Gannett Co (GCI) swung to a net loss for the quarter ended Sep. 25, 2016. The company has made a net loss of $24.24 million, or $ 0.21 a share in the quarter, against a net profit of $39.17 million, or $0.33 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $7.32 million, or $0.06 a share compared with $50.32 million or $0.43 a share, a year ago.

Revenue during the quarter grew 10.14 percent to $772.32 million from $701.24 million in the previous year period. Gross margin for the quarter contracted 331 basis points over the previous year period to 33.04 percent. Operating margin for the quarter stood at negative 3.70 percent as compared to a positive 7.43 percent for the previous year period.

Operating loss for the quarter was $28.59 million, compared with an operating income of $52.11 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $55.28 million compared with $97.01 million in the prior year period. At the same time, adjusted EBITDA margin contracted 668 basis points in the quarter to 7.16 percent from 13.83 percent in the last year period.

Robert J. Dickey, president and chief executive officer, said, "We have made solid progress integrating our recent acquisitions, which we expect will be strong contributors to our performance as we drive toward a digital future. While we saw signs of improvement late in the third quarter, we were disappointed with our performance, and as we expected, it was our most challenging period in 2016. We have implemented initiatives that will result in $10 million of additional cost savings in the fourth quarter to align our cost structure with the current industry environment. We are taking these actions to ensure we can remain nimble in the face of ongoing industry challenges while we continue our digital transformation."