{"id":772463,"date":"2023-07-25T21:17:42","date_gmt":"2023-07-26T01:17:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/"},"modified":"2023-07-25T21:17:42","modified_gmt":"2023-07-26T01:17:42","slug":"dallasnews-corporation-announces-second-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/","title":{"rendered":"DallasNews Corporation Announces Second Quarter 2023 Financial Results"},"content":{"rendered":"
\n

DALLAS, July 25, 2023 (GLOBE NEWSWIRE) — DallasNews Corporation (Nasdaq: DALN) today reported a second quarter\u00a02023 net loss of $0.9\u00a0million, or $(0.16)\u00a0per share, and an operating loss of $1.2\u00a0million. In the second quarter of 2022, the Company reported a net loss of $2.4\u00a0million, or $(0.45)\u00a0per share, and an operating loss of $2.3\u00a0million.<\/p>\n

For the second quarter of 2023, on a non-GAAP basis, DallasNews reported an operating loss adjusted for certain items (\u201cadjusted operating loss\u201d) of $0.3\u00a0million, an improvement of $0.8\u00a0million when compared to an adjusted operating loss of $1.0\u00a0million reported in the second quarter of 2022. The improvement is primarily due to expense savings of $2.3\u00a0million, partially offset by a total revenue decline of $1.6\u00a0million.<\/p>\n

Grant Moise, Chief Executive Officer, said, \u201cOverall, I am pleased with the Company\u2019s performance in the second quarter as we continue to build a sustainably profitable digital media and marketing company. This quarter we were pleased to see continued year-over-year growth in local audiences consuming our digital content. However, while total digital members continue to grow year-over-year, we did experience a slight sequential decline in our total number of digital members. This decline in volume resulted from a combination of seasonally low starts in May and June combined with elevated stops resulting from a deeply discounted six-month holiday promotion from December. Digital membership and marketing services revenue will continue to be important for the Company as we pursue our goal of sustainable growth.\u201d<\/p>\n

\n Second Quarter Results<\/strong>\n <\/p>\n

Total revenue was $36.0\u00a0million in the second quarter of 2023, a decrease of $1.6\u00a0million or 4.2\u00a0percent when compared to the second quarter of 2022.<\/p>\n

Revenue from advertising and marketing services, including print and digital revenues, was $16.2\u00a0million in the second quarter of 2023, a decrease of $1.2\u00a0million or 7.1\u00a0percent when compared to the $17.5\u00a0million reported for the second quarter of 2022. The decline is primarily due to a $1.1\u00a0million or 9.8\u00a0percent decrease in print advertising revenue, driven by a $0.8\u00a0million or 17.3\u00a0percent reduction in preprint advertising revenue. As previously announced, the Company is exiting its shared mail program to deliver weekly preprints and inserts at the end of August 2023.<\/p>\n

Circulation revenue was $16.0\u00a0million in the second quarter of 2023, a decrease of $0.3\u00a0million or 1.6\u00a0percent when compared to the second quarter of 2022. The print circulation revenue decline of $0.9\u00a0million or 6.6\u00a0percent was partially offset by the digital-only subscription revenue increase of $0.6\u00a0million or 18.5\u00a0percent.<\/p>\n

Printing, distribution and other revenue was $3.8\u00a0million, a slight decrease of $0.1\u00a0million or 1.9\u00a0percent when compared to the second quarter of 2022.<\/p>\n

Total consolidated operating expense in the second quarter of 2023, on a GAAP basis, was $37.2\u00a0million, an improvement of $2.6\u00a0million or 6.6\u00a0percent when compared to the second quarter of 2022. The improvement is primarily due to savings of $1.2\u00a0million in distribution, $0.6\u00a0million related to a non-recurring lease cost benefit and $0.5\u00a0million in outside services.<\/p>\n

On a non-GAAP basis, adjusted operating expense was $36.3\u00a0million, an improvement of $2.3\u00a0million or 6.1\u00a0percent when compared to the second quarter of 2022.<\/p>\n

As of June 30, 2023, the Company had 644 employees, a decrease of 27 full-time equivalents, or 4.0\u00a0percent, when compared to the prior year period. Cash and cash equivalents along with short-term investments were $22.6\u00a0million and the Company had no debt.<\/p>\n

\n Non-GAAP<\/strong>
\n Financial<\/strong>
\n Measu<\/strong>
\n r<\/strong>
\n es<\/strong>\n <\/p>\n

Reconciliations of operating loss to adjusted operating loss and total operating costs and expense to adjusted operating expense are included in the exhibits to this release.<\/p>\n

\n Financial Results Conference Call<\/strong>\n <\/p>\n

DallasNews Corporation will conduct a conference call on Wednesday, July\u00a026, 2023, at 9:00\u00a0a.m. CDT to discuss financial results. The conference call will be available via webcast by accessing the Company\u2019s website at investor.dallasnewscorporation.com\/events<\/a>. An archive of the webcast will be available at dallasnewscorporation.com<\/a> in the Investor Relations section.<\/p>\n

To access the listen-only conference call, dial 1-844-291-6362 and enter the following access code when prompted: 350158. A replay line will be available at 1-866-207-1041 from 12:00 p.m. CDT on July\u00a026, 2023 until 11:59 p.m. CDT on August\u00a01,\u00a02023. The access code for the replay is 5169966.<\/p>\n

\n About<\/strong>
\n DallasNews<\/strong>
\n Corporation<\/strong>\n <\/p>\n

DallasNews Corporation is the Dallas-based holding company of The\u00a0Dallas\u00a0Morning\u00a0News<\/em><\/a> and Medium Giant<\/a>.\u00a0The Dallas Morning News <\/em>is Texas\u2019 leading daily newspaper with a strong journalistic reputation, intense regional focus and close community ties. Medium Giant is a media and marketing agency of divergent thinkers who devise strategies that deepen connections, expand influence, and scale success for clients nationwide. For additional information, visit dallasnewscorporation.com<\/a> or email invest@dallasnews.com<\/a>.\u00a0<\/p>\n

\n Statements in this communication concerning DallasNews Corporation\u2019s (the \u201cCompany\u201d) business outlook or future economic performance, revenues, expenses, cash balance, investments and other financial and\u00a0non-financial\u00a0items that are not historical facts are \u201cforward-looking statements\u201d as the term is defined under applicable federal securities laws. Words such as \u201canticipate,\u201d \u201cassume,\u201d \u201cbelieve,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and their opposites and similar expressions are intended to identify forward-looking statements. 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\u2019s control, and include changes in advertising demand and other economic conditions; consumers\u2019 tastes; newsprint and distribution prices; program costs; the success of the Company\u2019s digital strategy; labor relations; cybersecurity incidents; and technological obsolescence. Among other risks, there can be no guarantee that the board of directors will approve a quarterly dividend in future quarters or that our financial projections are accurate, as well as other risks described in the Company\u2019s Annual Report on Form\u00a010-K\u00a0and in the Company\u2019s 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.<\/em>\n <\/p>\n

Contact:
Katy Murray
214-977-8869<\/p>\n

\n \n <\/p>\n

\n DallasNews Corporation and Subsidiaries<\/strong>
\n
\n Consolidated Statements of Operations<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n
\n Three Months Ended June\u00a030,<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n Six Months Ended June\u00a030,<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n
\n In thousands, except share and per share amounts (unaudited)<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 2023<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2022<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2023<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2022<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\n Net Operating Revenue:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Advertising and marketing services<\/td>\n\u00a0<\/td>\n$<\/td>\n16,223<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n17,457<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n31,532<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,721<\/td>\n\u00a0<\/td>\n<\/tr>\n
Circulation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,996<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,250<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,007<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,346<\/td>\n\u00a0<\/td>\n<\/tr>\n
Printing, distribution and other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,793<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,866<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,675<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,793<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total net operating revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,012<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71,214<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73,860<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating Costs and Expense:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Employee compensation and benefits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,236<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n34,609<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,214<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other production, distribution and operating costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,293<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,725<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,321<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,974<\/td>\n\u00a0<\/td>\n<\/tr>\n
Newsprint, ink and other supplies<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,346<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,504<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,530<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,898<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n357<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n716<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n730<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,428<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset impairments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating costs and expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,232<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,851<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78,616<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,220<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,278<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,976<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,756<\/td>\n)<\/td>\n<\/tr>\n
Other income, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n378<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n740<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n46<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss Before Income Taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(842<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,250<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,236<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,710<\/td>\n)<\/td>\n<\/tr>\n
Income tax provision<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n165<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n349<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net Loss<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(868<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,415<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,494<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(5,059<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Per Share Basis <\/strong>
\n
\n (1)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.16<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.45<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.65<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.95<\/td>\n)<\/td>\n<\/tr>\n
Number of common shares used in the per share calculation:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,352,490<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,352,490<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,352,490<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,352,490<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(1)\u00a0\u00a0\u00a0The Company\u2019s Series A and Series B common stock equally share in the distributed and undistributed earnings. There were no options or RSUs outstanding as of June\u00a030, 2023 and 2022, that would result in dilution of shares or the calculation of EPS under the two-class method as prescribed under ASC\u00a0260 \u2013 Earnings Per Share.<\/p>\n

\n \n <\/p>\n

\n DallasNews Corporation and Subsidiaries<\/strong>
\n
\n Consolidated Balance Sheets<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n
\n June\u00a030,<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n December\u00a031,<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n
\n In thousands (unaudited)<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 2023<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 2022<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n11,928<\/td>\n\u00a0<\/td>\n$<\/td>\n27,825<\/td>\n<\/tr>\n
Short-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,669<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,734<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,023<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,921<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,077<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,252<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,925<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,582<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,438<\/td>\n<\/tr>\n
Operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,811<\/td>\n<\/tr>\n
Deferred income taxes, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n298<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n282<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,799<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,809<\/td>\n<\/tr>\n
Total assets<\/td>\n\u00a0<\/td>\n$<\/td>\n67,854<\/td>\n\u00a0<\/td>\n$<\/td>\n72,265<\/td>\n<\/tr>\n
\n Liabilities and Shareholders\u2019 Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n4,130<\/td>\n\u00a0<\/td>\n$<\/td>\n5,041<\/td>\n<\/tr>\n
Accrued compensation and other current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,082<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,214<\/td>\n<\/tr>\n
Contract liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,694<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,504<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,906<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,759<\/td>\n<\/tr>\n
Long-term pension liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,003<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,455<\/td>\n<\/tr>\n
Long-term operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,778<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,546<\/td>\n<\/tr>\n
Other liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,031<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,142<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,718<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,902<\/td>\n<\/tr>\n
Total shareholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,136<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,363<\/td>\n<\/tr>\n
Total liabilities and shareholders\u2019 equity<\/td>\n\u00a0<\/td>\n$<\/td>\n67,854<\/td>\n\u00a0<\/td>\n$<\/td>\n72,265<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n DallasNews Corporation – Non-GAAP Financial Measures<\/strong>
\n
\n Reconciliation of Operating Loss to Adjusted Operating Loss<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n
\n Three Months Ended June\u00a030,<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n Six Months Ended June\u00a030,<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n
\n In thousands (unaudited)<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 2023<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2022<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2023<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 2022<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
Total net operating revenue<\/td>\n\u00a0<\/td>\n$<\/td>\n36,012<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n37,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n71,214<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n73,860<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating costs and expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,232<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,851<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n78,616<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating Loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,220<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,278<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (3,976<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (4,756<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total operating costs and expense<\/td>\n\u00a0<\/td>\n$<\/td>\n37,232<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n39,851<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n75,190<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n78,616<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n357<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n716<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n730<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,428<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n608<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n428<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n825<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n560<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset impairments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n102<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted Operating Expense<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 36,267<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 38,605<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 73,635<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 76,526<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total net operating revenue<\/td>\n\u00a0<\/td>\n$<\/td>\n36,012<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n37,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n71,214<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n73,860<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted operating expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,605<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73,635<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n76,526<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted Operating Loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (255<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (1,032<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,421<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,666<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n<\/table>\n

The Company calculates adjusted operating income (loss) by adjusting operating income (loss) to exclude depreciation, amortization, severance expense, (gain) loss on sale\/disposal of assets, and asset impairments (\u201cadjusted operating income (loss)\u201d). The Company believes that inclusion of certain noncash expenses and other items in the results makes for more difficult comparisons between years and with peer group companies.<\/p>\n

Adjusted operating income (loss) is not a measure of financial performance under generally accepted accounting principles (\u201cGAAP\u201d). Management uses adjusted operating income (loss) and similar measures in internal analyses as supplemental measures of the Company\u2019s financial performance, and for performance comparisons versus its peer group of companies. Management uses this non-GAAP financial measure for the purposes of evaluating consolidated Company performance. The Company therefore believes that the non-GAAP measure presented provides useful information to investors by allowing them to view the Company\u2019s business through the eyes of management and the Board of Directors, facilitating comparison of results across historical periods and providing a focus on the underlying ongoing operating performance of its business. Adjusted operating income (loss) should not be considered in isolation or as a substitute for net income (loss), cash flows provided by (used for) operating activities or other comparable measures prepared in accordance with GAAP. Additionally, this non-GAAP measure may not be comparable to similarly-titled measures of other companies.<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

DALLAS, July 25, 2023 (GLOBE NEWSWIRE) — DallasNews Corporation (Nasdaq: DALN) today reported a second quarter\u00a02023 net loss of $0.9\u00a0million, or $(0.16)\u00a0per share, and an operating loss of $1.2\u00a0million. In the second quarter of 2022, the Company reported a net loss of $2.4\u00a0million, or $(0.45)\u00a0per share, and an operating loss of $2.3\u00a0million. For the second quarter of 2023, on a non-GAAP basis, DallasNews reported an operating loss adjusted for certain items (\u201cadjusted operating loss\u201d) of $0.3\u00a0million, an improvement of $0.8\u00a0million when compared to an adjusted operating loss of $1.0\u00a0million reported in the second quarter of 2022. The improvement is primarily due to expense savings of $2.3\u00a0million, partially offset by a total revenue decline of $1.6\u00a0million. Grant Moise, Chief Executive Officer, … <\/p>\n

Continue reading “DallasNews Corporation Announces Second Quarter 2023 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-772463","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDallasNews Corporation Announces Second Quarter 2023 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DallasNews Corporation Announces Second Quarter 2023 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"DALLAS, July 25, 2023 (GLOBE NEWSWIRE) — DallasNews Corporation (Nasdaq: DALN) today reported a second quarter\u00a02023 net loss of $0.9\u00a0million, or $(0.16)\u00a0per share, and an operating loss of $1.2\u00a0million. In the second quarter of 2022, the Company reported a net loss of $2.4\u00a0million, or $(0.45)\u00a0per share, and an operating loss of $2.3\u00a0million. For the second quarter of 2023, on a non-GAAP basis, DallasNews reported an operating loss adjusted for certain items (\u201cadjusted operating loss\u201d) of $0.3\u00a0million, an improvement of $0.8\u00a0million when compared to an adjusted operating loss of $1.0\u00a0million reported in the second quarter of 2022. The improvement is primarily due to expense savings of $2.3\u00a0million, partially offset by a total revenue decline of $1.6\u00a0million. 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In the second quarter of 2022, the Company reported a net loss of $2.4\u00a0million, or $(0.45)\u00a0per share, and an operating loss of $2.3\u00a0million. For the second quarter of 2023, on a non-GAAP basis, DallasNews reported an operating loss adjusted for certain items (\u201cadjusted operating loss\u201d) of $0.3\u00a0million, an improvement of $0.8\u00a0million when compared to an adjusted operating loss of $1.0\u00a0million reported in the second quarter of 2022. The improvement is primarily due to expense savings of $2.3\u00a0million, partially offset by a total revenue decline of $1.6\u00a0million. Grant Moise, Chief Executive Officer, … Continue reading \"DallasNews Corporation Announces Second Quarter 2023 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-07-26T01:17:42+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg4MDYzNSM1NzA5MDg1IzIwMDQwNDU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"DallasNews Corporation Announces Second Quarter 2023 Financial Results","datePublished":"2023-07-26T01:17:42+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/"},"wordCount":1488,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg4MDYzNSM1NzA5MDg1IzIwMDQwNDU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/dallasnews-corporation-announces-second-quarter-2023-financial-results\/","name":"DallasNews Corporation Announces Second Quarter 2023 Financial Results - 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