DallasNews Corporation (NASDAQ:DALN) Q4 2023 Earnings Call Transcript

DallasNews Corporation (NASDAQ:DALN) Q4 2023 Earnings Call Transcript March 7, 2024

DallasNews Corporation isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the DallasNews Corporation Investor Call. At this time, all call participants are in a listen-only mode [Operator Instructions] As a reminder, this conference call is being recorded. And at this time, I would like to turn the conference call over to your host, Vice President and Controller, Mr. Gary Cobleigh. Please go ahead, sir.

Gary Cobleigh: Good morning, everyone. This is Gary Cobleigh, Vice President and Controller of DallasNews Corporation. Welcome to our fourth quarter and full year 2023 investor call. I'm joined by Katy Murray, President and Chief Financial Officer, who will be reviewing financial results; and Grant Moise, Chief Executive Officer, who will provide brief business remarks. Yesterday afternoon, we issued a press release announcing fourth quarter and full year 2023 results and filed our 2023 10-K. Both of these are posted on our website, dallasnewscorporation.com under the Investor Relations section. Unless otherwise specified, comparisons used on today's call measure fourth quarter and full year 2023 performance against fourth quarter and full year 2022 performance.

Our discussion today will include forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. The company assumes no obligation to update the information in this communication, except as otherwise required by law. Additional information about these factors is detailed in the company's press releases and publicly available filings with the SEC. Today's discussion will include non-GAAP financial measures. We believe that non-GAAP financial measures provide useful supplemental information to assist investors in determining performance comparisons to our peers. A reconciliation of GAAP to non-GAAP financial measures is included with our press release.

I'll now turn the call over to Katy.

Katy Murray: Good morning, everyone, and thank you for joining today's call. I'm going to begin by reviewing fourth quarter financial results and then follow with the full year results. On a GAAP basis for the quarter, DallasNews Corporation reported a net loss of $2.2 million or $0.41 per share and an operating loss of $2.5 million, which includes $2.7 million related to previously announced Voluntary Severance Program that closed in the fourth quarter. Excluding the severance impact, DallasNews would have reported $200,000 operating income in the quarter. In Q4 last year, we reported a net loss of $2.1 million and an operating loss of $1.9 million. On a non-GAAP basis for the quarter, we reported adjusted operating income of $600,000, an improvement of $1.6 million compared to an adjusted operating loss of $1 million reported for the same period last year.

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