CONTACT:

 

 

 

 

American Community Newspapers
Gene Carr
gcarr@acnpapers.com
972.628.4081

 

or

 

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 2008 FIRST QUARTER EARNINGS RESULTS

DALLAS, TX – April 30, 2008 – American Community Newspapers Inc. (AMEX: ANE) (“ACN”) today reported financial results for the first quarter ended March 30, 2008. Comparisons are made on a pro forma basis to the 2007 first quarter results as ACN (formerly Courtside Acquisition Corp.) had no prior year reported operating results due to its acquisition of an operating company on July 2, 2007.

2008 First Quarter Pro Forma Performance:

 

Total revenue was $15.9 million, down 11.7% from pro forma total revenue of $18.0 million in the prior year quarter. The decline was primarily due to the macro-economic weakness and the resulting soft advertising environment, specifically in real-estate and housing related categories with the Company’s Minneapolis-St. Paul cluster continuing to be the most affected. Excluding the Minneapolis-St. Paul cluster, total revenue was down 7.9%. In addition, the Company faced difficult year-over-year comparisons. In the first quarter of 2007, ACN delivered organic revenue growth of 4.6%, while the newspaper industry experienced a revenue decline of 4.8%, according to the Newspaper Association of America during this same period.

 

 


The following information was filed by American Community Newspapers Inc. (ACNI) on Wednesday, April 30, 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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