Business News
Newspaper Publisher A. H. Belo Corporation Reports Final Fourth Quarter and Full-Year 2009 Financial Results and Files Form 10-K
Monday 19. April 2010 - Newspaper publisher A. H. Belo Corporation (NYSE:AHC) reported today that the Company finalized its fourth quarter and full-year 2009 financial results and filed its Form 10-K for the year ended December 31, 2009.
A. H. Belo reported final fourth quarter and full-year 2009 revenues of $135.5 million and $518.3 million, respectively. Net income for the fourth quarter was $5.6 million or $0.27 per share. For the full year, the Company had a net loss of $107.9 million or ($5.25) per share. These results reflect the Company’s adoption of the multiemployer pension plan provisions of Accounting Standards Codification (ASC) No. 715 “Compensation-Retirement Benefits,” as well as the Company’s restatement of consolidated financial statements to correct the error in the selection of the accounting principle previously used to account for the Company’s obligation to reimburse Belo Corp. (“Belo”) for 60 percent of Belo’s contributions to The G. B. Dealey Retirement Pension Plan. These reimbursements are part of the employee matters agreement entered into in conjunction with the spin-off of A. H. Belo from Belo effective February 8, 2008. Under ASC No. 715, A. H. Belo recognizes as net pension cost the Company’s reimbursements to Belo for each period, and recognizes as a liability any pension reimbursement obligation due and unpaid.
Fourth quarter net income includes non-cash charges of $3.7 million related to the write-off of a Web content management system; $1.2 million related to investment write-offs; and a charge of $0.4 million related to severance. The full year net loss includes non-cash impairment charges of $106.4 million related to goodwill and other asset write-offs, including the Web content management system; $2.3 million related to investment write-offs; and a charge of $4.2 million related to severance and related costs. These charges were partially offset by $1.1 million related to insurance proceeds that the Company received in the second quarter of 2009.