A. H. Belo Corporation Updates Investors on Timing of Its Regulatory Filings
29 January 2020 - 8:30AM
A. H. Belo Corporation (NYSE: AHC) said today that it is continuing
to work on finalizing the Company’s amended 2018 Annual Report on
Form 10-K, and the amended first and second quarter 2019 Quarterly
Reports on Form 10-Q. As announced on November 20, 2019, the
Company has determined to restate its 2018 audited financial
statements, impacting impairment of goodwill and long-lived assets;
the income tax valuation allowance; and management’s report on
internal control over financial reporting and evaluation of
disclosure controls and procedures included in Item 9A of the 2018
Form 10-K. The asset impairment and valuation allowance are due to
a re-evaluation of the timing of the Company’s impairment of assets
related to its marketing services segment and consequent
calculation of its tax valuation allowance, both of which are
non-cash items.
Katy Murray, senior vice president and Chief Financial Officer,
said, “The processes related to reviewing these matters have taken
longer than expected due to the complexity of accounting treatments
being considered for a fiscal year in which the Company recorded a
net loss. At this time, we continue to expect that any adjustments
ultimately made should be non-cash adjustments and should not
affect the Company’s revenues or cash flow statements during the
periods under review.
“While the Company continues to experience year-over-year
revenue declines in print advertising revenue and print circulation
revenue, the Company’s operations during the second half of 2019
have met management’s internal expectations, with stronger than
anticipated revenue performance, good expense controls, increased
digital circulation subscriptions, and capital expenditures in line
with our plan for the year. As of December 31, 2019, the Company
had approximately $48 million in cash and no debt. We are excited
about prospects for 2020.”
Robert W. Decherd, A. H. Belo’s Chief Executive Officer, added,
“The single decision-making structure implemented in July continues
to have very positive effects for the Company. We have been able to
be more focused and timely in refining strategies, developing
established and new products, and extending our brands throughout
the North Texas market. The Dallas Morning News continues to be the
most important source of local news and information, insight, and
civic engagement in one of America’s most dynamic cities.”
About A.
H. Belo
Corporation
A. H. Belo Corporation is the leading local news and information
publishing company in Texas. The Company has commercial printing,
distribution and direct mail capabilities, as well as a presence in
emerging media and digital marketing. While focusing on extending
the Company’s media platforms, A. H. Belo delivers news and
information in innovative ways to a broad range of audiences with
diverse interests and lifestyles. For additional information, visit
www.ahbelo.com or email invest@ahbelo.com.
Statements in this communication concerning A. H. Belo
Corporation’s business outlook or future economic performance,
revenues, expenses, and other financial
and non-financial items that are not historical facts,
including statements of the Company’s expectations relating to the
outcome of its ongoing review of asset impairment and related items
and the timing of its anticipated restatement of annual and
quarterly reports with the Securities and Exchange Commission, are
“forward-looking statements” as the term is defined under
applicable federal securities laws. Forward-looking statements are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from those statements. Such
risks, trends and uncertainties are, in most instances, beyond the
Company’s control, and include changes in advertising demand and
other economic conditions; consumers’ tastes; newsprint prices;
program costs; labor relations; technology obsolescence; as well as
other risks described in the Company’s Annual Report on
Form 10-K and in the Company’s other public disclosures
and filings with the Securities and Exchange Commission.
Forward-looking statements, which are as of the date of this
filing, are not updated to reflect events or circumstances after
the date of the statement.
Contact:Katy Murray214-977-8869
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