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Exhibit 99.1
A. H. Belo Corporation Announces Fourth Quarter and Full Year 2020 Financial Results
DALLAS – A. H. Belo Corporation (NYSE: AHC) today reported a fourth quarter 2020 net loss of $1.7 million, or $(0.08) per share, and an operating loss of $4.0 million. In the fourth quarter of 2019, the Company reported a net loss of $1.1 million, or $(0.05) per share, and an operating loss of $2.4 million.
For the fourth quarter of 2020, on a non-GAAP basis, A. H. Belo reported operating income adjusted for certain items (“adjusted operating income (loss)”) of $0.5 million, an improvement of $0.4 million when compared to adjusted operating income of $0.1 million reported in the fourth quarter of 2019.
For the full year 2020, the Company reported a net loss of $6.9 million, or $(0.32) per share, and an operating loss of $15.6 million. For the full year 2019, the Company reported net income of $9.3 million, or $0.43 per fully diluted share, and operating income of $9.5 million. 2019 income was driven by a pretax gain of $25.9 million from the sale of real estate previously used as the Company’s headquarters.
For the full year 2020, on a non-GAAP basis, the Company reported an adjusted operating loss of $4.9 million, a decline of $2.8 million when compared to an adjusted operating loss of $2.1 million reported for the full year 2019.
Robert W. Decherd, chairman, president and Chief Executive Officer, said, “The Company's business activities stabilized to some extent in the second half of 2020 as the effects of the pandemic became clearer, enabling our management teams to make further operating adjustments that will enable A. H. Belo and The Dallas Morning News to carry on during another year of challenging conditions in 2021. The Board views these two calendar years as a single time frame during which the Company is responding ably to significant revenue and market pressures.
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A. H. Belo Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Other production, distribution and operating costs - Expense decreased $10,665 in 2020, reflecting savings as the Company continued to manage discretionary spending and implemented measures to reduce costs in response to the unfavorable financial impact of the pandemic, including expense reductions in outside services, advertising and promotion, and travel and entertainment.
Cash flows from investing activities increased in 2020 due to a reduction in capital spending of $1,528 and cash proceeds of $750 from the sale of the Company's eSite shares that were repurchased by eSite in the third quarter of 2020.
Display and classified print revenue decreased $9,637 and $3,635 in 2020 and 2019, respectively, primarily due to a revenue decline in most advertising categories, with the largest declines in the retail categories.
Amortization - Expense decreased in 2020 due to an intangible asset being fully amortized in 2019, and the only remaining intangible asset to be amortized is comprised of customer relationships.
Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to accumulated other comprehensive income (loss) and are amortized to net periodic pension expense (benefit) over the weighted average remaining life of plan participants, to the extent the cumulative balance in accumulated other comprehensive income (loss) exceeds 10 percent of the greater of the respective plan's (a) projected benefit obligation or (b) the market-related value of the plan's assets.
Expense decreased in 2019 due...Read more
Cash flows used for investing...Read more
Operating Costs and Expense The...Read more
Additionally, distribution expense decreased related...Read more
Revenue decreased $6,301 and $3,327...Read more
The provision was primarily due...Read more
The Company also continues to...Read more
These measures include reduction in...Read more
Equity Compensation Plan Information The...Read more
COVID-19 is impacting, and may...Read more
If the analysis of undiscounted...Read more
Adverse determinations in any such...Read more
Net periodic pension expense (benefit)...Read more
The executive officers' base salaries...Read more
The executive officers' base salaries...Read more
Other income, net - Other...Read more
Digital advertising and marketing services...Read more
Cash flows from operating activities...Read more
The Company reduced operating expenses,...Read more
The Company's advertising revenue from...Read more
As a result, the Company...Read more
Home delivery revenue decreased $3,043...Read more
The projected benefit obligations of...Read more
Re-measurement of plan assets and...Read more
Applying the technical correction to...Read more
Applying the technical correction to...Read more
Newsprint, ink and other supplies...Read more
Digital circulation Revenue increased in...Read more
Single copy revenue also decreased...Read more
Plan assets and the projected...Read more
In addition, the Company benefited...Read more
RESULTS OF OPERATIONS Consolidated Results...Read more
On March 4, 2021, the...Read more
Participation in and accrual of...Read more
A. H. Belo and its...Read more
Upon completion, it was determined...Read more
Upon completion, it was determined...Read more
The decrease was driven primarily...Read more
Revenue decreased $7,704 and $2,610...Read more
The Company leverages its news...Read more
The Company records a liability...Read more
The Company has access to...Read more
Any change in judgment related...Read more
Depreciation - Expense decreased in...Read more
In response to the decline...Read more
Legal proceedings - From time...Read more
(Gain) loss on sale/disposal of...Read more
Although revenue is expected to...Read more
This acquisition added creative strategy...Read more
Future estimated benefit payments are...Read more
The Company redesigned and expanded...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
A. H. Belo Corp provided additional information to their SEC Filing as exhibits
Ticker: AHC
CIK: 1413898
Form Type: 10-K Annual Report
Accession Number: 0001413898-21-000012
Submitted to the SEC: Wed Mar 10 2021 6:45:10 PM EST
Accepted by the SEC: Thu Mar 11 2021
Period: Thursday, December 31, 2020
Industry: Newspapers Publishing Or Publishing And Printing