Gannett Co. Inc. (NYSE:GCI) reported its results for the fourth quarter. Net income for the publisher fell to $116.9 million (49 cents per share) vs. $174.1 million (72 cents per share) a year earlier. This is a decline of 32.8% from the year earlier quarter. Revenue fell 5.1% to $1.39 billion from the year earlier quarter. GCI reported adjusted net income of 72 cents per share. By that measure, the company beat the mean estimate of 69 cents per share. Analysts were expecting revenue of $1.39 billion.

Gracia Martore, president and chief executive officer, said, “During a period of weak economic growth, Gannett once again differentiated itself within the media industry by delivering solid profitability across each of our market-leading business segments – publishing, broadcast and digital – as well as free cash flow of $775 million in 2011. Gannett’s strong balance sheet and cash generation give us the flexibility to execute our growth strategy and successfully compete in the digital era while paying down debt and returning capital to shareholders.” Martore continued, “In the fourth quarter, we continued to leverage our local media franchises and iconic national brands across multiple platforms, reinventing local journalism for the digital age and providing innovative marketing solutions for our advertisers. Revenue from our digital properties company-wide rose to 21 percent of total revenue in the quarter. Excluding even-year political advertising, core broadcast revenues were up strongly in the 2011 fourth quarter. We are positioning for growth in print and digital media through new subscription models delivered across platforms, capturing opportunities in adjacent businesses, and continuing to focus on operational efficiencies.”

Competitors to Watch: The E.W. Scripps Company (NYSE:SSP), The New York Times Company (NYSE:NYT), The McClatchy Company (NYSE:MNI), News Corporation (NASDAQ:NWSA), Media General, Inc. (NYSE:MEG), Lee Enterprises, Inc. (NYSE:LEE), Journal Communications, Inc. (NYSE:JRN), A. H. Belo Corporation (NYSE:AHC), and Meredith Corporation (NYSE:MDP).

Integrated Device Technology Inc. (NASDAQ:IDTI) dropped to a third quarter loss, but results topped expectations. Reported a loss of $6.2 million (4 cents per diluted share) in the quarter. Integrated Device Technology Inc. had a net income of $9.8 million or 6 cents per share in the year earlier quarter. Revenue fell 18.7% to $120 million from the year earlier quarter. IDTI reported adjusted net income of 6 cents per share. By that measure, the company beat the mean estimate of one cent per share. Analysts were expecting revenue of $120.8 million.

“We achieved better bottom line results than originally projected for our fiscal third quarter by tightly managing operating expenses,” said Dr. Ted Tewksbury, president and CEO of IDT. “Despite weaker demand for communications, consumer and PC solutions during the December quarter, we saw improved bookings trends for server-related products. New product introductions and design wins increased during the quarter and we continue to win prestigious awards for innovation. While some customer ramps have been delayed by macroeconomic factors, we remain well positioned for multi-year growth driven by the ongoing rollout of cloud computing, 4G wireless infrastructure and mobility platforms.”

Competitors to Watch: Texas Instruments Inc. (NYSE:TXN), Intel Corporation (NASDAQ:INTC), Cypress Semicond. Corp. (NASDAQ:CY), Maxim Integrated Products Inc. (NASDAQ:MXIM), ON Semiconductor Corp. (NASDAQ:ONNN), Exar Corporation (NASDAQ:EXAR), Pericom Semiconductor (NASDAQ:PSEM), Analog Devices, Inc. (NYSE:ADI), Silicon Laboratories (NASDAQ:SLAB), and Inphi Corporation (NYSE:IPHI).

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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