A. H. Belo Corp. Announces Increased Quarterly Dividend, Updated Pension Funding Guidance, & Holds Annual Meeting of Sharehol...
17 May 2013 - 7:00AM
Business Wire
A. H. Belo Corporation (NYSE: AHC) announced today it is
increasing its quarterly dividend rate to $0.08 per share,
beginning in the third quarter of 2013. The Board of Directors
declared a quarterly cash dividend of $0.08 per share, payable on
September 6, 2013 to shareholders of record at the close of
business on August 16, 2013.
A. H. Belo also announced updated pension funding guidance for
2013. The Company will contribute $7.4 million in required
contributions and $4.6 million in voluntary contributions to its
defined benefit plans. The 2013 funding amount is $9.1 million less
than the amount previously disclosed by the Company. The Board will
review the amount and timing of further voluntary contributions
from time to time.
Robert W. Decherd, chairman, president and Chief Executive
Officer, said, “We are very pleased to increase our quarterly
dividend beginning in the third quarter. This increase underscores
our commitment to building shareholder value, as the Company did by
paying a special dividend and instituting share buybacks in
2012.
“The increased dividend will be funded through operating cash
flow, enabled by reduced voluntary pension contributions. We
recognize that in a stabilizing interest rate environment the need
to shore up the funding status of the pension plans through large
voluntary contributions has lessened.”
The Company also held its Annual Meeting of Shareholders today.
Shareholders re-elected three Class II directors: Louis E. Caldera,
a private investor and a director since March 2011; John P.
Puerner, former publisher, president and Chief Executive Officer of
the Los Angeles Times and a director since May 2008; and, Nicole G.
Small, Chief Executive Officer of the Perot Museum of Nature and
Science in Dallas and a director since September 2011. These Class
II directors are eligible to serve a three-year term until the 2016
annual meeting.
Shareholders also ratified the appointment of KPMG LLP as A. H.
Belo's independent registered public accounting firm for 2013.
About A. H. Belo
Corporation
A. H. Belo Corporation (NYSE: AHC), headquartered in Dallas,
Texas, is a distinguished newspaper publishing and local news and
information company that owns and operates four daily
newspapers and related websites. A. H. Belo publishes The Dallas
Morning News, Texas’ leading newspaper and winner of nine Pulitzer
Prizes; The Providence Journal, the oldest
continuously-published daily newspaper in the United States and
winner of four Pulitzer Prizes; The
Press-Enterprise (Riverside, CA), serving the Inland
Southern California region and winner of one Pulitzer Prize; and
the Denton Record-Chronicle. The Company publishes various
niche publications targeting specific audiences, and
its investments include Classified Ventures, owner of
Cars.com, and Wanderful Media, owner of Find&Save. 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. Additional
information is available at www.ahbelo.com or by
contacting Alison K. Engel, Senior Vice President/Chief Financial
Officer, at 214-977-2248.
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