Gannett Sees Q4 Net Loss Before Taxes Of $135 Mln To $130 Mln - Quick Facts

(RTTNews) - Gannett Inc. (GCI), a media and marketing solutions company, on Tuesday reported its preliminary financial results for the fourth quarter ended December 31, 2020.

For the fourth quarter, Gannett forecast net loss before taxes of $135 million to $130 million, and revenues in a range of $865 million to $875 million.

On average, analysts polled by Thomson Reuters expect the company to report loss of $0.32 per share for the quarter on revenues of $869.95 million. Analysts' estimates typically exclude special items.

"We are pleased to share that the fourth quarter ended with strong Revenue and Adjusted EBITDA performance. Revenue improvement was primarily driven by a continued rebound in our advertising trends, both print and digital," said Michael Reed, Chairman & Chief Executive Officer of Gannett.

Gannett also said that during the quarter, it reduced about $654 million of its 11.5 percent term loan as well as an additional $30 million subsequent to year end, which brought its total term loan reduction to $684 million. These actions enabled the company to reduce its debt outstanding to $1.545 billion.