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Share Name | Share Symbol | Market | Type |
---|---|---|---|
A H Belo Corporation | NYSE:AHC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.56 | 0 | 01:00:00 |
Delaware | 38-3765318 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
P. O. Box 224866, Dallas, Texas 75222-4866 | (214) 977-8200 | |
(Address of principal executive offices, including zip code) | (Registrant’s telephone number, including area code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
A. H. BELO CORPORATION | |||
By: | /s/ | Alison K. Engel | |
Alison K. Engel | |||
Senior Vice President/Chief Financial Officer | |||
Date: | September 9, 2014 |
June 30, 2014 | |||||||||||
In thousands, except share amounts (unaudited) | Historical | Pro Forma Adjustments | Pro Forma | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 59,754 | $ | 47,982 | (a) | $ | 107,736 | ||||
Accounts receivable | 28,399 | — | 28,399 | ||||||||
Inventories | 7,974 | — | 7,974 | ||||||||
Prepaids and other current assets | 8,181 | — | 8,181 | ||||||||
Deferred income taxes, net | 116 | — | 116 | ||||||||
Assets held for sale | 2,525 | — | 2,525 | ||||||||
Assets of discontinued operations | 36,658 | (36,658 | ) | (b) | — | ||||||
Total current assets | 143,607 | 11,324 | 154,931 | ||||||||
Property, plant and equipment, at cost | 488,364 | — | 488,364 | ||||||||
Less accumulated depreciation | (420,056 | ) | — | (420,056 | ) | ||||||
Property, plant and equipment, net | 68,308 | — | 68,308 | ||||||||
Intangible assets, net | 554 | — | 554 | ||||||||
Goodwill | 24,582 | — | 24,582 | ||||||||
Investments | 8,511 | — | 8,511 | ||||||||
Deferred income taxes, net | 230 | — | 230 | ||||||||
Other assets | 4,098 | — | 4,098 | ||||||||
Total assets | $ | 249,890 | $ | 11,324 | $ | 261,214 | |||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 12,575 | $ | — | $ | 12,575 | |||||
Accrued compensation and benefits | 9,793 | — | 9,793 | ||||||||
Other accrued expense | 3,271 | 2,959 | (c) | 6,230 | |||||||
Advance subscription payments | 14,555 | — | 14,555 | ||||||||
Liabilities of discontinued operations | 9,489 | (9,489 | ) | (b) | — | ||||||
Total current liabilities | 49,683 | (6,530 | ) | 43,153 | |||||||
Long-term pension liabilities | 44,187 | — | 44,187 | ||||||||
Other post-employment benefits | 2,659 | — | 2,659 | ||||||||
Other liabilities | 4,172 | — | 4,172 | ||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | — | — | — | ||||||||
Common stock, $.01 par value; Authorized 125,000,000 shares | |||||||||||
Series A: issued 19,918,393 shares | 203 | — | 203 | ||||||||
Series B: issued 2,399,676 shares | 24 | — | 24 | ||||||||
Treasury stock, Series A, at cost; 432,283 shares held | (5,231 | ) | — | (5,231 | ) | ||||||
Additional paid-in capital | 498,890 | — | 498,890 | ||||||||
Accumulated other comprehensive loss | (15,440 | ) | — | (15,440 | ) | ||||||
Accumulated deficit | (329,585 | ) | 17,854 | (d) | (311,731 | ) | |||||
Total shareholders’ equity attributable to A. H. Belo Corporation | 148,861 | 17,854 | 166,715 | ||||||||
Noncontrolling interests | 328 | — | 328 | ||||||||
Total shareholders’ equity | 149,189 | 17,854 | 167,043 | ||||||||
Total liabilities and shareholders’ equity | $ | 249,890 | $ | 11,324 | $ | 261,214 |
Twelve Months Ended December 31, 2013 | |||||||||||
In thousands, except share and per share amounts (unaudited) | Historical | Pro Forma Adjustments | Pro Forma | ||||||||
Net Operating Revenue | |||||||||||
Advertising and marketing services | $ | 208,959 | $ | (41,015 | ) | (e) | $ | 167,944 | |||
Circulation | 120,316 | (34,042 | ) | (e) | 86,274 | ||||||
Printing and distribution | 36,975 | (15,011 | ) | (e) | 21,964 | ||||||
Total net operating revenue | 366,250 | (90,068 | ) | 276,182 | |||||||
Operating Costs and Expense | |||||||||||
Salaries, wages and employee benefits | 146,307 | (35,894 | ) | (e) | 110,413 | ||||||
Other production, distribution and operating costs | 140,230 | (25,512 | ) | (e) | 114,718 | ||||||
Newsprint, ink and other supplies | 50,810 | (15,963 | ) | (e) | 34,847 | ||||||
Depreciation | 18,079 | (3,218 | ) | (e) | 14,861 | ||||||
Amortization | 4,493 | (4,372 | ) | (e) | 121 | ||||||
Total operating costs and expense | 359,919 | (84,959 | ) | 274,960 | |||||||
Net income from operations | 6,331 | (5,109 | ) | 1,222 | |||||||
Other Income, Net | |||||||||||
Gains on equity method investments, net | 2,122 | — | 2,122 | ||||||||
Interest expense | (311 | ) | — | (311 | ) | ||||||
Other income, net | 599 | (256 | ) | (e) | 343 | ||||||
Total other income, net | 2,410 | (256 | ) | 2,154 | |||||||
Income from Continuing Operations Before Income Taxes | 8,741 | (5,365 | ) | 3,376 | |||||||
Income tax expense | 1,584 | (124 | ) | (f) | 1,460 | ||||||
Income from Continuing Operations | 7,157 | (5,241 | ) | 1,916 | |||||||
Net loss from continuing operations attributable to noncontrolling interests | (193 | ) | — | (193 | ) | ||||||
Net Income from Continuing Operations Attributable to A. H. Belo Corporation | $ | 7,350 | $ | (5,241 | ) | $ | 2,109 | ||||
Per Share Basis, Basic and Diluted, from Continuing Operations | |||||||||||
Net income from continuing operations attributable to A. H. Belo Corporation | |||||||||||
Basic and Diluted | $ | 0.31 | $ | 0.09 | |||||||
Weighted average shares outstanding | |||||||||||
Basic | 21,967,666 | 21,967,666 | |||||||||
Diluted | 22,063,741 | 22,063,741 |
Twelve Months Ended December 31, 2012 | |||||||||||
In thousands, except share and per share amounts (unaudited) | Historical | Pro Forma Adjustments | Pro Forma | ||||||||
Net Operating Revenue | |||||||||||
Advertising and marketing services | $ | 216,108 | $ | (45,995 | ) | (e) | $ | 170,113 | |||
Circulation | 123,224 | (34,562 | ) | (e) | 88,662 | ||||||
Printing and distribution | 35,358 | (13,209 | ) | (e) | 22,149 | ||||||
Total net operating revenue | 374,690 | (93,766 | ) | 280,924 | |||||||
Operating Costs and Expense | |||||||||||
Salaries, wages and employee benefits | 152,523 | (41,268 | ) | (e) | 111,255 | ||||||
Other production, distribution and operating costs | 139,566 | (25,150 | ) | (e) | 114,416 | ||||||
Newsprint, ink and other supplies | 49,401 | (15,328 | ) | (e) | 34,073 | ||||||
Depreciation | 21,401 | (4,356 | ) | (e) | 17,045 | ||||||
Amortization | 4,373 | (4,372 | ) | (e) | 1 | ||||||
Total operating costs and expense | 367,264 | (90,474 | ) | 276,790 | |||||||
Net income from operations | 7,426 | (3,292 | ) | 4,134 | |||||||
Other Income, Net | |||||||||||
Gains on equity method investments, net | 2,628 | — | 2,628 | ||||||||
Interest expense | (629 | ) | — | (629 | ) | ||||||
Other income, net | 752 | 15 | (e) | 767 | |||||||
Total other income, net | 2,751 | 15 | 2,766 | ||||||||
Income from Continuing Operations Before Income Taxes | 10,177 | (3,277 | ) | 6,900 | |||||||
Income tax expense | 1,804 | (11 | ) | (f) | 1,793 | ||||||
Income from Continuing Operations | 8,373 | (3,266 | ) | 5,107 | |||||||
Net loss from continuing operations attributable to noncontrolling interests | (107 | ) | — | (107 | ) | ||||||
Net Income from Continuing Operations Attributable to A. H. Belo Corporation | $ | 8,480 | $ | (3,266 | ) | $ | 5,214 | ||||
Per Share Basis, Basic and Diluted, from Continuing Operations | |||||||||||
Net income from continuing operations attributable to A. H. Belo Corporation | |||||||||||
Basic and Diluted | $ | 0.37 | $ | 0.22 | |||||||
Weighted average shares outstanding | |||||||||||
Basic | 21,947,981 | 21,947,981 | |||||||||
Diluted | 22,065,856 | 22,065,856 |
Twelve Months Ended December 31, 2011 | |||||||||||
In thousands, except share and per share amounts (unaudited) | Historical | Pro Forma Adjustments | Pro Forma | ||||||||
Net Operating Revenue | |||||||||||
Advertising and marketing services | $ | 237,061 | $ | (52,886 | ) | (e) | $ | 184,175 | |||
Circulation | 126,290 | (33,797 | ) | (e) | 92,493 | ||||||
Printing and distribution | 30,845 | (8,382 | ) | (e) | 22,463 | ||||||
Total net operating revenue | 394,196 | (95,065 | ) | 299,131 | |||||||
Operating Costs and Expense | |||||||||||
Salaries, wages and employee benefits | 160,874 | (42,555 | ) | (e) | 118,319 | ||||||
Other production, distribution and operating costs | 146,836 | (22,414 | ) | (e) | 124,422 | ||||||
Newsprint, ink and other supplies | 48,690 | (12,524 | ) | (e) | 36,166 | ||||||
Depreciation | 24,850 | (5,219 | ) | (e) | 19,631 | ||||||
Amortization | 4,373 | (4,373 | ) | (e) | — | ||||||
Asset impairments | 872 | — | 872 | ||||||||
Pension plan withdrawal | 1,988 | — | 1,988 | ||||||||
Total operating costs and expense | 388,483 | (87,085 | ) | 301,398 | |||||||
Net income (loss) from operations | 5,713 | (7,980 | ) | (2,267 | ) | ||||||
Other Expense, Net | |||||||||||
Loss on equity method investments, net | (630 | ) | — | (630 | ) | ||||||
Interest expense | (668 | ) | — | (668 | ) | ||||||
Other income, net | 336 | (4 | ) | (e) | 332 | ||||||
Total other expense, net | (962 | ) | (4 | ) | (966 | ) | |||||
Income (Loss) from Continuing Operations Before Income Taxes | 4,751 | (7,984 | ) | (3,233 | ) | ||||||
Income tax expense | 5,107 | 56 | (f) | 5,163 | |||||||
Loss from Continuing Operations | $ | (356 | ) | $ | (8,040 | ) | $ | (8,396 | ) | ||
Per Share Basis, Basic and Diluted, from Continuing Operations | |||||||||||
Net loss from continuing operations attributable to A. H. Belo Corporation | |||||||||||
Basic and Diluted | $ | (0.03 | ) | $ | (0.40 | ) | |||||
Weighted average shares outstanding | |||||||||||
Basic and Diluted | 21,495,814 | 21,495,814 |
(a) | The cash adjustment amount consists of gross proceeds of $47,982 received from the sale of The Providence Journal on September 3, 2014. This amount is comprised of the purchase price of $46,000 and is increased by the anticipated working capital adjustment less liabilities requiring payment at closing, which net to approximately $1,982. |
(b) | The eliminated assets/liabilities of discontinued operations are related to the sale of of The Providence Journal to LMG Rhode Island Holdings, Inc. on September 3, 2014. |
(c) | Other accrued expense adjustment includes $2,959 for estimated exit costs related to the sale of The Providence Journal. |
(d) | Stockholders’ equity was adjusted as a result of adjustments (a) through (d). |
(e) | The revenues and expenses eliminated are related to the September 3, 2014, sale of The Providence Journal to LMG Rhode Island Holdings, Inc. |
(f) | The income tax adjustment amount represents the calculated tax effect of pro forma adjustments to income before income taxes based on the applicable statutory rate. The effective tax rate of the Company could be different depending on activities subsequent to the disposition. |
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