CONTACT: 
 
Brainerd Communicators
Corey Kinger (Investors)
kinger@braincomm.com
212.986.6667
Joe LoBello (Media)
lobello@braincomm.com
212.986.6667

AMERICAN COMMUNITY NEWSPAPERS INC.
REPORTS PRELIMINARY 2008 SECOND QUARTER EARNINGS RESULTS

DALLAS, TX - August 21, 2008 - American Community Newspapers Inc. (AMEX: ANE) (“ACN”) today reported preliminary financial results for the second quarter ended June 29, 2008.

Preliminary 2008 Second Quarter Performance:
 
·
Total revenue was $17.2 million, down 14.4% from pro forma total revenue of $20.1 million in the prior year quarter. The decline was primarily due to the macro-economic weakness and the resulting soft advertising environment, with the Company’s Minneapolis-St. Paul cluster continuing to be the most affected. Excluding the Minneapolis-St. Paul cluster, total revenue was down 11.4%. In addition, the Company faced difficult year-over-year comparisons. In the second quarter of 2007, ACN experienced an organic revenue decline of 2.6%, compared to pro forma revenue in the prior year quarters, while the newspaper industry experienced a much greater revenue decline of 8.6%, according to the Newspaper Association of America during this same period.
 
·
Advertising revenue decreased 15.6% to $15.8 million in the second quarter of 2008 compared to pro forma revenue in the same quarter of the prior year.
 
·
Preliminary net loss is estimated to be $69.2 million, or ($4.73) per diluted share, compared to net income of $0.13 per diluted share in the prior year quarter on a pro forma basis. Net loss in the quarter was impacted by a preliminary estimated non-cash impairment charge of $69.4 million. Excluding this preliminary estimated charge, preliminary net income was $0.2 million, or $0.01 per diluted share. Please refer to the discussions of the preliminary estimated impairment charge below.
 
·
Internet advertising revenues increased 17.2% year-over-year in the 2008 second quarter and represented 2.9% of total revenue in the second quarter of 2008. ACN newspaper Web sites generated 4.7 million page views and had 0.9 million unique users during the month of June 2008.
 
·
ACN’s 100 print products had a total circulation of 1.4 million in the second quarter of 2008. ACN has a free, controlled-distribution model for most of its print products, with circulation accounting for only 3.9% of total Company revenues in the period.
 

The following information was filed by American Community Newspapers Inc. (ACNI) on Thursday, August 21, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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