• by Wayne Friedman , April 16, 2009

Gannett Co. television revenues will continue to sink at a double-digit percentage rate in the coming months. This follows lower revenue trends that the company's TV stations had in the first quarter.

Broadcasting revenues for the first quarter 2009 were $143.5 million, compared to $170.2 million in the first quarter of 2008 -- a 15.7% decline. Operating income for its broadcasting businesses sank 24% to $44 million.

Much of the drop comes from the absence of political advertising versus a year ago, and from weaker ad sales from the automotive and retail categories. Some of these results were partially offset by increases in retransmission revenues and Super Bowl advertising from traditional TV and related online sales for Gannett's NBC affiliates.

While broadcast revenues were weak, the company's publishing operating ad revenues were worse -- dropping 34.1% to $722 million in the first quarter. Category declines for the company's U.S. operations were witnessed in classified revenues, down 39%; real estate, a decline of 37%; employment advertising, off 60%; and automotive, a 33% drop.

USA Today's advertising revenues sank 33.5% in the first quarter compared to the first quarter of 2008.

Overall, the company's first-quarter operating revenues were off 18% to $1.4 million, with operating income sinking 49% to $166 million. Net income sank 60% to $77.7 million.

The only bright spot for Gannett came with digital revenues during the period -- up $143.1 million. The businesses' operating cash flow rose to $7.9 million from $515,000 in the first quarter of 2008.