A. H. Belo Corporation Announces Filing of Its 2018 Form 10-K/A
March 18 2020 - 3:19PM
A. H. Belo Corporation (NYSE: AHC) announced today that its
amended annual report for the fiscal year ended December 31,
2018 was filed on a Form 10-K/A with the Securities and Exchange
Commission. In November 2019, the Company announced that it was
reevaluating the timing of the Company’s impairment of assets
related to its marketing services segment and the calculation of
its income tax valuation allowance, both of which are non-cash
items. The Company previously disclosed that the goodwill and
long-lived impairment was expected to be in the range of
$15 million to $19 million. The Form 10-K/A filed today
for the Company’s fiscal year 2018 reflects a non-cash, asset
impairment charge of $16.9 million, non-cash tax expense of
$2.3 million, and an updated evaluation of disclosure controls
and procedures and management report on effectiveness of internal
control over financial reporting included in Item 9A.
Katy Murray, senior vice president and Chief
Financial Officer, said, “We are pleased to have the 2018 Form
10-K/A filing completed. This has been an extended process and we
look forward to updating our shareholders on the progress the
Company made in 2019. In addition to the $16.9 million
non-cash goodwill and long-lived asset impairment charge recorded
at December 31, 2018, the Company expects to record an additional
$1.6 million non-cash goodwill impairment charge in the third
quarter of 2019, bringing the total of all non-cash impairment
charges to $18.5 million. We are continuing to finalize the amended
first and second quarter 2019 Forms 10-Q/A and third
quarter 2019 Form 10-Q, and we currently expect the 2019 first
and second quarter amended reports to be on file by the middle of
April and the 2019 third quarter report to be on file within the
six-month cure period provided for under New York Stock Exchange
rules. On March 16, 2020, the Company availed itself of a
45-day extension to file its 2019 Form 10-K based on the Securities
and Exchange Commission’s March 4, 2020 order permitting
certain exemptions and extensions for COVID-19-related delays. The
Company’s 2019 Form 10-K is now due April 30, 2019, and is eligible
for an additional 15-day extension.
“Management is pleased with the Company’s financial
performance in 2019. We ended the year with $48.6 million of
cash and no debt. While we are still finalizing the 2019 audit, we
expect to report total revenue of approximately $184.0 million
and total net expense of approximately $173.0 million. The net
expense of $173.0 million includes the gain of
$25.0 million from the sale of the Company’s former
headquarters. After we file the 2019 Form 10-K, we will be
scheduling an investor conference call and we look forward to
discussing the progress the Company has made over the last eight
months.”
Robert W. Decherd, chairman, president and Chief
Executive Officer, said, “The restatement process has made it
impossible to update our shareholders about the Company’s progress
since our investor call last July. Nonetheless, we are forging
ahead in building The Dallas Morning News’ digital
subscriber base while maintaining a strong bond with the
newspaper’s legacy print audiences. The News’ editorial
products and content offerings continue to be exceptional, and are
unduplicated in the North Texas marketplace. In a time of
uncertainty, The News is looked upon as the most reliable
source of local and regional news and information. This franchise,
and its related brand, has value over the long-term. The Board is
committed to investing in this strategy and I believe this
confidence will result in positive outcomes over the intermediate
to long-term. While the transition to being a local and regional
digital media company is difficult, few metropolitan newspapers in
America have the chance to realize this ambition.”
About A.
H. Belo
Corporation
A. H. Belo Corporation is the leading local news and information
publishing company in Texas. The Company has commercial printing,
distribution and direct mail capabilities, as well as a presence in
emerging media and digital marketing. While focusing on extending
the Company’s media platforms, A. H. Belo delivers news and
information in innovative ways to a broad range of audiences with
diverse interests and lifestyles. For additional information, visit
www.ahbelo.com or email invest@ahbelo.com.
Statements in this communication concerning A. H. Belo
Corporation’s business outlook or future economic performance,
revenues, expenses, and other financial
and non-financial items that are not historical facts,
including statements of the Company’s expectations relating to the
outcome of its ongoing review of asset impairment and related items
and the timing of its anticipated amendment of first and second
quarter 2019 reports, its late third quarter 2019 report and its
2019 Form 10-K with the Securities and Exchange Commission and
filing future reports, are “forward-looking statements” as the term
is defined under applicable federal securities laws.
Forward-looking statements are subject to risks, uncertainties and
other factors that could cause actual results to differ materially
from those statements. Such risks, trends and uncertainties are, in
most instances, beyond the Company’s control, and include
unanticipated challenges in completing the 2019 audit process or
filing the Company’s late reports, the impact of the COVID-19 virus
outbreak on the Company’s financial reporting capabilities and its
operations generally and the potential impact of such virus on the
Company’s customers, distribution partners, advertisers and
production facilities and third parties, as well as changes in
advertising demand and other economic conditions; consumers’
tastes; newsprint prices; program costs; labor relations;
technology obsolescence; as well as other risks described in the
Company’s Annual Report on Form 10-K and in the Company’s
other public disclosures and filings with the Securities and
Exchange Commission. Forward-looking statements, which are as of
the date of this filing, are not updated to reflect events or
circumstances after the date of the statement.
Contact:Katy Murray214-977-8869
A H Belo (NYSE:AHC)
Historical Stock Chart
From Jun 2024 to Jul 2024
A H Belo (NYSE:AHC)
Historical Stock Chart
From Jul 2023 to Jul 2024