First Quarter Results Overview - The comparisons refer to operating results for the first quarter of fiscal 2021 versus the first quarter of fiscal 2020 ended May 2, 2020: *Total net sales were $163.2 million, a record for a first quarter, which represented an increase of $85.9 million or 111.1%, compared to $77.3 million last year. *Gross profit was $54.8 million, or 33.6% of net sales, compared to $1.6 million, or 2.1% of net sales, last year. *Operating income improved to $14.9 million, or 9.1% of net sales, compared to an operating loss of $(28.4) million, or (36.7)% of net sales, last year as a result of the combined impact of the factors described above. *Net income improved to $11.0 million, or $0.36 per diluted share, records for a first quarter since the Company became publicly-traded, compared to a net loss of $(17.4) million, or $(0.59) per share, last year. Weighted average shares were 30.5 million this year compared to 29.7 million last year.

"In 2024, we made continued strong progress executing on our strategy to advance our digital transformation, resulting in total digital revenues exceeding 45% of total revenues in the fourth quarter, and amounting to over $1.1 billion for the year. Equally important, we expanded our audience, improved engagement, and grew digital revenues through diversified channels. Total 2024 digital revenues increased by over 5% compared to 2023," said Michael Reed, Gannett Chairman and Chief Executive Officer. "The successful execution of our strategy has driven continued improvement across our key financial metrics. In 2024, we delivered full-year growth in both Adjusted EBITDA and free cash flow, while driving improvement to our bottom line. We also remained focused on enhancing our capital structure in 2024, which was evidenced by repaying $73.5 million of debt in addition to repayments made in connection with the completion of our comprehensive refinancing that extended our debt maturities and significantly reduced potential future dilution from our convertible notes."

The European print trade body Intergraf, which the BPIF is a member of, has called for an end to the ongoing strikes at UPM in Finland, which began at the start of the year and are due to continue until at least 12 March following another recent extension. The UPM strikes have greatly aggravated the current lack of paper on European markets and are threatening the supply of printed products. Intergraf said printers’ stocks will not last until the strike has been settled and warned that they will not be able to fulfil orders. It has estimated that, based on member associations feedback, from mid-February, there will be a 40% shortage in the paper needed by European printers. Meanwhile Finat, the European association for the self-adhesive label and narrow web packaging industry, has warned that if strikes continue and label production is not put back on track, there could be serious ramifications for the supply of food, beverages, and pharmaceuticals.