A. H. Belo Corporation Announces Third Quarter Revenues, 2012 and 2013 Adjusted EBITDA Guidance and Pension Buyouts
October 03 2012 - 4:30PM
Business Wire
A. H. Belo Corporation (NYSE: AHC) announced today that it
expects third quarter revenues to be in the range of $108 to $109
million, a decrease of one to two percent versus the third quarter
of 2011. This performance was driven by advertising revenues in
August and September at The Dallas Morning News, and by increased
printing and distribution revenue in Providence and Riverside.
Advertising revenue at The Morning News was up over the prior year
for both months.
Robert W. Decherd, chairman, president and Chief Executive
Officer, said, “We are encouraged by third quarter revenue
performance. While visibility remains challenging, our focus on
diversifying and stabilizing revenues remains our top priority, and
these results reflect the hard work of A. H. Belo’s employees on
all fronts.”
The Company reaffirmed its guidance for full-year 2012 Adjusted
EBITDA, or earnings before interest, taxes, and depreciation and
amortization (“EBITDA”) with pension expense added back, of $37 to
$41 million. The 2013 planning process is still underway. However,
absent unexpected changes, Adjusted EBIDTA for 2013 will be in the
same range.
The Company also announced it is offering, or will automatically
distribute, lump sum payments to certain pension plan
participants whose benefits have a present value
of $30,000 or less. The Board of Directors authorized
these actions in conjunction with the Company’s continued efforts
to address pension plan underfunding and reduce the cost of
operating the Company’s plans. Approximately 1,500 participants, or
30 percent of total plan participants, will receive
these offers or distributions. The number of actual
participants selecting the voluntary opportunities will not be
known until later in 2012.
Investor Day
A. H. Belo’s 2012 Investor Day will take place on Thursday,
October 4 in Dallas, Texas beginning at 9:00 a.m. CDT. A. H. Belo's
Management Committee and Publishers will discuss operating and
financial strategies, and the Company's real estate portfolio.
Investor Day will be simultaneously webcast, beginning at 9:30 a.m.
CDT, on the Company’s website at www.ahbelo.com/invest. The Company
will place the 2012 Investor Day presentation on
www.ahbelo.com/invest at approximately 7:00 a.m. CDT. An archive
and transcript of the webcast will be available at www.ahbelo.com
in the Investor Relations section.
About A. H. Belo
Corporation
A. H. Belo Corporation (NYSE: AHC), headquartered in Dallas,
Texas, is a distinguished newspaper publishing and local news and
information company that owns and operates four daily newspapers
and related websites. A. H. Belo publishes The Dallas Morning News,
Texas’ leading newspaper and winner of nine Pulitzer Prizes; The
Providence Journal, the oldest continuously-published daily
newspaper in the United States and winner of four Pulitzer Prizes;
The Press-Enterprise (Riverside, CA), serving the Inland Southern
California region and winner of one Pulitzer Prize; and the Denton
Record-Chronicle. The Company publishes niche publications
targeting specific audiences, and its investments and/or
partnerships include Classified Ventures, owner of Cars.com, and
the Yahoo! Newspaper Consortium. A. H. Belo also owns and operates
commercial printing, distribution and direct mail service
businesses. Additional information is available at www.ahbelo.com
or by contacting Alison K. Engel, Senior Vice President/Chief
Financial Officer, at 214-977-2248.
Statements in this communication concerning A. H. Belo
Corporation's (the "Company's") business outlook or future economic
performance, anticipated profitability, revenues, expenses,
dividends, capital expenditures, investments, impairments, pension
plan contributions, real estate sales, share repurchases, future
financings, and other financial and non-financial items that are
not historical facts, are "forward-looking statements" as the term
is defined under applicable federal securities laws.
Forward-looking statements are subject to risks, uncertainties and
other factors that could cause actual results to differ materially
from those statements.
Such risks, uncertainties and factors include, but are not
limited to, changes in capital market conditions and prospects, and
other factors such as changes in advertising demand and newsprint
prices; newspaper circulation trends and other circulation matters,
including changes in readership methods, patterns and demography,
and audits and related actions by the Audit Bureau of Circulations;
challenges implementing increased subscription pricing and new
pricing structures; challenges in achieving expense reduction
goals, and on schedule, and the resulting potential effects on
operations; technological changes; development of Internet
commerce; industry cycles; changes in pricing or other actions by
existing and new competitors and suppliers; labor relations;
regulatory, tax and legal changes; adoption of new accounting
standards or changes in existing accounting standards by the
Financial Accounting Standards Board or other accounting
standard-setting bodies or authorities; the effects of Company
acquisitions, dispositions, co-owned ventures, and investments;
pension plan matters; general economic conditions and changes in
interest rates; significant armed conflict; and other factors
beyond our control, as well as other risks described in
the Company's Annual Report on Form 10-K for the year ended
December 31, 2011, and other public disclosures and filings with
the Securities and Exchange Commission.
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