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Owner of Providence Journal reports loss

2:35 PM Tue, Feb 17, 2009 | Permalink
By Neil Downing

By Journal staff writer

A.H. Belo Corp., the Dallas-based company that owns the Providence Journal, today reported a fourth quarter loss of $33.1 million, or $1.62 per share, and a full-year 2008 loss of $62.3 million, or $3.04 a share.

The company said fourth-quarter results include a charge of $1.5 million, or five cents a share related to a reduction in the workforce; $14.1 million or 48 cents a share in non-cash goodwill impairment at the Riverside Press-Enterprise of Riverside, Calif.; and $14 million or 47 cents per share in non-cash future pension obligations.

Fourth quarter revenues were $160 million, compared with $188.7 million in the year-ago period. Revenues for the 12-month period that ended Dec. 31 were $637.3 million, compared with $738.7 million in 2007.

In a conference call with analysts, Robert W. Decherd, chairman, president and chief execurtive officer, said the previously-announced proposed elimination of 500 jobs by the company should be "mostly completed" by the end of March.

The company has about 2,950 full-time employees and about 400 part-time employees, Maribel Correa, A.H. Belo director of investor relations, said during the call.

Decherd also said that A.H. Belo's planned sale of certain real estate is unlikely to occur in 2009, due to conditions in the real estate market.

"This is not a 2009 event," he said.

However, Decherd suggested that certain special circumstances -- which he did not detail -- could result in the sale of certain company-owned real estate in Providence "before the markets recover."

A.H. Belo owns The Dallas Morning News, the Providence Journal, the Riverside Press-Enterprise, the Denton Record-Chronicle, plus the newspapers' Web sites, including projo.com.