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As Of Filer Filing For·On·As Docs:Size Issuer Agent 8/21/08 American Community Newspapers Inc 8-K:2,8,9 8/13/08 2:175K Vintage/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 36K 2: EX-99.1 Miscellaneous Exhibit HTML 58K
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Total
revenue was $17.2 million, down 14.4% from pro forma total revenue
of
$20.1 million in the prior year quarter. The decline was primarily
due to
the macro-economic weakness and the resulting soft advertising
environment, with the Company’s Minneapolis-St. Paul cluster continuing to
be the most affected. Excluding the Minneapolis-St. Paul cluster,
total
revenue was down 11.4%. In addition, the Company faced difficult
year-over-year comparisons. In the second quarter of 2007, ACN experienced
an organic revenue decline of 2.6%, compared to pro forma revenue
in the
prior year quarters, while the newspaper industry experienced a much
greater revenue decline of 8.6%, according to the Newspaper Association
of
America during this same period.
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·
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Advertising
revenue decreased 15.6% to $15.8 million in the second quarter of
2008
compared to pro forma revenue in the same quarter of the prior
year.
|
·
|
Preliminary
net loss is estimated to be $69.2 million, or ($4.73) per diluted
share,
compared to net income of $0.13 per diluted share in the prior year
quarter on a pro forma basis. Net loss in the quarter was impacted
by a
preliminary estimated non-cash impairment charge of $69.4 million.
Excluding this preliminary estimated charge, preliminary net income
was
$0.2 million, or $0.01 per diluted share. Please refer to the discussions
of the preliminary estimated impairment charge
below.
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·
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Internet
advertising revenues increased 17.2% year-over-year in the 2008 second
quarter and represented 2.9% of total revenue in the second quarter
of
2008. ACN newspaper Web sites generated 4.7 million page views and
had 0.9
million unique users during the month of June
2008.
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·
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ACN’s
100 print products had a total circulation of 1.4 million in the
second
quarter of 2008. ACN has a free, controlled-distribution model for
most of
its print products, with circulation accounting for only 3.9% of
total
Company revenues in the period.
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·
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Total
revenue was $33.1 million, down 13.1% from total revenue of $38.1
million
in the prior year period on a pro forma
basis.
|
·
|
Advertising
revenue decreased 13.9% to $30.2 million from the first six months
of 2007
on a pro forma basis.
|
·
|
Preliminary
net loss is estimated to be $73.9 million, or ($5.05) per diluted
share,
compared to net income of $2.9 million or $0.20 per diluted share
in the
prior year period on a pro forma basis. Preliminary net loss in the
first
half of 2008 was impacted by an estimated non-cash impairment charge.
Excluding this estimated charge preliminary net loss was $4.5 million,
or
($0.30) per diluted share. Please refer to the discussion of the
impairment charge below.
|
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Unaudited
(In
thousands)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
|
|
Period
change
|
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|||||||||
|
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Actual
|
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Pro
Forma
|
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$
|
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%
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|||||
Revenues:
|
|
|
|
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|||||||||
Advertising
|
$
|
15,773
|
$
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18,685
|
$
|
(2,912
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)
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-15.6
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%
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||||
Circulation
|
676
|
774
|
(98
|
)
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-12.7
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%
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|||||||
Commercial
printing and other
|
762
|
636
|
126
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19.8
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%
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||||||||
Total
revenues
|
$
|
17,211
|
$
|
20,095
|
$
|
(2,884
|
)
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-14.4
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%
|
||||
Preliminary
Net (loss) income*
|
$
|
(69,226
|
)
|
$
|
1,893
|
$
|
(71,119
|
)
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-3756.9
|
%
|
|||
(Loss)
earnings per share:
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|||||||||||||
Basic
and diluted:
|
$
|
(4.73
|
)
|
$
|
0.13
|
$
|
(4.86
|
)
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-3756.9
|
%
|
|||
Weighted
average shares
|
14,623,445
|
14,623,445
|
-
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*Preliminary
Net (loss) income includes a preliminary impairment charge
of $69,381 for
the 3 months ended June 29, 2008
|
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Unaudited
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|||||||||||||
(In
thousands)
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|||||||||||||
Six
Months Ended
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|||||||||||||
|
|
Period
change
|
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||||||||||
|
|
Actual
|
Pro
Forma
|
$
|
%
|
||||||||
Revenues:
|
|||||||||||||
Advertising
|
$
|
30,247
|
$
|
35,150
|
$
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(4,903
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)
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-13.9
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%
|
||||
Circulation
|
1,352 |
1,698
|
(346
|
)
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-20.4
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%
|
|||||||
Commercial
printing and other
|
1,539 |
1,286
|
253
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19.7
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%
|
||||||||
Total
revenues
|
$
|
33,138
|
$
|
38,134
|
$
|
(4,996
|
)
|
-13.1
|
%
|
||||
Preliminary
Net (loss) income*
|
|||||||||||||
$
|
(73,870
|
)
|
$
|
2,855
|
$
|
(76,725
|
)
|
-2687.4
|
%
|
||||
(Loss)
earnings per share:
|
|||||||||||||
Basic
and diluted:
|
$
|
(5.05
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)
|
$
|
0.20
|
$
|
(5.25
|
)
|
-2687.4
|
%
|
|||
Weighted
average shares
|
14,623,445 |
14,623,445
|
-
|
*Preliminary
Net (loss) income includes a preliminary impairment charge of
$69,381 for
the 6 months ended June 29, 2008
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This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 8/21/08 | |||
For Period End: | 8/13/08 | |||
6/29/08 | 10-Q, NT 10-Q | |||
7/2/07 | 3, 4, 8-K, 8-K/A | |||
7/1/07 | ||||
6/30/07 | 10-Q | |||
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