MEDIA

ProJo parent declares quarterly dividend

PBN FILE PHOTO/BRIAN MCDONALD
PROVIDENCE JOURNAL parent A.H. Belo Corp. declared a quarterly cash dividend of 6 cents per share, even as the company reported a net loss of 18 cents per share during its first quarter.
Posted 5/21/12

DALLAS – A.H. Belo Corp., the parent company of The Providence Journal and three other daily newspapers, declared a quarterly cash dividend of 6 cents per share, even as the company reported a net loss of 18 cents per share during its first quarter.

The quarterly cash dividend will be payable on September 7 to shareholders of record at close of business on August 17.

During the three months ended March 31, 2012, A.H. Belo said its net loss shrunk to 18 cents per share from a net loss of 31 cents per share during the same period of 2011.

Revenue decreased 7 percent to $104.8 million year-over-year. Excluding the impact of advertising related to the Super Bowl in Dallas during the first quarter of 2011, revenue dropped 5 percent year-over-year.

Advertising revenue – including print and digital revenue – dropped 12 percent, with the smallest percentage decrease at The Providence Journal.

Display advertising revenue decreased 18 percent to $19.4 million, preprint revenue decreased 6 percent to $18.9 million, classified revenue dropped 10 percent to $13.9 million and digital revenue dropped 11 percent to $7.8 million during the three months ended March 31.

The media company saw circulation revenue drop 1 percent to $34.7 million during the first quarter of 2012, compared with the same period in 2011.

This figure excludes the $0.9 million circulation revenue resulting from The Providence Journal’s transition from a carrier to a distributer circulation model in 2011.

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