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Apr-30-2008Belo Posts Lost After Spinning Off Newspapers(topic overview)
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DALLAS -- Newspaper operator A.H. Belo Corp. said Monday it lost $8.7 million in the first quarter as revenue fell from a year ago, and the company warned that the sales decline would likely continue throughout 2008 because of a weak economy. Chairman and Chief Executive Robert W. Decherd said the company was "navigating through a challenging operating environment," but he expressed confidence it could compete in a more Internet-centered world. It was the first quarterly financial report for A.H. Belo, which owns The Dallas Morning News and three other daily newspapers, since being spun off from broadcast company Belo Corp. this year. [1] The new company 'is navigating through a challenging operating environment,' Robert W. Decherd, its chairman, president and CEO, said in a statement yesterday. A.H. Belo ' spun off at the end of January ( READ MORE ) ' owns and operates three daily newspapers, the Journal, its flagship Dallas Morning News and The Press-Enterprise of Riverside, Calif.; a variety of specialty publications for the youth and Hispanic markets; the Web sites associated with its publications; and direct-mail and commercial printing businesses. 'Like other newspaper companies, AHC was affected by economic and operating pressures in the first quarter,' the company said in its report. 'The Dallas Morning News contributed over 64 percent of the company's revenue in the quarter and did better than its peer group in revenue performance.[2]
REPRINTS AH Belo Chairman Decherd: Spin-Off 'Right Decision' For Shareholders By Mark Fitzgerald Published: April 28, 2008 5:40 PM ET CHICAGO Despite reporting a loss for its first quarter as a separate company -- and with its stock down 38% since its Feb. 11 launch -- spinning off A.H. Belo from Belo Corp. was the "right decision for shareholders of both companies," A.H. Belo Chairman and CEO Robert Decherd told analysts in a conference call Monday. Decherd said the company -- consisting of The Dallas Morning News, three dailies, and their Web sites and niche products -- is growing readership and added $18.5 million in cash to the balance sheet since the start of the year, in spite of "the worst newspaper economy in decades."[3] Belo's first-quarter net loss was $15.4 million, or 15 cents a share, compared with a profit of $15.5 million, or 15 cents a share, in the first quarter a year ago. The net loss includes charges related to spinning off its newspapers, including the Dallas Morning News, into a separate company called AH Belo Corp (AHC.N: Quote, Profile, Research ). It also includes the results of Belo's newspaper business and related assets, which were classified as discontinued operations.[4] DALLAS ' A.H. Belo Corp. (NYSE: AHC), parent of The Providence Journal Co., posted first-quarter loss of $8.7 million or 43 cents per share. That represents a 7.4-percent decline from its $9.4 million or 46 cents per share loss in the first quarter of 2007, when it was the newspaper segment of Belo Corp. (NYSE: BLC).[2] DALLAS, April 28 /PRNewswire-FirstCall/ -- A. H. Belo Corporation (NYSE: AHC) reported first quarter revenues of $160.2 million, a net loss of $8.7 million or $0.43 per share and consolidated EBITDA of $2.9 million. The Company has not borrowed against its credit facility since it spun off from Belo Corp. and has no long term debt.[5]
NEW YORK (Thomson Financial) - A.H. Belo Corp. Monday reported a first-quarter loss of $8.7 million, or 43 cents a share, on revenue of $160.2 million. This is the first quarterly report for the company since it was spun off from Belo Corp. (nyse: BLC - news - people ) on Feb. 8. Last week, the Dallas-based media company said its financial performance for the period would be come in'substantially below' its previously communicated expectations.[6] REPRINTS A.H. Belo's First Quarter Result is Loss By E&P; Staff Published: April 28, 2008 10:36 AM ET CHICAGO A.H. Belo Corp., the newspaper pure play spun off from Dallas-based Belo Corp., reported its first quarterly result was a loss of $8.7 million, or 43 cents a share, on revenues that tumbled 8.8% to $160.2 million.[7]
Excluding spinoff-related charges and other items, Belo (nyse: BLC - news - people ) earned $10.5 million, or 10 cents per share, in the first quarter. Belo Corp., which spun off its four newspapers and related assets in February, reports revenue dipped 2 percent to $174.8 million from $178.3 million.[8] The company warned investors a week ago that results would be below the expectations set Jan. 31 and that it was considering "every sensible expense reduction." The Dallas-based company said Monday that the loss equaled 43 cents per share, compared with a loss of $9.4 million, or 46 cents per share, a year ago by the newspapers when they were still part of Belo. Revenue fell 8.8 percent, to $160.2 million, and advertising sales at the newspapers and their Web sites dropped 12 percent.[9] Excluding spin-off related charges, the company would have earned $10.5 million, or 10 cents per share. Excluding the results of its newspaper business, which was spun off in February, Belo had a net loss from continuing operations of $10.9 million, or 11 cents per share, compared with $15.8 million, or 15 cents per share, last year.[10] The Dallas, Texas-based company's net loss for the quarter was $15.379 million or $0.15 per share, compared to a profit of $15.451 million or $0.15 per share in the same quarter a year ago.[11] The Dallas-based company reported a first-quarter loss of $8.7 million, or 43 cents per share, compared with a loss of $9.4 million, or 46 cents per share, a year ago.[12] A.H. Belo said the loss equaled 43 cents per share, compared with a loss of $9.4 million, or 46 cents per share, a year ago.[13]
Dallas-based Belo said it lost $15.4 million, or 15 cents per share, in the first quarter, compared with a profit of $15.5 million, or 15 cents per share, a year earlier.[14] The Dallas-based company, which owns 20 television stations in 15 U.S. markets, lost $15.4 million, or 15 cents per share, during the quarter, compared with a profit of $15.5 million, or 15 cents per share, in the first-quarter last year.[10]
Revenue for the quarter slipped 2 percent to $174.8 million from $178.3 million a year ago. Belo said although it had strong first-quarter political ad revenue and continued growth in its online businesses, soft advertising conditions contributed to the decline in total revenue. The company's revenue was shaved as a result of the Super Bowl airing on only one FOX affiliate this year versus five CBS affiliates last year.[10] Total newspaper expense decreased by $5.3 million or 3.5% in the quarter, including a $2.9 million drop in newsprint expense, most of which came from a decrease in usage. In its general financial guidance for the remainder of the year, A.H. Belo said it expects to see a continuing decline in ad revenue for 2008, with the Press-Enterprise seeing the biggest reductions.[7] Advertising revenue, including print and Internet revenue, fell 12% in the quarter compared to a year ago. The chain was particularly hard hit at its major California property, where ad revenue for The Press-Enterprise in Riverside plummeted 26%. A.H. Belo said its newspaper margin -- measured by EBITDA (earnings before interest, taxes, depreciation, and amortization) -- fell by 5 percentage points to 9%.[7] Advertising revenue fell 25.6 percent in Riverside, 10.7 percent in Providence, and 8.7 percent in Dallas, Decherd told analysts. Newspapers around the country are losing readers and advertising dollars along with them to the Internet, and A.H. Belo lost more as a percentage than any other of the top 25 publishers.[9]
The general economy is A.H. Belo's biggest challenge, according to Decherd. "The Dallas Morning News is performing as well as or better than almost any paper in the country, but it's down 9% on the revenue side," he said, noting the flagship paper generates 65% of A.H. Belo's revenues. In a recent letter to shareholders, Decherd said that he expects revenue results to be poor in the second quarter of the year. He suggested the papers are likely to look bad when the next Audit Bureau of Circulations FAS-FAX arrives in the fall. "We'll probably get some bad press relative to our peers because we're eliminating bonus days," he said. "Other newspapers are taking them out gradually.[3] A.H. Belo (NYSE: AHC) owns and operates four daily newspapers including The Dallas Morning News, The Providence Journal in Providence, R.I., The Press-Enterprise in Riverside, Calif., and The Denton Record-Chronicle. The newspaper group was spun off from Belo Corp. (NYSE: BLC) earlier this year. The figures from a year ago includes the newspapers when they were still part of Belo Corp.[12]
The company, which publishes the Dallas Morning News, The Providence Journal, The Press-Enterprise of Riverside, Calif. and the Denton Record-Chronicle, also provided what it termed 'general financial guidance' for 2008, citing the 'volatile' U.S. economic environment. It said it's likely to see a decline in advertising revenue throughout 2008 because of the economy and that it expects the principal driver of this revenue decline to be The Press-Enterprise. The company added that it's discontinuing bonus days and additional third-party circulation. It also said it may be subject to additional newsprint increases in 2008.[6] Advertising revenue fell 12 percent to $124.4 million from $141.9 million, while circulation revenue rose 5 percent to $29.1 million from $27.6 million. The company said The Dallas Morning News contributed more than 64 percent of its revenue in the quarter and did better than its other papers.[12]
Like other newspaper companies, AHC was affected by economic and operating pressures in the first quarter. The Dallas Morning News contributed over 64 percent of the Company's revenue in the quarter and did better than its peer group in revenue performance.[5] Circulation revenue increases of 12 percent at The Dallas Morning News contributed to AHC's overall increase in circulation revenue of 5.4 percent for the quarter.[5]
Circulation revenue was up 5.4% in the quarter, on a 12% rise at the flagship Dallas Morning News.[7]
AH Belo's largest paper is the Dallas Morning News, which contributed 64 percent of revenue. It also publishes The Providence Journal in Rhode Island.[15] Dallas-based A.H. Belo (nyse: BLC - news - people ), owner of The Providence Journal, reported revenue slipped 9 percent to $160.2 million from $175.7 million.[16] A.H. Belo had $12 million in Internet revenue in the first quarter, which accounted for 7.5 percent of total revenues.[12] DALLAS (AP) - A.H. Belo Corporation said today that it lost 8.7 million dollars in the first quarter as revenue fell from a year ago.[13] DALLAS - A. H. Belo Corporation today reported first quarter revenues of $160.2 million, a net loss of $8.7 million.[17]
Chief Executive Dunia A. Shive said sales were affected by "soft advertising conditions," especially for autos. She said Belo also saw an ad income drop because just one of its stations, a Fox affiliate, carried the ad-heavy Super Bowl this year, compared with five of its CBS affiliates last year. Political revenues rose in this election year to $5.1 million from less than $1 million in the first quarter of 2007.[14] Advertising revenues related to the Belo's web sites increased 32% to $6.9 million from the same quarter a year ago and amounted to 4% of total revenues for the quarter.[11] Ad revenue from Belo's Web sites increased 32 percent to $6.9 million, representing 4 percent of total revenue.[10]
Internet revenue of $12 million accounted for 7.5% of A.H. Belo's total revenues.[7]
Newspapers around the country are losing readers and advertising dollars to the Internet, and A.H. Belo was not immune. Revenue fell 8.8 percent, and advertising sales at the newspapers and their Web sites dropped 12 percent.[13] Newspaper publisher A.H. Belo Corp. narrowed its first-quarter loss, but lower ad sales dragged down revenue for the quarter.[12] NEW YORK, April 28 (Reuters) - AH Belo Corp (AHC.N: Quote, Profile, Research ) reported a loss on Monday in its first quarter since the newspaper company was spun off from Belo Corp (BLC.N: Quote, Profile, Research ), with advertising revenue down and expected to fall further during 2008.[15] Total print and Internet advertising revenue fell 12 percent compared with the 2007 first quarter, lagging the newspaper industry's 9.4-percent average decline in 2007.[2] In the first quarter, total newspaper expense decreased by $5.3 million or 3.5 percent over the same period last year. This decrease included a $2.9 million drop in newsprint expense versus the prior year, with approximately $0.6 million of the decline resulting from a lower average cost per ton and approximately $2.3 million from lower consumption.[5] Newspaper expenses fell $5.3 million, or 3.5 percent, compared with allocated costs from the 2007 first quarter. Newsprint expenses fell $2.9 million, the company said, but only $600,000 of those savings came from lower newsprint costs, while the remaining $2.3 million came from lower consumption.[2]
First-quarter revenue fell 8.8 percent year-over-year to $160.2 million, the company said.[2] Revenue fell 9 percent to $160.2 million from $175.7 million a year ago.[12]
The decline in revenues for the quarter is primarily due to the soft advertising environment existed in the company's automotive category. Super Bowl airing on its single FOX affiliate versus its five CBS affiliates in the previous year resulted in an unfavorable revenue variance of $2 million and negatively impacted revenues for the quarter.[11] Shive said local and national spot revenues were doing better so far in the second quarter but that the company couldn't predict sales for the quarter due to the soft economy. She also said political advertising was likely to be lower in the April-to-June quarter but pick up later in the year.[14] Ad sales dropped 12 percent, including a 26 percent decline at The Press-Enterprise in Riverside, Calif. The company said it is likely to see an ad revenue decline for the rest of the year, with The Press-Enterprise continuing to hurt results.[16] Looking ahead, A.H. Belo said it expected continued declines in advertising revenue throughout 2008. A principal driver of this revenue decline will likely continue to be The Press-Enterprise, the company said.[12] AHC predicts that weak economic trends suggest that the company is likely to see a decline in advertising revenue throughout 2008. A principal driver of this revenue decline will likely continue to be The Press-Enterprise.[17]
Robert W. Decherd, chairman, president and Chief Executive Officer, said, "A. H. Belo is navigating through a challenging operating environment, but I am confident about the quality of our markets long-term, the strengths of AHC's brands, and our ability to continue to transform AHC in an Internet-centric media world." AHC is focused on leveraging its core newspapers and developing sustainable incremental revenues from niche products, the Internet, and business partnerships and various investments. The Company continues to align AHC's strategy to optimize use of its existing infrastructure. AHC remains steadfast in managing expenses and has taken numerous measures to improve its cost structure.[5] The 2007 corporate expenses are based on an estimate of allocated amounts since AHC did not become a separate company until February 8, 2008. AHC's historical financial information reflects allocations for services historically provided by Belo Corp., and these allocated costs may be different from the actual costs AHC will incur for these services in the future as a separate public company, including with respect to actual services provided to AHC by Belo Corp. under a services agreement and other agreements. In some instances, the costs incurred for these services as a separate public company may be higher than the share of total Belo Corp. expenses allocated to AHC historically.[5]
Excluding the one-time items, earnings would have been $10.5 million, or 10 cents per share, Belo said. Analysts, who usually exclude items from their figures, had expected profit of 12 cents per share, according to a survey by Thomson Financial.[14] The first-quarter net loss was $8.7 million, or 43 cents a share, compared with a loss of $9.4 million, or 46 cents a share, a year earlier.[15]
The prior year quarter included an insurance claim that totaled $0.02 per share related to the Hurricane Katrina.[11] Excluding spin-off charges, the company reported earnings per share of $0.10 per share from continuing operations for the quarter.[11] On average, three analysts polled by First Call/Thomson Financial expected the company to earn US$0.20 per share for the second quarter.[11]
Loss per share from discontinued operations for the quarter was $0.04.[11]
For the first half of 2008, net earnings were C$141.4 million or C$0.43 per share, up from C$106.4 million or C$0.32 per share in the year-ago period.[11] Earnings per share rose 11.7% to C$0.21 from C$0.19 in the year-ago quarter.[11]
Belo said political ad revenue was $5.1 million in the first, quarter, but should be less in the second quarter. [4] Automakers and dealers, who account for about one-fourth of Belo's revenue from spot ads, cut back on spending sharply in the first quarter, but "the drug companies are in, and spending," said Chief Financial Officer Dennis Williamson. Advertising by pharmaceutical, travel and insurance companies rose more than 20 percent, he said.[14] "While local and national spot revenues are currently pacing better than first quarter, we can't predict with certainty where the second quarter will finish given that economic conditions continue to be soft," said Dunia A. Shive, Belo's president and chief executive, in a statement.[10]
Total revenue decreased 8.8 percent in the first quarter versus the prior year.[5]
A.H. Belo said, however, that circulation revenue in Dallas rose 12 percent from early 2007. The company added that it was pulling back from less-profitable areas with circulation cuts and would reduce the width of its papers to reduce newsprint expenses.[9] To further pare newsprint expenses, A.H. Belo said it will be discontinuing 'bonus days' and other third-party circulation.[2]
Belo owns 20 television stations. Earlier this year, it spun off its four daily newspapers into a separate company, A.H. Belo Corp. Shareholders pushed for the split, hoping Belo shares would rise without the drag of the troubled newspaper business. That hasn't worked very well.[14] Although stock in the new newspaper company has dropped 40 percent since the Feb. 8 spinoff, Belo shares have fallen nearly as much -- 37 percent.[14]
A. H. Belo Corporation (NYSE: AHC) headquartered in Dallas, Texas, is a distinguished news and information company that owns and operates four daily newspapers and 12 associated Web sites.[5] For more information about A.H. Belo Corp. (NYSE: AHC) ' formerly the newspaper group of Belo Corp. (NYSE: BLC) ' visit www.ahbelo.com .[2] A.H. Belo (NYSE: AHC) stock closed Monday at $10.21, up 6 cents, or 0.59%.[3]
Belo (NYSE: BLC) took $21.4 million in spin-off related charges, including $3.2 million in transaction and financing costs and $18.2 million related to the transfer of certain intangibles.[10] Operating costs and expenses declined to $172.1 million from $175.9 million. The company warned a week ago that results would be below the expectations set earlier this year.[16] Operating earnings for the quarter plunged to $34.517 million from $44.877 million in the prior year quarter.[11] Net operating revenues for the quarter decreased 2% to $174.827 million from $178.341 million in the year-ago quarter.[11] Political revenues for the quarter increased $4.3 million to $5.1 million from the same quarter last year.[11] The company's revenue increased 5.3% to C$949.1 million from C$951.3 million in the same quarter last year.[11] Shive said the company expects less political ad revenue in the second quarter, but it should increase during the "back half" of the year.[10]
Advertising revenue for the Journal fell 10.7 percent during the quarter, the company said during a conference call with analysts.[2] 'Weak economic trends suggest that the Company is likely to see a decline in advertising revenue throughout 2008.[2]
Additional information is available at http://www.ahbelo.com or by contacting Maribel Correa, director/Investor Relations, at 214-977-2702. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. Such risks, uncertainties and factors include, but are not limited to, changes in capital market conditions and prospects, and other factors such as changes in advertising demand, interest rates, and newsprint prices; newspaper circulation matters, including changes in readership patterns and demography, and audits and related actions by the Audit Bureau of Circulations; circulation trends; technological changes; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; regulatory, tax and legal changes; adoption of new accounting standards or changes in existing accounting standards by the Financial Accounting Standards Board or other accounting standard-setting bodies or authorities; the effects of Company acquisitions, dispositions, co-owned ventures, and investments; general economic conditions; significant armed conflict; and other factors beyond our control, as well as other risks described in the Company's Annual Report on Form 10-K and other public disclosures and filings with the Securities and Exchange Commission, including the Company's information statement on Form 10 dated January 31, 2008.[5] In a letter to investors last week, Decherd, 57, had noted that 'The newspaper industry is operating in a very tough environment ' an environment unprecedented in the past 60 years,' and said that 2008 would be 'very difficult' for the new company. The 'web-width reduction project' to narrow its publications will be completed in early 2009, the company said in its first-quarter report.[2]
Media company Belo Corp. posted a first-quarter loss as it took hefty charges to spin off its newspaper business.[10] Broadcast company Belo Corp. says it swung to a first-quarter loss due to charges related to the spin-off of its four newspapers.[8]
A.H. Belo said Wednesday that its first-quarter loss narrowed, helped by cost-control efforts, but the newspaper operator continues to struggle with declining ad sales.[16]
DALLAS -- Television station owner Belo Corp. said Tuesday that it swung to a loss in the first quarter after accounting for the spin-off of four newspapers.[14] The aggregate newspaper EBITDA margin was 9.0 percent in the first quarter, down 5 percentage points from the first quarter of 2007.[5]
Newspaper expenses decreased by 3.5 percent, including a $2.9 million drop in newsprint expense.[12] Internet revenue amounted to $12 million, or 7.5 percent, of the first-quarter total.[2] Revenue fell 2 percent to $174.8 million, below the average analyst estimate of $177.1 million.[4]
Revenue from political ads rose by $4.3 million to $5.1 million during the quarter.[10] Revenue slipped to $174.8 million from $178.3 a year earlier, and was below analysts' forecast of $176.3 million.[14]
Loss from discontinued operations for the quarter widened to $4.499 million from $324 thousand in the same quarter last year.[11] Net earnings for the second quarter were C$68.8 million, up 9.7% from C$62.7 million in the prior year quarter.[11]
Edward Atorino, an analyst with The Benchmark Co., said the company's performance should improve the rest of the year. "Costs are in good shape, revenue is starting to perk up, they've got the Olympics and the politico," he said. "They should be fine." [14] The Press-Enterprise's performance had a significant impact on the Company's total revenue.[5] Advertising revenue, including print and Internet revenue, declined 26 percent at The Press-Enterprise in Riverside, California one of the hardest-hit real estate markets in the nation.[17] First-quarter circulation revenue increased 5.4 percent, led by a 12-percent increase at the Morning News.[2] A. H. Belo publishes The Dallas Morning News, Texas' leading newspaper and winner of eight Pulitzer Prizes since 1986; The Providence Journal, the oldest continuously-published daily newspaper in the U.S. and winner of four Pulitzer Prizes; The Press-Enterprise (Riverside, CA), serving southern California's Inland Empire region and winner of one Pulitzer Prize; and the Denton Record-Chronicle.[5] NEW YORK, April 29 (Reuters) - Television broadcaster Belo Corp (BLC.N: Quote, Profile, Research ) posted a quarterly loss on Tuesday because of charges related to spinning off its newspapers.[4]
The financial report was the first for A.H. Belo since Dallas-based broadcast company Belo Corporation spun it off in February. [13] "AH Belo is navigating through a challenging operating environment, but I am confident about the quality of our markets long-term, the strengths of AHC's brands," Chief Executive Robert Decherd said in a statement.[15] "A. H. Belo is navigating through a challenging operating environment, but I am confident about the quality of our markets long-term, the strengths of AHC's brands, and our ability to continue to transform AHC in an Internet-centric media world," Chairman, President, and CEO Robert W. Decherd said in a statement.[7]
The Dallas paper accounts for about two-thirds of the company's revenue. It also has papers in Denton, Texas; Providence, R.I.; and Riverside, Calif., which has been hit hard by a real estate downturn. [9] Revenue fell as trouble in the auto business reduced demand for advertising time.[14]
Ad sales fell 26 percent at The Press-Enterprise, hit hard by the troubled real-estate market in California.[12] Circulation at the Dallas paper fell to 368,313 in the six months ended March 31, a 10.6 percent decline, according to figures released Monday by the Audit Bureau of Circulation.[9]
Expenses included $4.2 million in spin-off related costs before taxes. [11] Spin-off charges comprised of transaction and financing costs of approximately $3.2 million and a previously disclosed one-time tax charge of $18.2 million related to the transfer of certain intangibles in connection with the spin-off.[11] The January-to-March figures included spinoff-related charges of about $21.4 million for financing costs and a one-time tax charge.[14]
BLC is currently trading at $10.18, down $0.24 or 2.30% on a volume of 466,131 shares on the NYSE. [11] Excluding charges, Belo posted income of 10 cents a share from continuing operations, a penny behind the average analyst estimate of 11 cents, according to Reuters Estimates.[4]
Beginning February 9, 2008, corporate expenses reflect actual experience. Reconciliations of consolidated and newspaper EBITDA to net loss are included as exhibits to this release. [5] "Operating expense increases for the remainder of the year will continue to be managed to lower levels if economic conditions do not improve," Shive added.[10]
SOURCES
1. A.H. Belo says 1st-quarter loss narrowed on cost controls | Chron.com - Houston Chronicle
2. Providence Journal parent posts $8.7M 1Q loss - Providence Business News
3. AH Belo Chairman Decherd: Spin-Off 'Right Decision' For Shareholders
4. UPDATE 1-Belo posts quarterly loss after newspaper spinoff | Industries | Technology, Media & Telecommunications | Reuters
5. A. H. Belo Corporation Announces First Quarter 2008 Financial Results
6. A.H. Belo 1Q loss $8.7M; sees likely decline in advertising revs in 2008 - Forbes.com
7. A.H. Belo's First Quarter Result is Loss
8. Belo swings to 1st-quarter loss on spin-off related charges - Forbes.com
9. A.H. Belo says 1st-quarter loss narrowed on cost controls
10. Belo swings to first-quarter loss - Dallas Business Journal:
11. RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research .
12. A.H. Belo posts first-quarter loss - Dallas Business Journal:
13. NBC 6 News - State Headlines
14. Belo swings to first-quarter loss on spinoff charges | Chron.com - Houston Chronicle
15. UPDATE 1-AH Belo posts quarterly loss on weak ad sales | Industries | Technology, Media & Telecommunications | Reuters
16. A.H. Belo says 1st-quarter loss narrowed on cost controls - Forbes.com
17. Dallas-based A. H. Belo Corporation posts First Quarter 2008 loss | Dallas | pegasusnews.com
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