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DALLAS — Newspaper publisher A.H. Belo Corp. on Wednesday reported a preliminary fourth-quarter profit as steep cost cuts offset a 15 percent decline in revenue.
The publisher of The Dallas Morning News and other newspapers posted preliminary income of $5.7 million, or 27 cents per share, compared with a loss of $33.1 million, or $1.62 per share, in the 2008 quarter.
The 2009 quarter included $3.7 million in charges to write off a Web content management system and $1.2 million to write off investments. In the 2008 quarter, the company recorded a writedown of $14.1 million.
A.H. Belo still expects to record a noncash charge in the 2009 quarter tied to its future pension obligations. The company will include that charge in its final results once the amount has been calculated.
The advertising picture remained grim during the quarter, as ad revenue for print and online fell 23.5 percent to $91.7 million.
However, ad revenue at three of A.H. Belo's four dailies saw its smallest year-over-year decline of the year. Additionally, circulation revenue also rose 12 percent to $36.3 million after the company raised prices at two papers.
For the year, A.H. Belo recorded a preliminary loss of $110.3 million, or $5.37 per share, compared with a loss of $62.3 million, or $3.04 per share, in 2008. Revenue sank to $518.3 million from $637.3 million.
Shares of A.H. Belo, based in Dallas, rose 65 cents, or 10.8 percent, to $6.65 in midday trading. They earlier hit a new year high of $7.20, eclipsing a prior peak of $6.82 set Jan. 21.
