Gannett expecting $225 million of debt reduction in first quarter

By Jennifer Lanning Drey

Portland, Ore., March 18 - Gannett Co., Inc. plans to reduce debt by about $225 million in the first quarter as improving revenue trends and cost reductions help fuel cash flow, Gracia Martore, chief financial officer and chief operating officer of Gannett, said during a Thursday presentation to the Media and Entertainment Analysts of New York.

Gannett expects a debt balance of $2.8 billion at the end of the first quarter, she said.

The company saw encouraging revenue trends in the first two months of 2010. Additionally, more of its revenue is dropping to the bottom line due to efforts to reduce expenses, which is resulting in strong cash flow, she said.

"The momentum we had as we ended last year has clearly continued into the first quarter. We have seen improving trends as we consistently close the gap in our year-over-year comparisons," she said.

Gannett is a McLean, Va.-based news and information company.

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