A. H. Belo Corporation (NYSE: AHC) today reported full-year 2012 net income of $0.01 per share compared to a net loss of $0.51 per share in 2011. In the fourth quarter of 2012, the Company’s net income was $0.11 per share compared to a net income of $0.12 per share in the fourth quarter of 2011. Fourth quarter 2012 net income includes non-cash expense of $2.4 million for the impairment of press-related assets in Southern California and $0.6 million of costs to cease printing certain commercial products.
Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization (“EBITDA”) with pension expense, impairment expense and net investment-related losses added back, was $41.8 million for the full-year 2012, reflecting our investments in new products and marketing. As a result of these investments Adjusted EBITDA decreased 12 percent compared to the prior year period. Adjusted EBITDA for the fourth quarter of 2012 was $13.6 million – a decrease of 39 percent compared to the prior year period.
As of December 31, 2012, cash and cash equivalents were $34.1 million, and the Company had no borrowings under its bank credit facility. On January 4, 2013, the Company terminated its credit agreement to provide greater financial and operating flexibility and eliminate substantial costs related to the credit agreement.
Robert W. Decherd, chairman, president and Chief Executive Officer, said, “Our 2012 operating performance reflects the Company’s success in fulfilling its financial principles, while continuing to focus on diversifying and stabilizing revenue streams, managing expenses and generating cash.“For the first year since the spin-off from Belo Corp. in 2008, A. H. Belo was net income positive, an outstanding accomplishment during these transformational times. Thanks to prudent expense management, the Company delivered 2012 Adjusted EBITDA of $41.8 million, exceeding the high end of our previous guidance. We begin 2013 with a strong balance sheet and the flexibility to deploy cash in the long-term interests of the Company, its shareholders and employees.”
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