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<SEC-DOCUMENT>0000039899-03-000012.txt : 20030715
<SEC-HEADER>0000039899-03-000012.hdr.sgml : 20030715
<ACCEPTANCE-DATETIME>20030715084929
ACCESSION NUMBER:		0000039899-03-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030629
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GANNETT CO INC /DE/
		CENTRAL INDEX KEY:			0000039899
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				160442930
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06961
		FILM NUMBER:		03786251

	BUSINESS ADDRESS:	
		STREET 1:		7950 JONES BRANCH DRIVE
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22107-0910
		BUSINESS PHONE:		7038546000

	MAIL ADDRESS:	
		STREET 1:		7950 JONES BRANCH DRIVE
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22107-0910
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8k</TITLE>
</HEAD>
<BODY bgColor=#ffffff>
<P align=center><FONT size=2><B>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</B> </FONT>
<HR align=center width="18%" noShade SIZE=1>

<DIV align=center><B><font size="3">FORM 8-K</font></B>
<P align=center><FONT size=2><B>CURRENT REPORT<BR>PURSUANT TO
SECTION 13 OR 15(d)</B> <B>OF THE<BR>SECURITIES EXCHANGE ACT OF 1934</B>
</FONT></P></DIV>
<P align=center><font size="2">Date of Report (date of earliest event reported):</font>
<P align=center><font size="2">July 15, 2003</font>
<P align=center><FONT size=2>Commission file number 1-6961 </FONT>
<P align=center><FONT size=4><B>GANNETT CO., INC.</B></FONT><BR><FONT
size=2>(Exact name of registrant as specified in charter) </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=bottom>
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=middle><FONT size=2><B>Delaware</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=middle><FONT size=2><B>16-0442930</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=middle><FONT size=2>(State or Other
      Jurisdiction of Incorporation or Organization of Registrant)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=middle><FONT size=2>(I.R.S. Employer Identification
      No.)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=middle><FONT size=2><B>7950 Jones Branch Drive,
      McLean, Virginia</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=middle><FONT size=2><B>22107-0910</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=middle><FONT size=2>(Address of principal executive
      offices)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=middle><FONT size=2>(Zip
Code)</FONT></TD></TR></TABLE></CENTER>
<P align=center><FONT size=2>Registrant's telephone number, including area code:
(703)&nbsp;854-6000. </FONT>
<P align=left><font size="2">Item 12.&nbsp; Results of Operations and Financial
Condition</font>
<p><font face="Times New Roman" size="2">On July 15, 2003, Gannett Co., Inc.
announced its consolidated financial results for the second quarter ended June
29, 2003.&nbsp; On July 15, 2003, the company also issued a press release
announcing the company's statistical report for the period and quarter ended
June 29, 2003.&nbsp; Copies of these press releases are furnished with this
report as exhibits to Form 8-K.</font></p>
<p><font face="Times New Roman" size="2">The information contained in this
report on Form 8-K is being furnished pursuant to Item 12 of Form 8-K. This
report has been filed with the electronic filing system of the U.S. Securities
and Exchange Commission as a Form 8-K containing Item 9 disclosure as directed
by the U.S. Securities and Exchange Commission in Release No. 34-47583.</font></p>
<P align=center><font size="2">SIGNATURE</font>
<P align=left><font size="2">Pursuant to requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font>
<TABLE cellSpacing=0 cellPadding=0 width="613" border=0>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="320"></TD>
    <TD width="45"></TD>
    <TD vAlign=top align=left width="242">
      <p align="left"><font size="2">Gannett Co., Inc.</font></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="320"></TD>
    <TD width="45"></TD>
    <TD vAlign=top align=left width="242"><font size="2">&nbsp;</font></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="320">
      <p align="left"><font size="2">Date:&nbsp; July 15,
      2003</font></p>
    </TD>
    <TD width="45"><font size="2">By:</font></TD>
    <TD vAlign=top align=left width="242"><font size="2"><u>/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;</u></font></TD></TR>
  <TR vAlign=bottom>
    <TD width="320"><font size="2">&nbsp;</font></TD>
    <TD width="45"><font size="2">&nbsp;</font></TD>
    <TD width="242"><font size="2">George R. Gavagan</font></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="320"></TD>
    <TD width="45"></TD>
    <TD vAlign=top align=left width="242"><font size="2">Vice President and Controller</font></TD></TR>
</TABLE>
<p><font size="2">Exhibit Index</font></p>
<TABLE cellSpacing=0 cellPadding=0 width="445" border=0 height="35">
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=middle width="47" height="18">
      <p align="left"><font size="2">Exhibit</font></p>
    </TD>
    <TD width="13" height="18"></TD>
    <TD vAlign=top align=left width="380" height="18"><font size="2">Description</font></TD></TR>
  <TR vAlign=bottom>
    <TD width="47" height="32">
      <p align="left"><font size="2">99.1</font></p>
    </TD>
    <TD width="13" height="32"></TD>
    <TD width="380" height="32"><font size="2">Gannett Co., Inc. Earnings Press Release
      dated July 15, 2003</font></TD></TR>
  <tr>
    <TD width="47" height="32">
      <p align="left"><font size="2">99.2</font></p>
    </TD>
    <TD width="13" height="32"></TD>
    <TD width="380" height="32"><font size="2">Gannett Co., Inc. Statistical
      Report Press Release
      dated July 15, 2003</font></TD>
  </tr>
</TABLE>
<p>&nbsp;</p>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exh99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY>
<p align="left">News Release
<p align="right">Tuesday, July 15, 2003</p>
<p align="center"><b>Gannett Co., Inc. Reports Second Quarter Results</b></p>
<p>McLEAN, VA - Gannett Co., Inc. (NYSE: GCI) reported today that 2003 second
quarter earnings per diluted share, on a GAAP (generally accepted accounting
principles) basis, were $1.20 versus $1.13 for the second quarter of 2002, a 6
percent increase. Another quarter of positive earnings growth was achieved by
the company despite the effects of the war in Iraq early in the quarter and a
continued sluggish economy.</p>
<p style="text-indent: 25; margin-left: 0">Diluted earnings per share for the
first six months of 2003 were $2.12 compared with $2.04 for the same interval in
2002.</p>
<p style="text-indent: 25">Total operating revenues for the second quarter
increased 6 percent to $1.71 billion from $1.61 billion in the same quarter last
year. Net income rose 7 percent to $324.3 million versus $303.9 million in
2002's second quarter. Operating cash flow (defined as operating income plus
depreciation and amortization) increased to $585.4 million from $559.4 million
for the second quarter of 2002, a 5 percent increase.</p>
<p style="text-indent: 25">For the first six months of 2003, total revenues
increased 4 percent to $3.26 billion. Net income rose 5 percent to $574.1
million from $547.5 million and operating cash flow advanced 3 percent to $1.05
billion.</p>
<p style="text-indent: 25">Average diluted shares outstanding in the second
quarter totaled 271,281,000 compared with 269,473,000 in 2002's second quarter.</p>
<p style="text-indent: 25">Commenting on the company's results, Douglas H.
McCorkindale, Chairman, President and CEO said: &quot;Gannett continues to
deliver solid earnings growth despite an uneven and tentative economic
environment. Our newspaper operations, particularly the strong performance of
the Newsquest team in the UK, bolstered our results in the quarter. The
television group posted year-over-year gains in revenue, operating income and
cash flow even with reduced political advertising. Lower interest expense and a
favorable foreign exchange rate also contributed to earnings growth.&quot;</p>
<p align="center"><u>NEWSPAPERS</u></p>
<p style="text-indent: 25">Newspaper results in the quarter include the SMG
(Scottish Media Group) publishing business and the Texas-New Mexico Newspapers
Partnership. Total newspaper operating revenues, which include USA TODAY and our
UK properties, increased 6 percent to $1.51 billion in the second quarter,
versus $1.42 billion in the same quarter of 2002. Operating cash flow rose 5
percent to $495.3 million. Newsprint expense increased 10 percent, reflecting
higher year-over-year prices and increased consumption due primarily to the
aforementioned acquisitions.</p>
<p style="text-indent: 25">At USA TODAY, advertising revenues were almost even
with last year's second quarter results despite substantially lower demand for
travel related advertising. Paid advertising pages totaled 1,220 compared with
1,236 in the same quarter of 2002, a 1 percent decline. For the year-to-date,
USA TODAY's advertising revenues were slightly ahead of last year and paid pages
numbered 2,316 compared with 2,414 last year, a 4 percent decline. USA TODAY's
results in the quarter benefited from strong automotive, technology and
entertainment advertising.</p>
<p align="center"><u>TELEVISION</u></p>
<p style="text-indent: 25">In the second quarter, television revenues increased
1 percent to $192.7 million from $191.3 million in the corresponding period in
2002. Television operating income and cash flow each advanced 1 percent and were
$95.6 million and $102.2 million, respectively, in the quarter. These positive
results were achieved at a time when demand for advertising was affected by the
war and diminished political spending.</p>
<p align="center"><u>NON-OPERATING ITEMS</u></p>
<p style="text-indent: 25">Interest expense for the second quarter was $36.3
million, down from $41.1 million in the same quarter of 2002. Other
non-operating income reflects investment and currency gains which offset other
non-operating charges, including those for the write-down of minority interest
investments in internet businesses.</p>
<p style="text-indent: 25" align="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</p>
<p style="text-indent: 25">At the end of the quarter, Gannett had more than 100
domestic publishing Web sites, including USATODAY.com, one of the most popular
newspaper sites on the Web. The company also had Web sites in all of its 19
television markets. In May, Gannett's consolidated domestic Internet audience
share was 13 million unique visitors reaching about 10 percent of the Internet
audience according to Nielsen//Net Ratings. Newsquest is also an Internet leader
in the UK where its network of Web sites attracts more than 15.9 million
monthly page impressions from almost 1.7 million unique users.</p>
<p style="text-indent: 25">All references in this release and attachments to
&quot;operating cash flow&quot; are to a non-GAAP financial measure. Management
believes that use of this measure allows investors and management to analyze and
compare the company's performance in a more meaningful and consistent manner. A
reconciliation of these non-GAAP amounts to the company's consolidated
statements of income is attached.</p>
<p style="text-indent: 25">As previously announced, the company will hold an
earnings conference call at 10:00 a.m. EDT today. The call can be accessed via a
live Webcast through the Investor Relations section of the company's Web site,
www.gannett.com, or listen-only conference lines, by dialing 1-800-915-4836 (in
the U.S.) and 1-973-317-5319 (outside the U.S.) at least 10 minutes prior to the
scheduled start of the call. Replay of the conference call will be available
about two hours after the live call on Tuesday. To access the replay, dial
1-800-428-6051 (in the U.S.) and 1-973-709-2089 (outside the U.S.). The access
code for the replay is 297869. Materials related to the call will be available
through the Investor Relations section of the company's Web site Wednesday
morning.</p>
<p style="text-indent: 25">Gannett Co., Inc. is a leading international news and
information company that publishes 100 daily newspapers in the USA, including
USA TODAY, the nation's largest-selling daily newspaper. The company also owns
in excess of 400 non-daily publications in the USA and USA WEEKEND, a weekly
newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom's second
largest regional newspaper company. Newsquest publishes more than 300 titles,
including 17 daily newspapers, and a network of prize-winning Web sites. Gannett
also operates 22 television stations in the United States and is an Internet
leader with sites sponsored by its TV stations and newspapers including
USATODAY.com, one of the most popular news sites on the Web.</p>
<p style="text-indent: 25">Certain statements in this press release may be
forward looking in nature or &quot;forward looking statements&quot; as defined
in the Private Securities Litigation Reform Act of 1995. The forward looking
statements contained in this press release are subject to a number of risks,
trends and uncertainties that could cause actual performance to differ
materially from these forward looking statements. A number of those risks,
trends and uncertainties are discussed in the company's SEC reports, including
the company's annual report on Form 10-K and quarterly reports on Form 10-Q. Any
forward looking statements in this press release should be evaluated in light of
these important risk factors.</p>
<p style="text-indent: 25">Gannett is not responsible for updating the
information contained in this press release beyond the published date, or for
changes made to this press release by wire services, Internet service providers
or other media.</p>
<p>For investor inquiries, contact:<br>
Gracia Martore<br>
Senior Vice President and Chief Financial Officer<br>
703-854-6918<br>
gmartore@gannett.com</p>
<p>For media inquires, contact:<br>
Tara Connell<br>
Vice President of Corporate Communications<br>
703-854-6049<br>
tjconnel@gannett.com<br>
</p>
<P
align=center>#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#
</P>
<pre>CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)


                                  Thirteen weeks ended         % Inc
                            June 29, 2003    June 30, 2002      (Dec)
Net Operating Revenues:
Newspaper advertising       $   1,115,381    $   1,045 938       6.6
Newspaper circulation             303,180          293,990       3.1
Television                        192,727          191,299       0.7
Other                              93,995           81,963      14.7
                            -------------    -------------     ------
Total                           1,705,283        1,613,190       5.7
                            -------------    -------------     ------
Operating Expenses:
Cost of sales and operating
 expenses, exclusive of
 depreciation                     856,972          799,255       7.2
Selling, general and
 administrative expenses,
 exclusive of depreciation        262,917          254,534       3.3
Depreciation                       55,078           53,362       3.2
Amortization of intangible
 assets                             2,174            1,834      18.5
                            -------------    -------------     ------
Total                           1,177,141        1,108,985       6.1
                            -------------    -------------     ------
Operating income                  528,142          504,205       4.7
                            -------------    -------------     ------
Non-operating income
 (expense):
Interest expense                  (36,334)         (41,101)    (11.6)
Other                                 899              (81)      ***
                            -------------    -------------     ------
Total                             (35,435)         (41,182)    (14.0)
                            -------------    -------------     ------

Income before income taxes        492,707          463,023       6.4
Provision for income taxes        168,400          159,100       5.8
                            -------------    -------------     ------
Net income                  $     324,307    $     303,923       6.7
                            =============    =============     ======

Net income per share-basic          $1.21            $1.14       6.1
                                    =====            =====     ======
Net income per share-diluted        $1.20            $1.13       6.2
                                    =====            =====     ======
Dividends per share                 $0.24            $0.23       4.3
                                    =====            =====     ======




CONSOLIDATED STATEMENTS OF INCOME
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)


                                  Twenty-six weeks ended       % Inc
                            June 29, 2003    June 30, 2002      (Dec)
Net Operating Revenues:
Newspaper advertising       $   2,121,428    $   2,015,741       5.2
Newspaper circulation             605,611          593,252       2.1
Television                        350,903          358,485      (2.1)
Other                             179,586          158,870      13.0
                            -------------    -------------     ------
Total                           3,257,528        3,126,348       4.2
                            -------------    -------------     ------
Operating Expenses:
Cost of sales and operating
 expenses, exclusive of
 depreciation                   1,693,594        1,606,371       5.4
Selling, general and
 administrative expenses,
 exclusive of depreciation        511,488          502,865       1.7
Depreciation                      109,307          106,731       2.4
Amortization of intangible
 assets                             4,004            3,667       9.2
                            -------------    -------------     ------
Total                           2,318,393        2,219,634       4.4
                            -------------    -------------     ------
Operating income                  939,135          906,714       3.6
                            -------------    -------------     ------
Non-operating income
 (expense):
Interest expense                  (72,443)         (69,855)      3.7
Other                               5,751           (2,373)      ***
                            -------------    -------------     ------
Total                             (66,692)         (72,228)     (7.7)
                            -------------    -------------     ------

Income before income taxes        872,443          834,486       4.5
Provision for income taxes        298,300          287,000       3.9
                            -------------    -------------     ------
Net income                  $     574,143    $     547,486       4.9
                            =============    =============     ======

Net income per share-basic          $2.14            $2.05       4.4
                                    =====            =====     ======
Net income per share-diluted        $2.12            $2.04       3.9
                                    =====            =====     ======
Dividends per share                 $0.48            $0.46       4.3
                                    =====            =====     ======





BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars

                                  Thirteen weeks ended         % Inc
                            June 29, 2003    June 30, 2002      (Dec)

Net Operating Revenues:
Newspaper publishing        $   1,512,556    $   1,421,891       6.4
Television                        192,727          191,299       0.7
                            -------------    -------------     ------
Total                       $   1,705,283    $   1,613,190       5.7
                            =============    =============     ======
Operating Income (net
 of depreciation and
 amortization):
Newspaper publishing        $     448,476    $     425,225       5.5
Television                         95,587           94,463       1.2
Corporate                         (15,921)         (15,483)     (2.8)
                            -------------    -------------     ------
Total                       $     528,142    $     504,205       4.7
                            =============    =============     ======
Depreciation and
 Amortization:
Newspaper publishing        $      46,782    $      45,315       3.2
Television                          6,642            6,331       4.9
Corporate                           3,828            3,550       7.8
                            -------------    -------------     ------
Total                       $      57,252    $      55,196       3.7
                            =============    =============     ======
Operating Cash Flow (1):
Newspaper publishing        $     495,258    $     470,540       5.3
Television                        102,229          100,794       1.4
Corporate                         (12,093)         (11,933)     (1.3)
                            -------------    -------------     ------
Total                       $     585,394    $     559,401       4.6
                            =============    =============     ======


(1) Operating Cash Flow represents operating income for each of the
    company's business segments plus related depreciation and
    amortization expense. See attachment for reconciliation of
    amounts to the Consolidated Statements of Income.




BUSINESS SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars

                                  Twenty-six weeks ended       % Inc
                            June 29, 2003    June 30, 2002      (Dec)

Net Operating Revenues:
Newspaper publishing        $   2,906,625    $   2,767,863       5.0
Television                        350,903          358,485      (2.1)
                            -------------    -------------     ------
Total                       $   3,257,528    $   3,126,348       4.2
                            =============    =============     ======
Operating Income (net
 of depreciation and
 amortization):
Newspaper publishing        $     810,961    $     769,928       5.3
Television                        159,542          167,232      (4.6)
Corporate                         (31,368)         (30,446)     (3.0)
                            -------------    -------------     ------
Total                       $     939,135    $     906,714       3.6
                            =============    =============     ======
Depreciation and
 Amortization:
Newspaper publishing        $      92,364    $      90,550       2.0
Television                         13,213           12,748       3.6
Corporate                           7,734            7,100       8.9
                            -------------    -------------     ------
Total                       $     113,311    $     110,398       2.6
                            =============    =============     ======
Operating Cash Flow (1):
Newspaper publishing        $     903,325    $     860,478       5.0
Television                        172,755          179,980      (4.0)
Corporate                         (23,634)         (23,346)     (1.2)
                            -------------    -------------     ------
Total                       $   1,052,446    $   1,017,112       3.5
                            =============    =============     ======


(1) Operating Cash Flow represents operating income for each of the
    company's business segments plus related depreciation and
    amortization expense. See attachment for reconciliation of
    amounts to the Consolidated Statements of Income.



NON-GAAP FINANCIAL INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars



&quot;Operating Cash Flow&quot;, a non-GAAP measure, is defined as operating
income plus depreciation and amortization of intangible assets.
Management believes that use of this measure allows investors and
management to measure, analyze and compare the cash resources
generated from its business segment operations in a meaningful and
consistent manner. The focus on operating cash flow is appropriate
given the consistent and generally predictable strength of cash flow
generation by newspaper and television operations, and the short
period of time it takes to convert new orders to cash.

A reconciliation of these non-GAAP amounts to the company's operating
income, which the company believes is the most directly comparable
financial measure calculated and presented in accordance with GAAP in
the company's consolidated statements of income, follows:



Thirteen Weeks Ended June 29, 2003


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $  495,258   $  102,229   $ (12,093)  $    585,394
Less:
Depreciation         (44,608)      (6,642)     (3,828)       (55,078)
Amortization          (2,174)         -           -           (2,174)
                  ----------   ----------   ---------   ------------
Operating income  $  448,476   $   95,587   $ (15,921)  $    528,142
                  ==========   ==========   =========   ============



Thirteen Weeks Ended June 30, 2002


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $  470,540   $  100,794   $ (11,933)  $    559,401
Less:
Depreciation         (43,481)      (6,331)     (3,550)       (53,362)
Amortization          (1,834)         -           -           (1,834)
                  ----------   ----------   ---------   ------------
Operating income  $  425,225   $   94,463   $ (15,483)  $    504,205
                  ==========   ==========   =========   ============


Twenty-six Weeks Ended June 29, 2003


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $  903,325   $  172,755   $ (23,634)  $  1,052,446
Less:
Depreciation         (88,360)     (13,213)     (7,734)      (109,307)
Amortization          (4,004)          -           -          (4,004)
                  ----------   ----------   ---------   ------------
Operating income  $  810,961   $  159,542   $ (31,368)  $    939,135
                  ==========   ==========   =========   ============



Twenty-six Weeks Ended June 30, 2002


                   Newspaper                            Consolidated
                  Publishing   Television   Corporate      Total
                  ----------   ----------   ---------   ------------

Operating
 cash flow        $  860,478   $  179,980   $ (23,346)  $  1,017,112
Less:
Depreciation         (86,883)     (12,748)     (7,100)      (106,731)
Amortization          (3,667)         -           -           (3,667)
                  ----------   ----------   ---------   ------------
Operating income  $  769,928   $  167,232   $ (30,446)  $    906,714
                  ==========   ==========   =========   ============

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<p align="left">News Release </p>
<p align="right">Tuesday, July 15, 2003</p>
<p align="center"><b>Gannett Co., Inc. Releases June Statistical Report</b></p>
<p>McLEAN, VA - Gannett Co., Inc. (NYSE: GCI) reported today that total pro
forma operating revenues for the sixth period ended June 29, 2003 increased 3
percent. For comparison purposes, the continued increase in the exchange rate of
Sterling year-over-year affected results for the company's UK operations. If the
exchange rate had remained constant year-over-year, total pro forma operating
revenues would have increased 1 percent.</p>
<p style="text-indent: 25">Pro forma (assuming that all properties presently
owned were owned in both periods) newspaper advertising revenues in June were up
5 percent compared with the same period in 2002 on a 2 percent increase in ROP
volume and a 9 percent advance in preprint distribution. If the exchange rate
had remained constant year-over-year, pro forma newspaper advertising revenues
would have risen 3 percent.</p>
<p style="text-indent: 25">Pro forma classified revenues advanced 7 percent in
the June period on a 3 percent increase in ad volume. Employment revenues
declined 3 percent from the same period last year. Classified real estate
revenues advanced 16 percent, and automotive increased 6 percent. Overall, the
company's classified results from Newsquest were substantially stronger than its
domestic results.</p>
<p style="text-indent: 25">Pro forma local advertising revenues rose 4 percent
in the June period on a 1 percent decline in ad volume. The performance of the
company's small and medium-sized advertisers in its domestic newspapers outpaced
the revenue performance of its largest advertisers. In the U.S., newspaper gains
were achieved in the telecommunications, financial and home improvement
categories while there was softness in department stores, consumer electronics,
furniture and grocery ad spending.</p>
<p style="text-indent: 25">Pro forma national advertising revenues increased 2
percent on a 15 percent increase in ad volume. National volume at the company's
local domestic newspapers rose 19 percent in the period compared with the same
interval in 2002. At USA TODAY, advertising revenues were 1 percent lower on a 2
percent decrease in paid ad pages to 408 from 418. For the month, automotive,
technology and advocacy advertising were strong but soft travel and retail
advertising offset these gains. For the year-to-date, USA TODAY's paid pages
numbered 2,316 versus 2,414 last year while ad revenues were slightly ahead of
last year.</p>
<p style="text-indent: 25">Television revenues declined 4 percent in the period.
Local revenues rose 4 percent while national revenues declined 14 percent. For
comparison purposes, television revenues increased 16 percent in June of 2002.</p>
<p style="text-indent: 25" align="center">(more)</p>
<p style="text-indent: 25">In addition to the revenue and statistical summary,
attached is a chart which shows the consolidated Gannett Online audience share
for May from Nielsen//Net Ratings. In May, Gannett's domestic Websites had over
13 million unique visitors reaching 10 percent of the Internet audience.</p>
<p style="text-indent: 25">The pro forma advertising and circulation revenue
statistics include the results of the SMG (Scottish Media Group) publishing
business and Texas-New Mexico Newspapers Partnership as if they had been owned
in both years. Ad linage for Newsquest is not included in the ad volume
statistics. Circulation volume numbers for Newsquest's paid daily newspapers are
included in the enclosed statistics, but volume from unpaid daily and non-daily
publications is not included in the circulation volume statistics.</p>
<p style="text-indent: 25">Gannett Co., Inc. is a leading international news and
information company that publishes 100 daily newspapers in the USA, including
USA TODAY, the nation's largest-selling daily newspaper. The company also owns
in excess of 400 non-daily publications in the USA and USA WEEKEND, a weekly
newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom's second
largest regional newspaper company. Newsquest publishes more than 300 titles,
including 17 daily newspapers, and a network of prize-winning Web sites. Gannett
also operates 22 television stations in the United States and is an Internet
leader with sites sponsored by its TV stations and newspapers including
USATODAY.com, one of the most popular news sites on the Web.</p>
<p style="text-indent: 25">Certain statements in this press release may be
forward looking in nature or &quot;forward looking statements&quot; as defined
in the Private Securities Litigation Reform Act of 1995. The forward looking
statements contained in this press release are subject to a number of risks,
trends and uncertainties that could cause actual performance to differ
materially from these forward looking statements. A number of those risks,
trends and uncertainties are discussed in the company's SEC reports, including
the company's annual report on Form 10-K and quarterly reports on Form 10-Q. Any
forward looking statements in this press release should be evaluated in light of
these important risk factors.</p>
<p style="text-indent: 25">Gannett is not responsible for updating the
information contained in this press release beyond the published date, or for
changes made to this press release by wire services, Internet service providers
or other media.</p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0" align="left">Contact:&nbsp;&nbsp;&nbsp;&nbsp;
Gracia Martore </p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Senior Vice President and Chief Financial Officer </p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
703-854-6918 </p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
gmartore@gannett.com</p>
<p>&nbsp;</p>
<pre style="margin-top: 0; margin-bottom: 10">GANNETT CO., INC.
REVENUE &amp; STATISTICAL SUMMARY

                          Period 6 (June 2, 2003 - June 29, 2003)
                                                                         %
                             2003          2002            CHANGE     CHANGE
REVENUES:
Advertising:
Local                  $  145,088,000  $  139,148,000  $   5,940,000     4
National                   61,800,000      60,422,000      1,378,000     2
Classified                164,185,000     153,442,000     10,743,000     7
                        -------------   -------------   ------------   ----
Total Advertising      $  371,073,000  $  353,012,000  $  18,061,000     5

Circulation                97,312,000      96,596,000        716,000     1
Other revenue              30,516,000      29,167,000      1,349,000     5
Television                 57,339,000      59,593,000     (2,254,000)   (4)
                        -------------   -------------   ------------   ----
Total Revenue          $  556,240,000  $  538,368,000  $  17,872,000     3
                        =============   =============   ============   ====

VOLUME:
Newspaper Inches:
Local                       2,955,146       2,985,018        (29,872)   (1)
National                      371,004         323,278         47,726    15
Classified                  4,838,741       4,707,381        131,360     3
                        -------------   -------------   ------------   ----
Total ROP                   8,164,891       8,015,677        149,214     2
                        =============   =============   ============   ====
Preprint Distribution
  (in thousands)              845,085         778,603         66,482     9
                        =============   =============   ============   ====

NET PAID CIRCULATION:
Morning (w/USAT)            6,815,904       6,911,328        (95,424)   (1)
Evening                     1,227,277       1,286,863        (59,586)   (5)
                        -------------   -------------   ------------   ----
Total Daily                 8,043,181       8,198,191       (155,010)   (2)
                        =============   =============   ============   ====
Sunday                      6,823,627       6,920,476        (96,849)   (1)
                        =============   =============   ============   ====


                          Year-to-Date through June 29, 2003
                                                                         %
                             2003            2002          CHANGE     CHANGE
REVENUES:
Advertising:
Local                 $   884,245,000 $   853,029,000 $   31,216,000     4
National                  349,345,000     339,598,000      9,747,000     3
Classified                912,665,000     872,978,000     39,687,000     5
                       --------------  --------------  -------------   ----
Total Advertising     $ 2,146,255,000 $ 2,065,605,000 $   80,650,000     4

Circulation               613,914,000     609,161,000      4,753,000     1
Other revenue             183,546,000     169,575,000     13,971,000     8
Television                350,903,000     358,485,000     (7,582,000)   (2)
                       --------------  --------------  -------------   ----
Total Revenue         $ 3,294,618,000 $ 3,202,826,000 $   91,792,000     3
                       ==============  ==============  =============   ====

VOLUME:
Newspaper Inches:
Local                      18,300,949      18,587,748       (286,799)   (2)
National                    2,005,828       1,853,925        151,903     8
Classified                 28,955,298      27,990,372        964,926     3
                       --------------  --------------  -------------   ----
Total ROP                  49,262,075      48,432,045        830,030     2
                       ==============  ==============  =============   ====
Preprint Distribution
  (in thousands)            5,373,553       4,841,570        531,983    11
                       ==============  ==============  =============   ====

NET PAID CIRCULATION:
Morning (w/USAT)            7,106,670       7,137,333        (30,663)   (0)
Evening                     1,276,116       1,313,629        (37,513)   (3)
                       --------------  --------------  -------------   ----
Total Daily                 8,382,786       8,450,962        (68,176)   (1)
                       ==============  ==============  =============   ====
Sunday                      7,013,148       7,067,515        (54,367)   (1)
                       ==============  ==============  =============   ====

Note:  The operating results from the company's newspapers participating in
       joint operating agencies, and which are accounted for under the equity
       method of accounting, are reported as a single amount in other operating
       revenues. Advertising linage statistics from these newspapers are not
       included above, however, circulation volume statistics for these
       newspapers are included above.

       The above revenue amounts and statistics have been restated to include
       all companies presently owned including SMG Publishing (acquired in
       April 2003). SMG Publishing consists of three Scottish newspapers:
       The Herald, Sunday Herald and Evening Times; eleven specialty consumer
       and business-to-business magazine titles; and an online advertising and
       content business.

       Newsquest (which includes SMG Publishing) is a regional newspaper
       publisher in the United Kingdom with more than 300 titles, including
       paid and unpaid daily and non-daily products. Circulation volume
       statistics for Newsquest's seventeen paid daily newspapers are included
       above. Circulation volume statistics for Newsquest's unpaid daily and
       non-daily publications are not reflected above. Advertising linage for
       Newsquest publications is not reflected above.



GANNETT CO., INC.
REVENUE &amp; STATISTICAL SUMMARY

                          2nd Quarter 2003 (March 31 - June 29, 2003)
                                                                           %
                             2003            2002           CHANGE      CHANGE
REVENUES:
Advertising:
Local                 $   462,667,000 $   442,205,000  $   20,462,000      5
National                  183,522,000     177,000,000       6,522,000      4
Classified                469,225,000     452,641,000      16,584,000      4
                       --------------  --------------   -------------    ----
Total Advertising     $ 1,115,414,000 $ 1,071,846,000  $   43,568,000      4

Circulation               303,254,000     302,035,000       1,219,000      0
Other revenue              94,027,000      87,919,000       6,108,000      7
Television                192,727,000     191,299,000       1,428,000      1
                       --------------  --------------   -------------    ----
Total Revenue         $ 1,705,422,000 $ 1,653,099,000  $   52,323,000      3
                       ==============  ==============   =============    ====

VOLUME:
Newspaper Inches:
Local                       9,603,710       9,686,458         (82,748)    (1)
National                    1,072,378         981,929          90,449      9
Classified                 15,194,403      14,796,939         397,464      3
                       --------------  --------------   -------------    ----
Total ROP                  25,870,491      25,465,326         405,165      2
                       ==============  ==============   =============    ====
Preprint Distribution
    (in thousands)          2,804,573       2,535,804         268,769     11
                       ==============  ==============   =============    ====


Note:  The operating results from the company's newspapers participating in
       joint operating agencies, and which are accounted for under the equity
       method of accounting, are reported as a single amount in other operating
       revenues. Advertising linage statistics from these newspapers are not
       included above, however, circulation volume statistics for these
       newspapers are included above.

       The above revenue amounts and statistics have been restated to include
       all companies presently owned including SMG Publishing (acquired in
       April 2003). SMG Publishing consists of three Scottish newspapers:
       The Herald, Sunday Herald and Evening Times; eleven specialty consumer
       and business-to-business magazine titles; and an online advertising and
       content business.

       Newsquest (which includes SMG Publishing) is a regional newspaper
       publisher in the United Kingdom with more than 300 titles, including
       paid and unpaid daily and non-daily products. Circulation volume
       statistics for Newsquest's seventeen paid daily newspapers are included
       above. Circulation volume statistics for Newsquest's unpaid daily and
       non-daily publications are not reflected above. Advertising linage for
       Newsquest publications is not reflected above.</pre>

<pre style="margin-top: 0; margin-bottom: 10">&nbsp;</pre>

<p align="center" style="margin-top: 30; margin-bottom: 0"><b><font face="Courier New" size="2">Gannett
Online Internet Audience </font></b></p>
<p align="center" style="margin-top: 0; margin-bottom: 0"><b><font face="Courier New" size="2">May
2003</font></b></p>
<p><b><font face="Courier New" size="2">Nielsen//NetRatings</font></b></p>
<p><font face="Courier New" size="2">Home/Work Panel Combined</font></p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font face="Courier New" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unique Visitors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Reach of </font></p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font face="Courier New" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp;&nbsp; Per Month&nbsp;&nbsp; </u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;
Internet Audience&nbsp; </u></font></p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font face="Courier New" size="2">Gannett
Online&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13,334,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.0%</font></p>

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