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AHC > SEC Filings for AHC > Form 10-Q on 30-Apr-2014All Recent SEC Filings

Show all filings for A. H. BELO CORP

Form 10-Q for A. H. BELO CORP


30-Apr-2014

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The following information should be read in conjunction with the Company's Condensed Consolidated Financial Statements and related Notes filed as part of this report. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise.
OVERVIEW
A. H. Belo (NYSE trading symbol: AHC), headquartered in Dallas, Texas, is a distinguished newspaper publishing and local news and information company that owns and operates three metropolitan daily newspapers and related websites, with publishing roots that trace to The Galveston Daily News, which began publication in 1842. A. H. Belo publishes The Dallas Morning News (www.dallasnews.com) (Dallas, Texas), Texas' leading newspaper and winner of nine Pulitzer Prizes; The Providence Journal (www.providencejournal.com) (Providence, Rhode Island), the oldest continuously-published daily newspaper in the United States and winner of four Pulitzer Prizes; and the Denton Record-Chronicle (www.dentonrc.com), a daily newspaper operating in Denton, Texas, approximately 40 miles north of Dallas. The Company publishes various niche publications targeting specific audiences, and its investments include Classified Ventures, LLC, owner of cars.com, and Wanderful Media, LLC, owner of FindnSave.com.
A. H. Belo offers digital marketing solutions through 508 Digital and Speakeasy, and also owns and operates commercial printing, distribution and direct mail service businesses.
A. H. Belo intends for the discussion of its financial condition and results of operations that follows to provide information that will assist in understanding its financial statements, the changes in certain key items in those statements from period to period, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect its financial statements. Presentation of current and prior period amounts in Management's Discussion and Analysis reflect continuing operations of the Company unless otherwise noted.
Overview of First Quarter 2014 Significant Transactions The first quarter of 2014 represents the first full quarter of operations after the sale of The Press-Enterprise, which was completed in the fourth quarter of 2013. The Company reduced the gain on the sale transaction by $178, which primarily reflects the finalization of the working capital adjustment. The Company anticipates remaining assets and liabilities related to the transaction of $778 and $628, respectively, will be settled in the second quarter of 2014. The Company continues its efforts to diversify revenues through leveraging its brand, its personnel and its infrastructure in both organic new product development and in pursuit of acquisitions of related marketing services companies. In March 2014, The Dallas Morning News began printing the Fort Worth Star-Telegram, a major metropolitan newspaper, at its Plano, Texas production facility. Reported average print circulation volumes for the Star-Telegram per the September 2013 Publisher's Statement were approximately 190,000 copies on Sundays and 110,000 daily copies on Mondays through Fridays. The agreement between The Dallas Morning News, Inc. and Star-Telegram, Inc. is for an initial term of 10 years and has a renewal option to extend the contract. Losses in 2014 include a $934 impairment charge related to the Company's investment in Wanderful Media, reducing the carrying value of the investment to $1,665. The Company determined that an other-than-temporary decline in the value of the investment occurred after evaluating the estimated fair value of the investee as determined by an independent valuation specialist. The Company attributes the impairment primarily to a decline in business related to Wanderful Media's legacy products.
In April 2014, Classified Ventures, an equity method investee, sold its apartments.com business unit for $585,000. The Company received distribution proceeds of $18,861 related to this sale transaction and recorded a gain of approximately $18,500 in the second quarter of 2014. The Company expects related federal income taxes to be minimal as a result of previously incurred net operating losses and is finalizing its estimate of state taxes.

 A. H. Belo Corporation First Quarter 2014 on Form 10-Q PAGE 13


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In addition to the above, the following significant transactions and events
affected A. H. Belo's results of operations and financial position during the
first quarter of 2014.
         Required contributions of $1,940 were made to the A. H. Belo Pension
          Plans in the first quarter of 2014, reflecting an increase from the
          $396 of contributions made in the first quarter of 2013.


         A dividend of $0.08 per share, or $1,805, was recorded and paid to
          shareholders of record and holders of RSUs. The Company also announced
          in March 2014 a dividend of $0.08 per share payable on June 6, 2014, to
          shareholders of record and holders of RSUs as of the close of business
          on May 16, 2014.


         The Company purchased 75,228 of its Series A common shares during the
          quarter through open market transactions for $675.


         The Company has currently engaged Stephens Inc. to explore a potential
          sale of The Providence Journal as the Company focuses resources and
          management time and attention on its core Dallas market.

PAGE 14 A. H. Belo Corporation First Quarter 2014 on Form 10-Q


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