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A.H. Belo Reports $103 Million Q1 Loss on Big 'Providence Journal' Write-Off

Magazine article Editor & Publisher

A.H. Belo Reports $103 Million Q1 Loss on Big 'Providence Journal' Write-Off

Article excerpt

Dallas-based A.H. Belo Corp. Monday reported a first-quarter net loss of $103.1 million, or $5.03 a share, on a big goodwill impairment charge for The Providence (R.I.) Journal.

Without the $80.9 million, or $3.93 a share, non-cash charge on the value of the Journal -- plus another $4 million, or 19 cents a share related to layoff and buyout costs across the chain -- Belo had a net loss of $18.1 million, or 91 cents a share.

Total revenue fell 19.8% from the year-ago period to $128.5. Combined print and online advertising revenue dropped 28.2%, mostly on classified declines in all Belo newspaper markets.

Internet revenue accounted for 7.2% of total revenues in the quarter -- and fell 24% to $9.3 million.

Cashflow measured by EBITDA (earnings before interest, taxes, depreciation and amortization) fell by $9.1 million overall compared to the first quarter of 2008. Newspaper EBITDA was down $2.3 million.

Circulation revenue rose 9% mostly on increased prices for single copy and home delivery at the flagship Dallas Morning News and at the Journal. …

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