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Projo parent posts $1.5M gain in 3Q

PBN FILE PHOTO/BRIAN McDONALD
PROVIDENCE JOURNAL PARENT, A.H. Belo Corp., reported net income of $1.48 million during the third quarter, versus a net loss of $135,000 during the same period in 2011.
Posted 10/29/12

DALLAS – During the third quarter, A.H. Belo Corp., the parent company of the Providence Journal and three other daily newspapers, reported net income of $1.48 million, or 6 cents per diluted share, compared with a net loss of $135,000, or 1 cent per diluted share, for the third quarter of 2011.

The third quarter’s net income included a credit of $2.5 million for a consent judgment related to past tax assessments of real estate by the city of Providence.

A.H. Belo saw a 1 percent decline in revenue during the third quarter from $110 million during the third quarter of 2011 to $108.9 million during the third quarter of 2012.

The decline in revenue was the “lowest since our spin-off from Belo Corp.,” said A.H. Belo chairman, president and CEO Robert W. Decherd in a statement, adding that the decline was driven by advertising revenue performance at The Dallas Morning News and increased printing and distribution revenue in Providence and Riverside, Calif.

“We are very pleased with our results thus far in 2012,” said Decherd. “While advertising revenues are difficult to predict, we remain confident in the company’s ability to deliver adjusted EBITDA and generate cash.”

The company’s EBITDA – earnings before interest, taxes, depreciation and amortization – was $10.5 million during the three months ended Sept. 30, a decrease of 3 percent year over year.

Decherd said the company expected full-year 2012 adjusted EBITDA to total $37 million to $41 million.

For the first nine months of the year, A.H. Belo saw a revenue of $322.9 million, a 4.1 percent decline from the $336.7 million reported during the same period in 2011.

The company reported a net loss of $2.15 million, or 10 cents per diluted share, for the first nine months of 2012, compared with a net loss of $13.7 million, or 64 cents per diluted share, for the same period in 2011.

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