspaper publishing        $   5,991,231    $   5,650,946         6
Television                        719,884          771,303        (7)
                            -------------    -------------     ------
Total                       $   6,711,115    $   6,422,249         4
                            =============    =============     ======
Operating Income (net
 of depreciation and
 amortization):
Newspaper publishing        $   1,713,163    $   1,615,664         6
Television                        330,054          371,132       (11)
Corporate                         (62,199)         (60,487)       (3)
                            -------------    -------------     ------
Total                       $   1,981,018    $   1,926,309         3
                            =============    =============     ======
Depreciation and
 Amortization:
Newspaper publishing        $     189,805    $     181,669         4
Television                         26,394           25,429         4
Corporate                          15,333           15,346        (0)
                            -------------    -------------     ------
Total                       $     231,532    $     222,444         4
                            =============    =============     ======
Operating Cash Flow (1):
Newspaper publishing        $   1,902,968    $   1,797,333         6
Television                        356,448          396,561       (10)
Corporate                         (46,866)         (45,141)       (4)
                            -------------    -------------     ------
Total                       $   2,212,550    $   2,148,753         3
                            =============    =============     ======


(1) Operating Cash Flow represents operating income for each of the
    company's business segments plus related depreciation and
    amortization expense. See attachment for reconciliation of
    amounts to the Consolidated Statements of Income.

NON-GAAP FINANCIAL INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars

"Operating Cash Flow", a non-GAAP measure, is defined as operating
income plus depreciation and amortization of intangible assets.
Management believes that the use of this measure allows investors and
management to measure, analyze and compare the cash resources
generated from its business segment operations in a meaningful and
consistent manner. The focus on operating cash flow is appropriate
given the consistent and generally predictable strength of cash flow
generation by newspaper and television operations, and the short
period of time it takes to convert new orders to cash.

A reconciliation of these non-GAAP amounts to the company's operating
income, which the company believes is the most directly comparable
financial measure calculated and presented in accordance with GAAP on
the company's consolidated statements of income, follows:




Thirteen weeks ended December 28, 2003


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $  544,249   $  104,427   $ (11,620)  $    637,056
Less:
Depreciation         (45,253)      (6,537)     (3,712)       (55,502)
Amortization          (2,133)          -           -          (2,133)
                  ----------   ----------   ---------   ------------
Operating Income  $  496,863   $   97,890   $ (15,332)  $    579,421
                  ==========   ==========   =========   ============



Thirteen weeks ended December 29, 2002


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $  506,305   $  128,675   $ (10,401)  $    624,579
Less:
Depreciation         (43,037)      (6,281)     (4,496)       (53,814)
Amortization          (1,830)          -           -          (1,830)
                  ----------   ----------   ---------   ------------
Operating Income  $  461,438   $  122,394   $ (14,897)  $    568,935
                  ==========   ==========   =========   ============




Fifty-two weeks ended December 28, 2003


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $1,902,968   $  356,448   $ (46,866)  $  2,212,550
Less:
Depreciation        (181,534)     (26,394)    (15,333)      (223,261)
Amortization          (8,271)          -           -          (8,271)
                  ----------   ----------   ---------   ------------
Operating Income  $1,713,163   $  330,054   $ (62,199)  $  1,981,018
                  ==========   ==========   =========   ============



Fifty-two weeks ended December 29, 2002


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $1,797,333   $  396,561   $ (45,141)  $  2,148,753
Less:
Depreciation        (174,342)     (25,429)    (15,346)      (215,117)
Amortization          (7,327)          -           -          (7,327)
                  ----------   ----------   ---------   ------------
Operating Income  $1,615,664   $  371,132   $ (60,487)  $  1,926,309
                  ==========   ==========   =========   ============

EX-99 4 exh99-2.htm EXHIBIT 99.2

News Release

Monday, February 2, 2004

Gannett Co., Inc. Releases December Statistical Report

McLEAN, VA - Gannett Co., Inc. (NYSE: GCI) reported today that total pro forma operating revenues for the twelfth period ended December 28, 2003 were 5 percent above the same period last year. For comparison purposes, the continued increase in the exchange rate of Sterling year-over-year affected results for the company's UK operations. If the exchange rate had remained constant year-over-year, total pro forma operating revenues would have increased 4 percent.

Pro forma (assuming that all properties presently owned were owned in both periods) newspaper advertising revenues in December rose 7 percent compared with the same period in 2002 on a 1 percent increase in ROP volume and an 8 percent advance in preprint distribution. If the exchange rate had remained constant year-over-year, total pro forma newspaper advertising revenues would have risen 5 percent. For the full-year, pro forma newspaper advertising revenues were up 5 percent.

Pro forma classified revenues increased 9 percent in the December period on a 3 percent increase in ad volume. Employment revenues increased 8 percent from the same period last year, including an almost 4 percent increase at our local domestic newspapers. On a constant currency basis, employment revenue would have increased 4 percent. Classified real estate revenues increased 14 percent and automotive fell 2 percent. Overall, the company's classified results from Newsquest were stronger than its domestic results. On a constant currency basis, pro forma classified revenues would have increased 7 percent. For all of 2003, pro forma classified revenues increased 5 percent.

Pro forma local advertising revenues rose 4 percent in the twelfth period on a 3 percent decline in ad volume. The performance of the company's small and medium-sized advertisers in its domestic newspapers outpaced the revenue performance of its largest advertisers. In the U.S., local ROP ad revenue gains were achieved in the financial, home improvement and telecommunications categories while there was continued softness in department stores and consumer electronics. For the full year, pro forma local ad revenues increased 3 percent.

Pro forma national advertising revenues increased 12 percent on a 10 percent increase in ad volume. National volume at the company's local domestic newspapers rose 11 percent in the period compared with the same interval in 2002. For all of 2003, pro forma national advertising rose 6 percent.

At USA TODAY, advertising revenues for the twelfth period were 6 percent higher and
paid ad pages increased to 526 from 484. For the twelfth period, at USA TODAY, travel, retail and telecommunications were strong and more than offset lower entertainment and technology spending. For the year, USA TODAY's paid pages numbered 4,918 versus 4,869 last year while ad revenues were 4 percent higher than last year.

Television revenues declined 2 percent in the period. National revenues fell 10 percent while local revenues increased 2 percent. For comparison purposes, television revenues rose 13 percent in the same period last year. Based on current pacings, television revenues are currently ahead of last year's first quarter results in the low single digits. Television revenues decreased 7 percent for the full year reflecting the absence of Olympic-related ad revenues and substantially diminished political advertising.

In addition to the revenue and statistical summary, attached is a chart which shows the consolidated Gannett Online audience share for December from Nielsen//Net Ratings. In December, Gannett's domestic Websites had 14.8 million unique visitors reaching about 10 percent of the Internet audience.

The pro forma advertising and circulation revenue statistics include the results of the SMG (Newsquest's Scottish Media Group) publishing business, Texas-New Mexico Newspapers Partnership and Clipper Magazine as if they had been owned in both years. Ad linage for Newsquest and Clipper are not included in the ad volume statistics. Circulation volume numbers for Newsquest's paid daily newspapers are included in the enclosed statistics, but volume from unpaid daily and non-daily publications is not included in the circulation volume statistics.

Contact: Jeff Heinz
Director, Investor Relations
703-854-6917
jheinz@gannett.com

# # #

GANNETT CO., INC.
REVENUE & STATISTICAL SUMMARY

                          Period 12 (December 1, 2003 - December 28, 2003)
                                                                         %
                             2003            2002          CHANGE     CHANGE
REVENUES:
Advertising:
Local                  $  183,418,000  $  176,760,000  $   6,658,000     4
National                   69,575,000      62,095,000      7,480,000    12
Classified                126,018,000     115,309,000     10,709,000     9
                        -------------   -------------   ------------   ----
Total Advertising      $  379,011,000  $  354,164,000  $  24,847,000     7

Circulation                97,689,000      96,090,000      1,599,000     2
Other revenue              34,689,000      31,719,000      2,970,000     9
Television                 54,797,000      56,122,000     (1,325,000)   (2)
                        -------------   -------------   ------------   ----
Total Revenue          $  566,186,000  $  538,095,000  $  28,091,000     5
                        =============   =============   ============   ====

VOLUME:
Newspaper Inches:
Local                       3,515,318       3,641,181       (125,863)   (3)
National                      348,303         316,009         32,294    10
Classified                  4,183,069       4,047,990        135,079     3
                        -------------   -------------   ------------   ----
Total ROP                   8,046,690       8,005,180         41,510     1
                        =============   =============   ============   ====
Preprint Distribution
  (in thousands)            1,193,498       1,106,223         87,275     8
                        =============   =============   ============   ====

NET PAID CIRCULATION:
Morning (w/USAT)            6,882,297       6,895,814        (13,517)   (0)
Evening                     1,219,712       1,254,153        (34,441)   (3)
                        -------------   -------------   ------------   ----
Total Daily                 8,102,009       8,149,967        (47,958)   (1)
                        =============   =============   ============   ====
Sunday                      6,962,200       7,040,029        (77,829)   (1)
                        =============   =============   ============   ====


                          Year-to-Date through December 28, 2003
                                                                         %
                             2003            2002          CHANGE     CHANGE
REVENUES:
Advertising:
Local                 $ 1,931,604,000 $ 1,868,372,000 $   63,232,000     3
National                  738,949,000     696,867,000     42,082,000     6
Classified              1,831,915,000   1,740,932,000     90,983,000     5
                       --------------  --------------  -------------   ----
Total Advertising     $ 4,502,468,000 $ 4,306,171,000 $  196,297,000     5

Circulation             1,221,193,000   1,215,164,000      6,029,000     0
Other revenue             385,997,000     364,795,000     21,202,000     6
Television                719,885,000     771,303,000    (51,418,000)   (7)
                       --------------  --------------  -------------   ----
Total Revenue         $ 6,829,543,000 $ 6,657,433,000 $  172,110,000     3
                       ==============  ==============  =============   ====

VOLUME:
Newspaper Inches:
Local                      37,867,618      38,650,011       (782,393)   (2)
National                    4,086,951       3,791,524        295,427     8
Classified                 58,733,344      56,748,838      1,984,506     3
                       --------------  --------------  -------------   ----
Total ROP                 100,687,913      99,190,373      1,497,540     2
                       ==============  ==============  =============   ====
Preprint Distribution
  (in thousands)           11,374,041      10,465,845        908,196     9
                       ==============  ==============  =============   ====

NET PAID CIRCULATION:
Morning (w/USAT)            7,062,898       7,121,104        (58,206)   (1)
Evening                     1,257,298       1,297,288        (39,990)   (3)
                       --------------  --------------  -------------   ----
Total Daily                 8,320,196       8,418,392        (98,196)   (1)
                       ==============  ==============  =============   ====
Sunday                      7,032,247       7,092,171        (59,924)   (1)
                       ==============  ==============  =============   ====

Note:  The operating results from the company's newspapers participating in
       joint operating agencies, and which are accounted for under the equity
       method of accounting, are reported as a single amount in other operating
       revenues. Advertising linage statistics from these newspapers are not
       included above, however, circulation volume statistics for these
       newspapers are included above.

       The above revenue amounts and statistics have been restated to include
       all companies presently owned including Clipper Magazine (acquired in
       late October 2003) and SMG Publishing (acquired in April 2003). Clipper
       Magazine is a direct-mail advertising magazine company publishing over
       320 individual market editions in 23 states, which are mailed to over
       100 million American homes annually. SMG Publishing consists of three
       Scottish newspapers: The Herald, Sunday Herald and Evening Times; eleven
       specialty consumer and business-to-business magazine titles; and an
       online advertising and content business.

       Newsquest (which includes SMG Publishing) is a regional newspaper
       publisher in the United Kingdom with more than 300 titles, including
       paid and unpaid daily and non-daily products. Circulation volume
       statistics for Newsquest's seventeen paid daily newspapers are included
       above. Circulation volume statistics for Newsquest's unpaid daily and
       non-daily publications are not reflected above. Advertising linage for
       Newsquest publications is not reflected above.

       Circulation volume and advertising linage statistics for Clipper
       Magazine are not reflected above.




  GANNETT CO., INC.
REVENUE & STATISTICAL SUMMARY

                          4th Quarter 2003 (September 29 - December 28, 2003)
                                                                           %
                             2003            2002           CHANGE      CHANGE
REVENUES:
Advertising:
Local                 $   556,280,000 $   537,090,000  $   19,190,000      4
National                  219,218,000     198,373,000      20,845,000     11
Classified                445,194,000     412,480,000      32,714,000      8
                       --------------  --------------   -------------    ----
Total Advertising     $ 1,220,692,000 $ 1,147,943,000  $   72,749,000      6

Circulation               307,003,000     304,768,000       2,235,000      1
Other revenue             110,139,000     104,312,000       5,827,000      6
Television                196,679,000     228,779,000     (32,100,000)   (14)
                       --------------  --------------   -------------    ----
Total Revenue         $ 1,834,513,000 $ 1,785,802,000  $   48,711,000      3
                       ==============  ==============   =============    ====

VOLUME:
Newspaper Inches:
Local                      10,657,020      10,938,749        (281,729)    (3)
National                    1,138,521       1,058,281          80,240      8
Classified                 14,579,636      14,044,904         534,732      4
                       --------------  --------------   -------------    ----
Total ROP                  26,375,177      26,041,934         333,243      1
                       ==============  ==============   =============    ====
Preprint Distribution
    (in thousands)          3,421,787       3,206,674         215,113      7
                       ==============  ==============   =============    ====


Note:  The operating results from the company's newspapers participating in
       joint operating agencies, and which are accounted for under the equity
       method of accounting, are reported as a single amount in other operating
       revenues. Advertising linage statistics from these newspapers are not
       included above, however, circulation volume statistics for these
       newspapers are included above.

       The above revenue amounts and statistics have been restated to include
       all companies presently owned including Clipper Magazine (acquired in
       late October 2003) and SMG Publishing (acquired in April 2003). Clipper
       Magazine is a direct-mail advertising magazine company publishing over
       320 individual market editions in 23 states, which are mailed to over
       100 million American homes annually. SMG Publishing consists of three
       Scottish newspapers: The Herald, Sunday Herald and Evening Times; eleven
       specialty consumer and business-to-business magazine titles; and an
       online advertising and content business.

       Newsquest (which includes SMG Publishing) is a regional newspaper
       publisher in the United Kingdom with more than 300 titles, including
       paid and unpaid daily and non-daily products. Circulation volume
       statistics for Newsquest's seventeen paid daily newspapers are included
       above. Circulation volume statistics for Newsquest's unpaid daily and
       non-daily publications are not reflected above. Advertising linage for
       Newsquest publications is not reflected above.

       Circulation volume and advertising linage statistics for Clipper
       Magazine are not reflected above.

Gannett Online Internet Audience

December 2003

Nielsen//NetRatings

Home/Work Panel Combined

Unique Visitors Percentage Reach of

Per Month Internet Audience

Gannett Online 14,807,000 10%

-----END PRIVACY-ENHANCED MESSAGE-----

		Gannett Co., Inc.

Date: February 2, 2004	By:	/s/George R. Gavagan
		George R. Gavagan
		Vice President and Controller