Financial Performance - In Q3 2024, DallasNews Corporation reported a net loss of $3.9 million, or $(0.73) per share, compared to a net loss of $1.4 million, or $(0.26) per share in Q3 2023[1]. - Total revenue for Q3 2024 was $31.1 million, a decrease of $3.4 million or 9.7% from $34.5 million in Q3 2023[2]. - Advertising and marketing services revenue was $12.0 million, down $2.7 million or 18.5% from $14.7 million in Q3 2023, primarily due to a $3.1 million decline in print advertising revenue[2]. - Circulation revenue decreased slightly to $16.1 million, down $0.1 million or 0.8% from $16.2 million in Q3 2023, with digital-only subscription revenue increasing by $0.4 million or 8.8%[2]. - The operating loss for the three months ended September 30, 2024, was $4,118, compared to a loss of $1,614 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 $5,006 in the same period of 2023[20]. Operating Expenses - Total consolidated operating expenses were $35.3 million, an improvement of $0.9 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 $36,113 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 $29,926 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 $13,988 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) as of September 30, 2024, down from $2,958 as of December 31, 2023, indicating a significant decline[19]. - Total liabilities increased to $62,178 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 $0.4 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 $9,082 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].
DallasNews (DALN) - 2024 Q3 - Quarterly Results