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"We know furloughs are difficult for you and your families and our management teams do not take these actions lightly," Ellwood and Ray wrote in the memo. "The furloughs, however, will help us navigate through challenging headwinds and allow us to invest in future growth opportunities." The latest round of belt-tightening comes a few weeks after USA Today's owner, Gannett Co., committed to return $1.3 billion to its shareholders through dividends and stock buybacks by 2015. Gannett raised the annual dividend on its stock from 32 cents per share to 80 cents per share for 2012. Gannett's earnings last year dropped 22 percent to $459 million. The company, which is based in McLean, Va., has seen revenue fall for five straight years. Gannett does not break out USA Today's results in its financial reports. The company is scheduled to report its first-quarter results on April 16.
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