tronc (TRNC) Reports Q3 Adj EPS of $0.22

November 1, 2016 4:45 PM EDT
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Price: $13.04 +0.08%

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tronc (NASDAQ: TRNC) reported Q3 adj EPS of $0.22, versus ($0.07) reported last year. Revenue for the quarter came in at $378 million, versus $406 million reported last year.

"Notwithstanding the distractions our Company has faced over the past several months and the fact that our Board and management team have been engaged in substantive discussions and due diligence with Gannett, our third quarter results reflect the important progress we have made in our efforts to transform our business," said CEO Justin Dearborn. "While we are still in the early stages of executing our strategy, we remain confident in the strength of our core brands and assets and committed to our go-forward plans."

Dearborn continued, “We are disappointed, that in the face of challenges surrounding its financing, Gannett’s Board unilaterally determined it could not complete the transaction that it began. The parties agreed to a purchase price in mid-September and subsequently finalized all material transaction terms. Given the market’s reaction to Gannett’s third quarter financial report, which showed a significant year-over-year decline in Adjusted EBITDA, we are not surprised that their board has decided to refocus their attention to operating the assets they currently own. We have repeatedly acknowledged that we must all undertake significant change to our business to address the challenging environment facing our industry. We believe we must all remain united in support of the publishing industry, and to that end we will continue to be a good partner to Gannett across our many existing business relationships.”

For earnings history and earnings-related data on tronc (TRNC) click here.

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