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Buyback Boosts Gannett

Stock quotes in this article: GCI  

Gannett (GCI Quote) earnings fell as newsprint costs rose and TV station revenue slid.

The publisher of USA Today posted a second-quarter profit of $339 million, down 4.5% from the year-earlier $354 million. But per-share earnings rose to $1.37 a share, matching estimates and rising from $1.30 a year earlier, as the company bought back enough stock to keep the bottom line rising.

Gannett bought back 5.3 million shares in the latest quarter, and its share count at June 26 was 248 million, down almost 10% from a year ago. ...

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