Tribune Publishing on Wednesday reported weaker quarterly net income, failing to meet analyst expectations, as revenues declined, partly due to a decrease in advertising revenues. Fourth quarter net income came in at $15 million or $0.60 per share, down from $33 million or $1.29 per share in the prior year period. Analysts expected EPS of $0.83, according to Capital IQ estimates.

Revenues in Q4 were $457 million, down 5% from Q4 2013, but ahead of projections of $446 million. Advertising revenue declined 10%.

Tribune Publishing CEO Jack Griffin noted 2014 was a “watershed” year for the publisher, which became publicly traded on August 4. Griffin said the company is now focused on growing its digital revenues, which are expected to produce expense savings as high as $70 million in 2015.

For 2015, Tribune expects total revenue to be in the range of $1.65 billion to $1.67 billion, in line with estimates. TPUB shares fell nearly 8% in early trading to $18.54, in a 52-week range of $15.00 to $26.90.