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Exhibit 99.1
A. H. Belo Corporation Announces Fourth Quarter and Full Year 2018 Financial Results
DALLAS – A. H. Belo Corporation (NYSE: AHC) today reported fourth quarter 2018 net income of $0.2 million, or $0.01 per fully diluted share. In the fourth quarter of 2017, the Company reported net income of $12.8 million, or $0.58 per fully diluted share, primarily driven by the sale of real estate.
For the fourth quarter of 2018, on a non-GAAP basis, A. H. Belo reported operating income adjusted for certain items (“adjusted operating income”) of $2.6 million, a decrease of $2.9 million, or 52.6 percent, when compared to adjusted operating income of $5.5 million reported for the fourth quarter of 2017.
For the full year 2018, the Company reported a net loss of $5.4 million, or $(0.26) per share. For the full year 2017, the Company reported net income of $10.2 million, or $0.46 per fully diluted share. Full year 2017 income was driven by the sale of real estate.
For the full year 2018, on a non-GAAP basis, the Company reported adjusted operating income of $5.4 million, a decrease of $6.3 million, or 53.9 percent, compared to adjusted operating income of $11.7 million reported for the full year 2017.
Robert W. Decherd, chairman, president and Chief Executive Officer, said, “2018 was a challenging year for newspapers across the country as print advertising declined steeply across all categories. The Dallas Morning News felt this impact beginning early in the first quarter. Meanwhile, the loss of three key accounts at the end of 2017 interrupted revenue growth at Belo + Company until the fourth quarter, when new business filled the gaps and momentum was reestablished.
“The Board and Management Committee devoted the last half of 2018 to addressing the secular changes in the newspaper business and ensuring that Belo + Company has the resources needed to grow consistently over time. This work continues in 2019. Several specific actions
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by A. H. Belo Corp.
A. H. Belo Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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As a result of adopting this guidance retrospectively, Publishing total operating costs and expense and operating loss decreased $2,471 for 2017.
Other factors that may increase prices for newsprint include: The imposition of tariffs or other restrictions on non-U.S. suppliers of paper Increases in supplier operating expenses due to rising raw material or energy costs or other factors Decreases in the Companys current consumption levels The Companys inability to maintain existing relationships with its newsprint suppliers In addition, the Companys ability to supply its publishing operation with newsprint has been and may continue to be disrupted by such factors as: The Companys suppliers may be unable to deliver newsprint due to labor unrest Trucks or other means of transporting newsprint may become unavailable Paper mills may close at a faster rate than declines in the demand for paper A. H. Belo currently purchases most of its newsprint through a purchasing consortium.
Accordingly, the Company could experience a decline in pricing which could result in lower revenues and profitability.
However, if the Company is not successful in matching revenue declines with corresponding cost reductions, the Companys ability to generate future profits could be affected.
The Companys ability to stabilize circulation revenue through price increases and by growing its paid digital subscriber base may be affected by competition from other forms of media and other publications available in the Companys markets, declining consumer spending on discretionary items such as newspapers, decreasing amounts of free time, and declining frequency of regular newspaper buying among certain demographic groups.
The success of the Company?s...Read more
In 2018 and 2017, revenue...Read more
The Company?s ability to grow...Read more
The Company has taken steps...Read more
Through the Company?s technological, capital...Read more
In 2018, classified print revenue...Read more
Circulation volume declines could also...Read more
The Company has introduced new...Read more
The Company also continues to...Read more
Cyber-attacks, disruptions or failures could...Read more
The Company may not be...Read more
Digital marketing services are provided...Read more
In 2018, revenue decreased $8,823...Read more
Certain operating costs may not...Read more
Revenue decreased $8,924 in 2018...Read more
The Company tested the Marketing...Read more
In addition, if third-party service...Read more
There may be other factors...Read more
The Company?s strategy, with regard...Read more
The decrease in the cash...Read more
Adverse determinations in any such...Read more
As a result of competitive...Read more
Cyber-attacks evolve quickly and often...Read more
The Company relies on third-party...Read more
In 2017, the Company sold...Read more
The decline in 2017 was...Read more
Significant increases in newsprint costs...Read more
The most significant decline in...Read more
In 2017, the Company completed...Read more
The continued expansion of digital...Read more
In 2018, the Company?s advertising...Read more
The Company operates this integrated...Read more
In 2018, revenue declined by...Read more
For 2017, digital services revenue...Read more
Cash flows from investing activities...Read more
The niche publications provide unique...Read more
Capital expenditures of $12,005, which...Read more
Although legislation was enacted into...Read more
These categories, which represented 18.9...Read more
There is intense competition for...Read more
Price increases and supplemental editions...Read more
An income tax refund of...Read more
Upon completion of the annual...Read more
Although the Company continues its...Read more
The table below sets forth...Read more
The ability to achieve significant...Read more
These measures include divesting of...Read more
Tax benefits recognized in 2016...Read more
In 2017, revenue increased primarily...Read more
Net periodic pension and other...Read more
Net periodic pension and other...Read more
The Company has modified its...Read more
A. H. Belo and its...Read more
The information set forth under...Read more
The Company could experience inflationary...Read more
This may also put the...Read more
The Company leverages its news...Read more
The Company records a liability...Read more
The Company has implemented a...Read more
Any change in judgment related...Read more
As a result of the...Read more
A. H. Belo Corporation 2018...Read more
Revenue decreased in 2018 primarily...Read more
A. H. Belo directors and...Read more
Additionally, the Company?s deferred tax...Read more
Accordingly, A. H. Belo?s directors...Read more
A. H. Belo is committed...Read more
The Company?s Marketing Services customers...Read more
With a continued focus on...Read more
Current holdings of treasury stock...Read more
The Company may not be...Read more
Future benefit payments are discounted...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: 0001413898-19-000008
Submitted to the SEC: Thu Mar 14 2019 12:46:15 PM EST
Accepted by the SEC: Thu Mar 14 2019
Period: Monday, December 31, 2018
Industry: Newspapers Publishing Or Publishing And Printing