DallasNews Corporation reported a decline in net operating revenue for the third quarter of 2024, totaling $31.14 million, down 9.7% from $34.50 million in the same period of 2023. For the nine months ended September 30, 2024, revenue decreased by 10.8% to $94.30 million compared to $105.71 million in the prior year. The decline in revenue was primarily attributed to a significant drop in advertising and marketing services revenue, which fell to $11.98 million in Q3 2024 from $14.70 million in Q3 2023, and for the nine months, it decreased to $36.41 million from $46.23 million.
The company experienced an operating loss of $4.12 million in Q3 2024, a substantial increase from a loss of $1.61 million in Q3 2023. However, the operating loss for the nine months ended September 30, 2024, improved slightly to $5.31 million from $5.59 million in the previous year. The net loss for Q3 2024 was $3.93 million, compared to a loss of $1.41 million in Q3 2023, while the nine-month net loss decreased to $3.84 million from $4.91 million in the same period last year.
The company’s cash and cash equivalents increased to $13.99 million as of September 30, 2024, up from $11.70 million at the end of 2023. However, total current assets decreased to $29.93 million from $36.93 million during the same period. Total liabilities rose to $27.48 million from $23.92 million, leading to a decline in total shareholders’ equity to $(576,000) from $2.96 million.
In terms of strategic developments, DallasNews Corporation is transitioning to a smaller printing facility in Carrollton, Texas, with expected capital investments of approximately $8 million. This move is anticipated to yield annual savings of about $5 million. The company has also recorded severance expenses related to this transition, with a headcount reduction of 75 employees expected in the first quarter of 2025.
The company’s employee count decreased by 12.2% to 534 as of September 30, 2024, primarily due to the 2023 Voluntary Severance Program. Additionally, DallasNews Corporation has exited its shared mail program and discontinued print-only editions of niche publications, reflecting ongoing challenges in the traditional newspaper industry.
About DallasNews Corp
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