On the other hand, the bad news is pretty bad:
GateHouse, based in Fairport, N.Y., posted an operating loss of $429.7 million, or $7.77 a share, during the second quarter, compared with a loss of $1.96 million, or 5 cents a share, in the second quarter of 2007.
But revenues, the company said, grew by 16.5 percent over the prior year to $184.1 million, which it said outperformed other newspaper companies.
GateHouse recorded a second quarter non-cash impairment charge of $443.1 million in the quarter, which decreased the earnings by $7.50 a share. The impairment was largely from the precipitous drop in the company’s stock value; in the second quarter alone it fell from about $6 a share at the start of the period to below 50 cents a share a week ago.
Ironically, I believe this article is the first time a Gatehouse-owned paper has reported on the company's financial misfortunes.