$DALN reports net loss of $2.1M in Q4, announces a Return to Growth Plan
Mar 9th 2023, 9:49 pm
Analyst Summary: DallasNews Corporation reported a net loss of $2.1 million or $(0.40) per share and an operating loss of $1.9 million in the fourth quarter of 2022. For the full-year, the Company reported a net loss of $9.8 million, or $(1.83) per share, and an operating loss of $9.0 million. Despite the losses, Grant Moise, CEO, stated that the results were consistent with the Company's Return to Growth Plan. Total revenue declined by $1.5 million or 3.6% in the fourth quarter of 2022 and $3.7 million or 2.4% for the full year 2022. Circulation revenue increased by $0.2 million or 0.4% for the full year 2022, primarily due to digital-only subscription revenue, offset by a print circulation decline of $3.3 million or 6.0%. The Company had 663 employees, a 1.1% increase from the prior year period. Cash and cash equivalents were $27.8 million, and the Company had no debt as of December 31, 2022. Adjusted operating loss increased by $1.5 million to $5.3 million for the full year 2022, primarily due to a total revenue decline of $3.7 million and an increase in newsprint expense of $1.2 million. The Company will conduct a conference call on March 10, 2023, to discuss the financial results.