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DallasNews (DALN) - 2024 Q3 - Quarterly Results
DALNDallasNews (DALN)2024-11-12 21:39

Financial Performance - In Q3 2024, DallasNews Corporation reported a net loss of 3.9million,or3.9 million, or (0.73) per share, compared to a net loss of 1.4million,or1.4 million, or (0.26) per share in Q3 2023[1]. - Total revenue for Q3 2024 was 31.1million,adecreaseof31.1 million, a decrease of 3.4 million or 9.7% from 34.5millioninQ32023[2].−Advertisingandmarketingservicesrevenuewas34.5 million in Q3 2023[2]. - Advertising and marketing services revenue was 12.0 million, down 2.7millionor18.52.7 million or 18.5% from 14.7 million in Q3 2023, primarily due to a 3.1milliondeclineinprintadvertisingrevenue[2].−Circulationrevenuedecreasedslightlyto3.1 million decline in print advertising revenue[2]. - Circulation revenue decreased slightly to 16.1 million, down 0.1millionor0.80.1 million or 0.8% from 16.2 million in Q3 2023, with digital-only subscription revenue increasing by 0.4millionor8.80.4 million or 8.8%[2]. - The operating loss for the three months ended September 30, 2024, was 4,118, compared to a loss of 1,614inthesameperiodlastyear,indicatingasignificantdecline[19].−AdjustedoperatingincomefortheTDMNsegmentwas1,614 in the same period last year, indicating a significant decline[19]. - Adjusted operating income for the TDMN segment was 4,758 for the three months ended September 30, 2024, down from 5,006inthesameperiodof2023[20].OperatingExpenses−Totalconsolidatedoperatingexpenseswere5,006 in the same period of 2023[20]. Operating Expenses - Total consolidated operating expenses were 35.3 million, an improvement of 0.9millionor2.40.9 million or 2.4% compared to Q3 2023, driven by savings in distribution and newsprint[3]. - Total operating costs and expenses for the three months ended September 30, 2024, were 35,258, a decrease of 2.4% from 36,113inthesameperiodof2023[19].EmploymentandWorkforce−Thecompanyhad534employeesasofSeptember30,2024,adecreaseof74employeesor12.236,113 in the same period of 2023[19]. Employment and Workforce - The company had 534 employees as of September 30, 2024, a decrease of 74 employees or 12.2% compared to the previous year[5]. Cash and Assets - Cash and cash equivalents stood at 14.0 million as of September 30, 2024, with no debt reported[5]. - Total current assets decreased to 29,926asofSeptember30,2024,from29,926 as of September 30, 2024, from 36,933 as of December 31, 2023, reflecting a decline of 19%[19]. - Cash and cash equivalents increased to 13,988asofSeptember30,2024,from13,988 as of September 30, 2024, from 11,697 as of December 31, 2023, representing a growth of 19.6%[19]. Shareholders' Equity and Liabilities - The company reported a total shareholders' equity of (576)asofSeptember30,2024,downfrom(576) as of September 30, 2024, down from 2,958 as of December 31, 2023, indicating a significant decline[19]. - Total liabilities increased to 62,178asofSeptember30,2024,comparedto62,178 as of September 30, 2024, compared to 59,276 as of December 31, 2023, marking an increase of 4.8%[19]. Strategic Focus - The company is focusing on optimizing subscription volume and pricing, which has ended a 14-month volume decline[2]. - Medium Giant's advertising and marketing services revenue grew by 0.4millioninQ32024,despitetheterminationofthesharedmailprogram[1].DigitalandPrintRevenue−Printadvertisingrevenuedecreasedto0.4 million in Q3 2024, despite the termination of the shared mail program[1]. Digital and Print Revenue - Print advertising revenue decreased to 5,404 for the three months ended September 30, 2024, down 40.5% from 9,082intheprioryear[18].−Digitaladvertisingrevenueincreasedslightlyto9,082 in the prior year[18]. - Digital advertising revenue increased slightly to 2,156, compared to $2,108 in the same period last year, reflecting a growth of 2.3%[18].