DALLAS--(BUSINESS WIRE)--Mar. 3, 2014--
A. H. Belo Corporation (NYSE: AHC) announced today it anticipates
receiving a cash distribution as a result of the announcement by
Classified Ventures, LLC (CV) of its agreement to sell Apartments.com
for $585 million to CoStar Group, Inc. CV said that the transaction
should close in the second quarter of 2014.
A. H. Belo owns a 3.3% interest in CV and its portion of the proceeds,
net of selling costs, on the sale of Apartments.com will be
approximately $18.9 million. The Company expects federal income taxes to
be minimal as a result of previously incurred net operating losses and
is finalizing its estimate of state taxes.
About A. H. Belo Corporation
A. H. Belo Corporation (NYSE: AHC), headquartered in Dallas, Texas, is a
distinguished newspaper publishing and local news and information
company that owns and operates three daily newspapers and related
websites. A. H. Belo publishes The Dallas Morning News,
Texas’ leading newspaper and winner of nine Pulitzer Prizes; The
Providence Journal, the oldest continuously-published daily
newspaper in the United States and winner of four Pulitzer Prizes; and
the Denton Record-Chronicle. The Company publishes various niche
publications targeting specific audiences, and its investments include
Classified Ventures, owner of Cars.com, and Wanderful Media, owner
of FindnSave.com. A. H. Belo offers digital marketing solutions through
508 Digital and Speakeasy and also owns and operates commercial
printing, distribution and direct mail service businesses. Additional
information is available at www.ahbelo.com or
by contacting Alison K. Engel, Senior Vice President/Chief Financial
Officer, at 214-977-2248.
Statements in this communication concerning A. H. Belo Corporation’s
(the “Company’s”) business outlook or future economic performance,
anticipated profitability, revenue, expense, dividends, capital
expenditures, investments, dispositions, impairments, business
initiatives, acquisitions, pension plan contributions and obligations,
real estate sales, working capital, future financings and other
financial and non-financial items that are not historical facts, are
“forward-looking statements” as the term is defined under applicable
federal securities laws. 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 and newsprint prices;
newspaper circulation trends and other circulation matters, including
changes in readership methods, patterns and demography; and audits and
related actions by the Alliance for Audited Media; challenges
implementing increased subscription pricing and new pricing structures;
challenges in achieving expense reduction goals in a timely manner and
the resulting potential effects on operations; challenges in
consummating asset acquisitions or dispositions upon acceptable terms;
technological changes; development of Internet commerce; industry
cycles; changes in pricing or other actions by existing and new
competitors and suppliers; consumer acceptance of new products and
business initiatives; labor relations; 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;
pension plan matters; general economic conditions and changes in
interest rates; significant armed conflict; acts of terrorism; and other
factors beyond our control, as well as other risks described in the Company’s
Annual Report on Form 10-K, and in the Company’s other public
disclosures and filings with the Securities and Exchange Commission.
Source: A. H. Belo Corporation
A. H. Belo Corporation
Alison K. Engel, 214-977-2248
Senior
Vice President/Chief Financial Officer
