Q2 2024 Dallasnews Corp Earnings Call Transcript
Key Points
- DallasNews Corp (DALN) reported a net income of $1.5 million or $0.27 per share for Q2 2024, a significant improvement from a net loss of $900,000 in Q2 2023.
- Adjusted operating income for Q2 2024 was $1.2 million, an improvement of $1.4 million compared to an adjusted operating loss of $250,000 in Q2 2023.
- Expense savings of $2.3 million in distribution, $2.1 million in employee compensation and benefits, and $1 million in newsprint contributed to the improved financial performance.
- Circulation revenue increased by $200,000 or 1.2%, driven by a focus on pricing, specifically in digital subscriptions.
- The company has a strong balance sheet with no debt and cash and short-term investments totaling $17.1 million as of June 30, 2024.
- Total revenue declined by $4 million, primarily due to the decision to end the shared mail program and print-only editions of niche publications.
- Digital-only subscriptions decreased by 7,704 or 11.2% compared to Q2 2023.
- Total subscribers, including both home delivery and digital, decreased to 126,405 as of June 30, 2024, from 142,436 in June 2023.
- Other revenue decreased by $700,000, primarily due to declines in commercial printing and distribution revenue.
- The transition to a new printing facility will require incurring capital and operating costs, with $2.9 million already spent in Q2 and an additional $5 million expected.
Ladies and gentlemen, thank you for standing by, and welcome to the DallasNews Corporation investor Q2 earnings call. This call is being recorded, and a replay will be available starting at 11:00 AM Central time today through midnight on August 7.
To access the replay, dial 8662071041 and enter access code 4993908. Once again, a replay will be available starting at 11:00 AM Central Time today through midnight on August 7, and the number to call is 8662071041 and the access code to enter is 4993908 (Operator Instructions)
At this time, I would like to turn the conference call over to your host, Vice President and Controller DallasNews Corporation, Gary Cobleigh. Please go ahead, sir.
Good morning, everyone. This Gary Cobleigh, Vice President and Controller of DallasNews Corporation. Welcome to our second quarter 2024 investor call. I'm joined by Cathy Collins, DallasNews' Chief Financial Officer, who will be reviewing financial results; Katy Murray, President of DallasNews; and Grant
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