GateHouse Media Announces Fourth Quarter and 2010 Annual Results

Fourth Quarter and 2010 Annual Highlights

- Online advertising revenue had the strongest quarter of the year, increasing 27.8% for the quarter and 18.4% for the full year. During the quarter, monthly page views increased by 11.8%.

- As Adjusted EBITDA was $31.5 million and $98.2 million for the fourth quarter and full year, respectively; an increase of 7.6% and 7.9% from the comparable prior year periods.

- Revenues for the fourth quarter were $143.4 million, down 4.5% from the prior year quarter. Full year revenues were $558.6 million, a decrease of 4.5% from the prior year.

- Advertising revenues for the fourth quarter were $103.3 million, down 3.2% from the prior year quarter on a same store basis. Full year advertising revenues were $395.3 million, a decrease of 3.4% from the prior year on a same store basis. Advertising revenues for the newspaper business only (excludes directories) were down 2.2% and 2.4% for the fourth quarter and prior year on a same store basis, respectively.

- Operating costs and SG&A expense decreased $7.6 million or 6.3% for the fourth quarter and $35.7 million or 7.1% for the full year.

- Levered Free Cash Flow per share increased 8.3% to $0.26 in the fourth quarter versus $0.24 for the prior year quarter. Levered Free Cash Flow per share for the full year increased 71.4% to $0.60, compared to $0.35 for the prior year.

Mar 01, 2011, 16:30 ET from GateHouse Media, Inc.

FAIRPORT, N.Y., March 1, 2011 /PRNewswire/ -- GateHouse Media, Inc. (the "Company" or "GateHouse Media") (Pink Sheets: GHSE) today reported financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter 2010  

Total revenues were $143.4 million for the quarter, a decline of 4.5% as compared to the prior year.  On a same store basis total revenues for the quarter were $143.0 million, a decline of 4.3%.  Total advertising revenue declined 3.2% in the quarter on a same store basis.  Newspaper advertising revenue, which excludes SureWest Directories and makes up over 97% of total Company advertising revenue, declined 2.2% in the quarter on a same store basis.  Online revenue, which now accounts for 7% of total advertising revenue, had its strongest quarter of the year, increasing 27.8%.  Local retail revenue also had its strongest quarter of the year, declining on a same store basis 3.1% and down only 1.7% in our newspapers.  Continued strength in employment and auto classifieds were not enough to offset the choppiness experienced in real estate and legal classifieds as the category as a whole was down 9.7% in the quarter.  Circulation revenue declined 4.1% in the quarter and commercial print revenues, which now account for less than 4% of total revenues, declined 19.3% in the quarter, both on a same store basis.  The Company has cycled through the most significant of its commercial print losses and anticipates significantly less impact on year over year comparisons in 2011.    

Commenting on GateHouse Media's results, Michael E. Reed, GateHouse Media's Chief Executive Officer, said, "We saw a slight improvement in our overall revenue trends for the second straight quarter due in part to the strength of our online revenue, which grew 27.8%.  We experienced double digit increases in our online traffic, with average daily unique visitors up 26.7% and monthly page views up 11.8% over the prior year.  Additionally, since the initial roll-out of our mobile websites during the second quarter, we are encouraged to see a more than 100% increase in our monthly mobile page views, which reached nearly two million in December.

"We continue to experience choppy monthly year over year revenue comparisons as the economic recovery progresses.  Our December and January performance was negatively impacted by the abnormally severe weather conditions in the Northeast and Midwest as local advertisers reduced their advertising spend.  However, this situation is temporary and we are encouraged with the positive trends in the automotive and employment classified categories as well as the continued strong growth in our online business and the longer term trends in our total revenue.  

"We expect our online revenue will continue to grow at high double-digit rates during 2011 from increased traffic and new online and mobile product offerings.  We are pleased with the success of our behavioral targeted advertising efforts and will be increasing the number of GateHouse locations offering these capabilities. We are planning to expand our mobile websites and applications and roll out additional daily deal platforms at a number of locations.  With the merger of Monster and HotJobs and the anticipated improvement in the jobs outlook, there will be increased emphasis on online employment classifieds and we are very encouraged by the trends in that category.  We are also experimenting with paywall technology at certain of our larger locations including a partnership with Journalism Online."

Operating costs and SG&A expenses were $113.8 million in the quarter, a decline of $7.6 million or 6.3% from the prior year, despite a year over year $1.1 million increase in newsprint expense related to higher pricing.  The expense declines were driven primarily by lower compensation expense and hauling and delivery costs.  Compensation expense was down 6.2% in the quarter versus the prior year on a same store basis as the Company has been able to successfully reduce compensation expense as part of its overall permanent cost savings initiatives begun in 2009.  Hauling and delivery costs were down 7.9% versus the prior year on a same store basis driven primarily by increased distribution efficiencies throughout the Company.  

Operating income for the quarter was $17.6 million, an increase of $1.5 million as compared to the prior year.  As Adjusted EBITDA for the quarter was $31.5 million, an increase of $2.2 million or 7.5% on a same store basis from the prior year.  

Levered Free Cash Flow for the quarter increased 9.5% to $15.1 million as compared to $13.7 million for the prior year.

Non-cash compensation expense for Restricted Stock Grants in the fourth quarter was $0.4 million. One-time costs incurred and other non-cash expenses in the quarter were $1.7 million, and related primarily to reorganization efforts and initiatives introduced to realize permanent expense reductions.

Commenting on the Company's expense structure, Mr. Reed said, "We remain focused on permanent expense reductions through regionalization and centralization of certain functions, as demonstrated by the 6.3% decline in our operating and SG&A expenses during the quarter.  This continued dedication to expense controls was a significant driver behind our 7.5% As Adjusted EBITDA growth on a same store basis.  We enter 2011 in a strong liquidity position and focused on revenue growth from both existing as well as new products while continuing to effectively control costs."

Annual 2010

Total revenues were $558.6 million for the full year 2010, a decrease of 4.5% over the prior year.  On a same store basis total revenues for the full year 2010 were $555.6 million, a decline of 4.4% from the prior year.  The decline in total advertising revenue on a same-store basis was driven by local retail and classified revenue, which were down 4.1% and 4.7%, respectively, partially offset by strong growth in online revenues, which increased 18.4%.  Commercial print revenues declined 20.8% on a same store basis from the prior year.  Local retail revenue for the newspaper business declined 2.8% on a same store basis from the prior year.  

Full year 2010 operating costs and SG&A expense declined $35.7 million or 7.1% compared to the prior year.  Same store operating costs and SG&A expenses declined 6.7%.  The expense declines were driven primarily by lower compensation expense and hauling and delivery costs.  The Company has been able to successfully reduce compensation expense as part of its overall cost savings initiatives begun in 2009.  Compensation expense was down 5.4% from the prior year on a same store basis. Hauling and delivery was down 8.1% versus prior year on a same store basis driven primarily by increased distribution efficiencies throughout the Company.  For the full year, newsprint expense was down 8.2%, due to favorable pricing experienced in the first half of the year and lower consumption levels.

Operating income for the full year 2010 was $43.2 million, compared to an operating loss of $454.5 million in 2009.  Included in the 2009 operating loss is $481.4 million of impairment charges.  As Adjusted EBITDA for the year was $98.2 million, an increase of $7.2 million or 8.0% on a same-store basis, primarily due to the expense reduction initiatives partially offset by the loss of revenue.  

Levered Free Cash Flow for the full year 2010 was $34.5 million compared to $20.1 million in 2009.

Non-cash compensation expense for Restricted Stock Grants in 2010 was $1.7 million. One-time costs incurred and other non-cash expenses in 2010 were $5.1 million, and related primarily to reorganization efforts and initiatives introduced to realize permanent expense reductions.

About GateHouse Media, Inc.

GateHouse Media, Inc., headquartered in Fairport, New York, is one of the largest publishers of locally based print and online media in the United States as measured by its 87 daily publications.  GateHouse Media currently serves local audiences of more than 10 million per week across 21 states through hundreds of community publications and local websites.  GateHouse Media is traded in the over-the-counter market under the symbol "GHSE."  

For more information regarding GateHouse Media and to be added to our email distribution list, please visit www.gatehousemedia.com.

Non-GAAP Financial Measures

A non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure.  GateHouse Media defines and uses Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues, and Levered Free Cash Flow, non-GAAP financial measures, as set forth below.  The Company strongly urges stockholders and other interested persons not to rely on any single financial measure to evaluate its business.  In addition, because Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered Free Cash Flow are not measures of financial performance under GAAP and are susceptible to varying calculations, these non-GAAP measures, as presented in this press release, may differ from and may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered Free Cash Flow

The Company defines Adjusted EBITDA as income (loss) from continuing operations before interest, income tax expense (benefit), depreciation and amortization and other non-recurring or non-cash items.  The Company defines As Adjusted EBITDA as Adjusted EBITDA before other non-cash items such as non-cash compensation, non-recurring integration and reorganization costs and Adjusted EBITDA from non-wholly owned subsidiaries.  The Company defines As Adjusted Revenues as total revenues plus revenues of discontinued operations less revenues from non-wholly owned subsidiaries. The Company defines Levered Free Cash Flow as As Adjusted EBITDA less capital expenditures, cash taxes and interest expense, excluding non-wholly owned subsidiaries.    

Management's Use of Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered Free Cash Flow

Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered Free Cash Flow are not measurements of financial performance under GAAP and should not be considered in isolation or as alternatives to income from operations, net income (loss), cash flow from continuing operating activities or any other measure of performance or liquidity derived in accordance with GAAP.  GateHouse Media's management believes these non-GAAP measures, as defined above, are useful to investors for the following reasons:

  • Evaluating performance and identifying trends in day-to-day performance because the items excluded have little or no significance on its day-to-day operations;
  • Providing assessments of controllable expenses that afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance; and
  • Indicators for management to determine if adjustments to current spending decisions are needed.

Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered Free Cash Flow provide GateHouse Media with measures of financial performance, independent of items that are beyond the control of management in the short-term, such as depreciation and amortization, taxation and interest expense associated with its capital structure.  These metrics measure GateHouse Media's financial performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization.  Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered Free Cash Flow are some of the metrics used by senior management and the Board of Directors to review the financial performance of the business on a monthly basis.  In addition, GateHouse Media's management utilizes these metrics to evaluate the Company's performance, along with other criteria, to determine the funds available for paying the quarterly dividend.

Forward-Looking Statements

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to various risks and uncertainties, including without limitation, statements relating to progress made by the Company in its integration efforts, growth in revenues and cash flow, on-line revenues, expense reduction efforts and potential acquisition and sale opportunities.  Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "would," "project," "predict," "continue" or other similar words or expressions.  Forward looking statements are based on certain assumptions or estimates, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information.  The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Although the Company believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements.  Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, the condition of the  economy and the credit markets generally, the Company's ability to maintain adequate liquidity and financing sources and an appropriate level of debt, the Company's ability to maintain debt covenants, the Company's ability to successfully implement cost reduction and cash preservation plans, the Company's ability to close on a timely basis upon announced or contemplated transactions, unexpected liabilities arising from any transaction or that the Company will not receive the expected benefits from the transaction, the Company's limited operating history on a combined basis, the Company's ability to generate sufficient cash flow to cover required interest and long-term obligations, the effect of the Company's indebtedness and long-term obligations on its liquidity, the Company's ability to effectively manage its growth, the Company's ability to find suitably priced acquisitions, the Company's ability to integrate acquired assets and businesses, any increases in the price or reduction in the availability of newsprint, seasonal and other fluctuations affecting the Company's revenues and operating results, any declines in circulation, the Company's ability to obtain additional capital on terms acceptable to it, the Company's vulnerability to economic downturns, regulatory changes or acts of nature in certain geographic areas, increases in competition for skilled personnel, a portion of the Company's workforce being unionized, departure of key officers, increases in market interest rates, the cost and difficulty of complying with increasing and evolving regulation, and other risks detailed from time to time in the Company's SEC reports, including but not limited to its most recent Annual Report on Form 10-K filed with the SEC under Commission File Number 001-33091.  When considering forward- looking statements, readers should keep in mind the risk factors and other cautionary statements in such SEC filings.  Readers are also cautioned not to place undue reliance on any of these forward-looking statements, which reflect management's views as of the date of this press release.  The factors discussed above and the other factors noted in the Company's SEC filings could cause actual results to differ significantly from those contained in any forward-looking statement.  Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements and expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

GATEHOUSE MEDIA, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

Three months

Three months

Twelve months

Twelve months

ended

ended

ended

ended

December 31,

December 31,

December 31,

December 31,

2010

2009

2010

2009

Revenues:

Advertising

$          103,272

$          106,786

$            395,618

$            409,484

Circulation

33,525

35,276

136,377

142,023

Commercial printing and other

6,565

8,101

26,593

33,286

Total revenues

143,362

150,163

558,588

584,793

Operating costs and expenses:

Operating costs

77,929

81,171

314,873

335,535

Selling, general, and administrative

35,869

40,264

149,970

165,007

Depreciation and amortization

11,260

11,976

46,118

55,749

Integration and reorganization costs

231

598

2,470

2,029

Impairment of long-lived assets

430

-

430

206,089

(Gain) loss on sale of assets

30

1

1,540

(418)

Goodwill and mastheads impairment

-

-

-

275,310

Operating income (loss)

17,613

16,153

43,187

(454,508)

Interest expense

14,957

15,418

60,034

64,631

Amortization of deferred financing costs

340

340

1,360

1,360

Gain on early extinguishment of debt

-

-

-

(7,538)

Loss on derivative instruments

1,045

3,207

8,277

12,672

Other (income) expense

(123)

931

(138)

1,394

Income (loss) from continuing operations

before income taxes

1,394

(3,743)

(26,346)

(527,027)

Income tax expense (benefit)

5

34

(155)

342

Income (loss) from continuing operations

1,389

(3,777)

(26,191)

(527,369)

Loss from discontinued operations, net

of income taxes

(285)

(a)

(497)

(449)

(a)

(3,243)

Net income (loss)

$              1,104

$            (4,274)

$             (26,640)

$           (530,612)

Net loss attributable to noncontrolling interest

$                 278

$                 174

$                   596

$                   510

Net income (loss) attributable to

    GateHouse Media

$              1,382

$            (4,100)

$             (26,044)

$           (530,102)

Income (loss) per share:

Basic and diluted:

Income (loss) from continuing operations

attributable to GateHouse Media

$                0.03

$              (0.06)

$                 (0.44)

$                 (9.18)

Loss from discontinued operations

attributable to GateHouse Media, net of

income taxes

$              (0.01)

(0.01)

$                 (0.01)

$                 (0.06)

Net income (loss) attributable to GateHouse Media

$                0.02

$              (0.07)

$                 (0.45)

$                 (9.24)

Basic weighted average shares outstanding

58,079,029

57,506,651

57,723,353

57,412,401

Diluted weighted average shares outstanding

58,079,029

57,506,651

57,723,353

57,412,401

(a)

Included in income from discontinued operations, net of taxes are total revenues of $91 for the twelve months ended December 31, 2010 primarily from publications in Minnesota and New York.

GATEHOUSE MEDIA, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share data)

December 31,

December 31,

2010

2009

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$               9,738

$               5,734

Restricted Cash

5,182

5,265

Accounts receivable, net of allowance for doubtful accounts of $3,260

and $4,569 at December 31, 2010 and December 31, 2009, respectively

61,512

67,669

Inventory

7,731

7,049

Prepaid expenses

10,506

5,128

Other current assets

7,253

6,873

Total current assets

101,922

97,718

Property, plant, and equipment, net of accumulated depreciation of $101,739

and $81,493 at December 31, 2010 and December 31, 2009, respectively

152,293

171,572

Goodwill

14,343

14,343

Intangible assets, net of accumulated amortization of $154,927 and $130,472

at December 31, 2010 and December 31, 2009, respectively

271,061

295,731

Deferred financing costs, net

4,334

5,695

Other assets

1,400

5,442

Long-term assets held for sale

974

1,428

Total assets

$           546,327

$           591,929

Liabilities and Stockholders' Deficit

Current liabilities:

Current portion of long-term liabilities

$               1,224

$             14,369

Short-term debt

-

8,000

Current portion of long-term debt

11,249

2,513

Accounts payable

5,905

6,075

Accrued expenses

26,766

28,598

Accrued interest

2,805

3,235

Deferred revenue

27,348

27,826

Total current liabilities

75,297

90,616

Long-term liabilities:

Long-term debt

1,181,238

1,192,487

Long-term liabilities, less current portion

3,636

4,733

Derivative instruments

65,490

44,522

Pension and other postretirement benefit obligations

12,787

13,147

Total liabilities

1,338,448

1,345,505

Stockholders’ deficit:

Common stock, $0.01 par value, 150,000,000 shares authorized at

December 31, 2010; 58,313,868 and 58,313,868 shares issued, and

58,078,607 and 58,104,009 outstanding at December 31, 2010 and

December 31, 2009, respectively

568

568

Additional paid-in capital

830,787

829,009

Accumulated other comprehensive loss

(62,614)

(48,916)

Accumulated deficit

(1,559,465)

(1,533,421)

Treasury stock, at cost, 235,261 and 209,859 shares at December 31, 2010

and December 31, 2009, respectively

(310)

(306)

Total GateHouse Media stockholders' deficit

(791,034)

(753,066)

Noncontrolling Interest

(1,087)

(510)

Total stockholders' deficit

(792,121)

(753,576)

Total liabilities and stockholders' deficit

$           546,327

$           591,929

GATEHOUSE MEDIA, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

Year ended

Year ended

Year ended

December 31, 2010

December 31, 2009

December 31, 2008

Cash flows from operating activities:

Net loss

$                  (26,640)

$                (530,612)

$                (673,306)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

46,122

55,821

71,573

Amortization of deferred financing costs

1,360

1,360

1,845

Loss on derivative instruments

8,277

12,672

10,119

Non-cash compensation expense

1,715

3,429

3,555

Deferred income taxes

-

-

(21,348)

(Gain) loss on sale of assets

1,540

(418)

337

Gain on early extinguishment of debt

-

(7,538)

-

Pension and other postretirement benefit obligations

(1,401)

(782)

(1,499)

Non-cash interest expense

-

-

618

Impairment of long-lived assets

834

208,794

132,856

Goodwill and mastheads impairment

-

275,310

496,309

Changes in assets and liabilities, net of acquisitions:

Accounts receivable, net

6,157

7,120

11,197

Inventory

(682)

3,704

(1,697)

Prepaid expenses

(5,378)

(596)

274

Other assets

107

(2,764)

(5,987)

Accounts payable

(170)

(14,303)

6,663

Accrued expenses

(1,631)

(3,001)

(7,033)

Accrued interest

(430)

(4,660)

(2,052)

Deferred revenue

(478)

(463)

(1,349)

Other long-term liabilities

(2,664)

717

(766)

Net cash provided by operating activities

26,638

3,790

20,309

Cash flows from investing activities:

Purchases of property, plant, and equipment

(4,780)

(2,476)

(9,704)

Proceeds from sale of publications and other assets

4,156

11,151

48,938

Acquisition of The Copley Press, Inc. Newspapers, net of cash acquired

-

-

(11)

Other acquisitions, net of cash acquired

-

(275)

(27,548)

Net cash (used in) provided by investing activities

(624)

8,400

11,675

Cash flows from financing activities:

Payment of debt issuance costs

-

-

(7)

Borrowings under short-term debt

-

-

19,505

Repayments under short-term debt

(8,000)

(9,000)

(3,600)

Repayments under short-term note payable

-

(4,000)

(18,947)

Repayments under current portion of long-term debt

(2,513)

-

-

Borrowings under revolving credit facility

-

-

39,700

Repayments under revolving credit facility

-

-

(50,700)

Purchase of treasury stock

(4)

(3)

(67)

Payment of dividends

-

-

(34,731)

Stock issued by non wholly owned subsidiary

7

-

-

Issuance of subsidiary preferred stock

-

-

11,500

Repurchase of subsidiary preferred stock

(11,500)

-

-

Payment of subsidiary preferred stock issuance costs

-

-

(186)

Net cash used in financing activities

(22,010)

(13,003)

(37,533)

Net increase (decrease) in cash and cash equivalents

4,004

(813)

(5,549)

Cash and cash equivalents at beginning of period

5,734

6,547

12,096

Cash and cash equivalents at end of period

$                      9,738

$                      5,734

$                      6,547

Supplemental disclosures on cash flow information:

Cash interest paid

$                    59,317

$                    67,950

$                    89,677

Cash income taxes paid

80

487

115

GATEHOUSE MEDIA, INC. AND SUBSIDIARIES

As Adjusted EBITDA

(In thousands)

Three months

Three months

Twelve months

Twelve months

ended

ended

ended

ended

December 31, 2010

December 31, 2009

December 31, 2010

December 31, 2009

Income (loss) from continuing operations

$                      1,389

$                    (3,777)

$                  (26,191)

$                (527,369)

Income tax expense (benefit)

5

34

(155)

342

Loss on derivative

instruments (1)

1,045

3,207

8,277

12,672

Gain on early extinguishment of debt

-

-

-

(7,538)

Amortization of deferred

financing costs

340

340

1,360

1,360

Write-off of financing costs

-

-

-

743

Interest expense

14,957

15,418

60,034

64,631

Impairment of long-lived assets

430

-

430

206,089

Depreciation and amortization

11,260

11,976

46,118

55,749

Goodwill and masthead impairment

-

-

-

275,310

Adjusted EBITDA from

continuing operations

29,426

27,198

89,873

81,989

Non-cash compensation and

other expense

1,974

2,141

5,004

8,634

Non-cash portion of

postretirement benefits

expense

(116)

(480)

(649)

(782)

Integration and reorganization

costs

231

597

2,470

2,028

(Gain) loss on sale of assets

30

1

1,540

(418)

Loss from discontinued operations

(5)

(150)

(33)

(446)

As Adjusted EBITDA

31,540

29,307

98,205

91,005

Net capital expenditures

(1,779)

(512)

(4,347)

(2,476)

Cash taxes

-

(22)

(80)

(487)

Interest paid

(14,709)

(15,027)

(59,317)

(67,950)

Levered Free Cash Flow

$                    15,052

$                    13,746

$                    34,461

$                    20,092

(1)

Non-cash loss on derivative instruments is related to interest rate swap agreements which are financing related and are excluded from Adjusted EBITDA.

GATEHOUSE MEDIA, INC. AND SUBSIDIARIES

As Adjusted Revenues

(In thousands)

Three months

Three months

Twelve months

Twelve months

ended

ended

ended

ended

December 31, 2010

December 31, 2009

December 31, 2010

December 31, 2009

Total revenues from continuing

$                  143,362

$                  150,163

$                  558,588

$                  584,793

operations

Revenues from discontinued

operations

-

108

91

1,271

Revenues from non-wholly owned

subsidiary

(318)

(683)

(3,079)

(3,630)

As Adjusted Revenues

$                  143,044

$                  149,588

$                  555,600

$                  582,434

SOURCE GateHouse Media, Inc.



RELATED LINKS

http://www.gatehousemedia.com