Earnings: AH Belo's Loss Widens; Revenues Fall 20 Percent
This story was written by David Kaplan.
Losses at newspaper publisher AH Belo (NYSE: AHC) (NYSE: BLC) grew considerably in the first quarter, to $103.1 million ($5.03 per share) from $8.7 million ($0.43 per share) a year ago, mostly on writedowns and the devastating advertising climate. It it hadn't been hit by special charges, the owner of the Dallas Morning News and Rhode Island's Providence Journal would have lost $18.1 million ($0.91 per share). The company recalled that in January it said it was cutting 500 jobsabout 14 percent of AH Belo's workforcein a bid to save $27 million. But so far, it can do little to stop the downward spiral in ad revenues, which, including print and online, fell 28.2 percent. The company, which is separate from its broadcast sibling Belo Corp., said that it experienced ad declines in all its markets in Q1.
Earnings release| Webcast (12:30 PM EDT)
By David Kaplan