A.H. Belo swings to Q3 earnings of US$4.6M compared with US$5.8M loss a year ago largely due to cost reductions that include newsprint, production and distribution
November 9, 2010
– Newspaper publisher A.H. Belo Corp., which owns The Dallas Morning News, The Providence Journal and other papers, said Wednesday it reversed its third-quarter loss from a year ago largely due to cost reductions.
The publisher's shares jumped on the news. The stock climbed 78 cents, or 10 percent, to $8.45 in afternoon trading.
Net income totaled was $4.6 million, or 20 cents a share, in the three months ended Sept. 30, compared with a net loss of $5.8 million, or 28 cents a share, in the year-ago period.
Revenue slipped 6 percent to $119.1 million from $126.9 million in the year-ago quarter.
Advertising, the company's main source of revenue, dropped 11 percent to $74.4 million from $83.8 million. Circulation revenue fell less than a percent to $34.9 million from $35.2 million.
The company cut costs for production, distribution, newsprint, salaries, wages and employee benefits.
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