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DallasNews (Nasdaq: DALN) reported a Q1 2024 net loss of $1.4 million or $(0.25) per share, showing an improvement from the Q1 2023 net loss of $2.6 million or $(0.49) per share. The adjusted operating loss was $0.8 million, a 64% improvement from the previous year's $2.2 million. This improvement is attributed to cost reductions in distribution, employee compensation, and newsprint, despite a $4.1 million revenue decline. The revenue drop stemmed from the strategic exit of the shared mail program and discontinuation of print-only niche publications.
Total revenue for Q1 2024 was $31.1 million, down 11.6% from Q1 2023. Advertising revenue fell by 23.9% to $11.6 million, while circulation revenue increased by 1.8% to $16.3 million. The company recorded total operating expenses of $32.9 million, a 13.4% improvement from Q1 2023. DallasNews plans to relocate print operations, expecting $5 million in annual savings by early 2025.
As of March 31, 2024, the company had 531 employees, a reduction of 18.6% from the previous year. The company holds $18.4 million in cash and short-term investments and reported no debt.
DallasNews (Nasdaq: DALN) has announced plans to relocate its print operations from Plano, Texas, to a smaller leased facility in Carrollton, Texas, as part of its Return to Growth Plan initiated in 2021. The new facility will be operational by early 2025 and will result in annual savings of approximately $5 million. The company will invest around $8 million in more efficient printing technology. This move will reduce staffing by about 60%, affecting approximately 85 employees. Additionally, DallasNews has suspended its dividend payments indefinitely.
The Dallas Morning News and DallasNews have released an extensive investigation on toll roads in North Texas, highlighting the confusion, rising costs, and criminalization faced by Texans. The report reveals Texas leading in tolled facilities construction compared to other states, with key findings to be published online and in print starting May 13 and May 19, respectively.
DallasNews (Nasdaq: DALN) announced the schedule for the release of their first quarter 2024 financial results and conference call. The financial results will be released on May 14, 2024, followed by a conference call on May 16, 2024. The call will be webcasted and archived on the company's website. DallasNews is a holding company of The Dallas Morning News and Medium Giant, offering news and advertising services.
DallasNews (Nasdaq: DALN) and The Dallas Morning News are taking significant steps to enhance reader trust and transparency in journalism. A new public editor position, Stephen Buckley, will bridge the gap between readers and the newsroom, while the introduction of 'Why This Story Matters' aims to provide context for editorial decisions. These initiatives come in response to a decline in public trust in mass media, with The News striving to be a leader in transparency and accountability.
