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A. H. Belo Corp (AHC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

A. H. Belo Corp

CIK: 1413898 Ticker: AHC
Exhibit 99.1
A. H. Belo Corporation
FOR IMMEDIATE RELEASE
Tuesday, February 17, 2009

7:00 A.M. CST
NEWSPAPER PUBLISHER A. H. BELO CORPORATION REPORTS
FOURTH QUARTER AND FULL YEAR 2008 FINANCIAL RESULTS
     DALLAS – Newspaper publisher A. H. Belo Corporation (NYSE: AHC) reported fourth quarter and full year 2008 revenues of $160.0 million and $637.3 million, respectively, and net losses per share of ($1.62) and ($3.04) for the fourth quarter and full year 2008 respectively. The fourth quarter results include a charge of $1.5 million or $0.05 per share related to a reduction-in-force; $14.1 million or $0.48 per share in non-cash goodwill impairment at The Press-Enterprise; and $14.0 million or $0.47 per share in non-cash future pension obligations. Additionally, full year results include charges of $11.1 million or $0.37 per share for the Company’s voluntary severance program in the third quarter, and $4.5 million or $0.15 per share related to the impairment of a 26-year-old printing press. The voluntary severance program and reduction-in-force are part of the Company’s ongoing expense reduction initiatives.
     The Company generated $5.9 million and $6.1 million in consolidated EBITDA for the fourth quarter and full year 2008, respectively, excluding the $14.0 million non-cash pension obligation. The aggregate newspaper EBITDA margin excluding all special charges mentioned above was 13 percent in the fourth quarter and 10 percent for the full year. EBITDA margins in the fourth quarter and for the full year 2008 were highest at The Providence Journal, followed by The Dallas Morning News.
     The Company’s borrowings of $10 million as of December 31, 2008 were unchanged from the third quarter, when the bank line was first utilized to fund costs associated with the voluntary severance program. The Company announced on January 30, 2009 that it amended its credit facility to become a $50 million asset-based revolving credit facility secured by all personal property assets of the Company and its subsidiaries and certain specified real property.
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The following information was filed by A. H. Belo Corp (AHC) on Thursday, February 19, 2009 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: AHC
CIK: 1413898
Form Type: 10-K Annual Report
Accession Number: 0000950134-09-005615
Submitted to the SEC: Wed Mar 18 2009 3:27:45 PM EST
Accepted by the SEC: Wed Mar 18 2009
Period: Wednesday, December 31, 2008
Industry: Newspapers Publishing Or Publishing And Printing

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