NEW: Journal Parent Company Revenues Drop
Tuesday, February 22, 2011
The A.H. Belo Corporation, the parent company of The Providence Journal, announced today that it lost money in the fourth quarter due to a pre-tax pension withdrawal charge of $123.3 million. As a result, the company posted a fourth-quarter net loss of $5.65 per share.
A.H. Belo reported fourth quarter and 2010 revenues of $130.8 million and $487.3 million, respectively. The company also had a net loss of $5.92 per share for the entire year.
Total revenue for the year was $487.3 million, down by 6 percent from the previous year. Advertising revenue went down by 11.9 percent with the smallest decline at the The Dallas Morning News. The second and third smallest decreases were at the The Press-Enterprise and The Providence Journal.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTBut Robert W. Decherd, the chairman, president and Chief Executive Officer, said the company’s performance had improved for the year.
“Our improved 2010 operating performance reflects the Company's success in executing a content-first strategy of producing local news and information on a scale that other media cannot match,” Decherd said. “For 2011, the Company's top three priorities are executing on revenue initiatives, remaining vigilant on expenses, and maximizing operating cash flow. Although the timing of real estate dispositions and potential proceeds are hard to predict, we are hopeful that results similar to 2010's will be realized in 2011.”
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