Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Entity Registrant Name | A. H. Belo Corp | |
Entity Central Index Key | 1,413,898 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Series A: Common stock | ||
Entity Common Stock, Shares Outstanding | 19,292,128 | |
Series B: Common stock | ||
Entity Common Stock, Shares Outstanding | 2,387,949 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Operating Revenue | ||||
Advertising and marketing services | $ 38,266 | $ 40,251 | $ 75,097 | $ 77,977 |
Circulation | 20,816 | 21,227 | 41,854 | 42,239 |
Printing, distribution and other | 7,594 | 7,783 | 15,161 | 13,437 |
Total net operating revenues | 66,676 | 69,261 | 132,112 | 133,653 |
Operating Costs and Expense | ||||
Employee compensation and benefits | 25,105 | 25,722 | 52,608 | 53,886 |
Other production, distribution and operating costs | 31,015 | 29,640 | 62,475 | 58,084 |
Newsprint, ink and other supplies | 7,843 | 8,114 | 16,009 | 16,102 |
Depreciation | 2,875 | 3,348 | 5,915 | 6,758 |
Amortization | 373 | 30 | 746 | 60 |
Total operating costs and expense | 67,211 | 66,854 | 137,753 | 134,890 |
Operating income (loss) | (535) | 2,407 | (5,641) | (1,237) |
Other Income (Expense), Net | ||||
Gains (Losses) on equity method investments, net | 690 | 18,567 | 276 | 18,159 |
Other income (loss), net | (532) | 141 | (423) | 258 |
Total other income (expense), net | 158 | 18,708 | (147) | 18,417 |
Income (Loss) from Continuing Operations Before Income Taxes | (377) | 21,115 | (5,788) | 17,180 |
Income tax provision (benefit) | 317 | 1,428 | (5,413) | 2,319 |
Income (Loss) from Continuing Operations | (694) | 19,687 | (375) | 14,861 |
Income from discontinued operations | 0 | 2,146 | 0 | 3,123 |
Income (Loss) related to the divestiture of discontinued operations | 2 | 153 | (10) | (25) |
Tax expense from discontinued operations | 0 | 30 | 0 | 46 |
Income (Loss) from Discontinued Operations, Net | 2 | 2,269 | (10) | 3,052 |
Net Income (Loss) | (692) | 21,956 | (385) | 17,913 |
Net loss attributable to noncontrolling interests | (100) | (24) | (156) | (30) |
Net Income (Loss) Attributable to A. H. Belo Corporation | $ (592) | $ 21,980 | $ (229) | $ 17,943 |
Per Share Basis, Basic and Diluted | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.03) | $ 0.86 | $ (0.01) | $ 0.64 |
Income (Loss) from Discontinued Operations, Per Basic Share | 0 | 0.10 | 0 | 0.14 |
Earnings Per Share, Basic | (0.03) | 0.96 | (0.01) | 0.78 |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.03) | 0.85 | (0.01) | 0.64 |
Income (Loss) from Discontinued Operations, Per Diluted Share | 0 | 0.10 | 0 | 0.14 |
Earnings Per Share, Diluted | $ (0.03) | $ 0.95 | $ (0.01) | $ 0.78 |
Weighted average shares outstanding | ||||
Basic | 21,747,635 | 22,014,125 | 21,758,382 | 21,946,256 |
Diluted | 21,747,635 | 22,121,695 | 21,758,382 | 22,064,339 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income (Loss) | $ (692) | $ 21,956 | $ (385) | $ 17,913 |
Other comprehensive income (loss), net of tax | ||||
Amortization of net actuarial losses | 313 | (174) | 625 | (347) |
Total other comprehensive (loss) income | 313 | (174) | 625 | (347) |
Comprehensive Income (Loss) | (379) | 21,782 | 240 | 17,566 |
Comprehensive loss attributable to noncontrolling interests | (100) | (24) | (156) | (30) |
Total Comprehensive Income (Loss) Attributable to A. H. Belo Corporation | $ (279) | $ 21,806 | $ 396 | $ 17,596 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 84,061 | $ 158,171 |
Accounts receivable (net of allowance of $1,435 and $1,262 at June 30, 2015 and December 31, 2014, respectively) | 32,249 | 34,396 |
Inventories | 3,903 | 4,901 |
Prepaids and other current assets | 11,063 | 8,422 |
Deferred income taxes, net | 14 | 0 |
Assets of discontinued operations | 253 | 565 |
Total current assets | 131,543 | 206,455 |
Property, plant and equipment, at cost: | ||
Property, plant and equipment, at cost | 443,377 | 472,186 |
Less accumulated depreciation | (391,343) | (410,597) |
Property, plant and equipment, net | 52,034 | 61,589 |
Intangible assets, net | 11,900 | 656 |
Goodwill | 34,085 | 24,582 |
Investments | 2,302 | 2,572 |
Other assets | 3,236 | 2,893 |
Total assets | 235,100 | 298,747 |
Current liabilities: | ||
Accounts payable | 13,769 | 12,904 |
Accrued compensation and benefits | 7,666 | 8,233 |
Dividends Payable | 0 | 50,148 |
Other accrued expense | 4,703 | 13,684 |
Advance subscription payments | 15,429 | 15,894 |
Liabilities of discontinued operations | 85 | 543 |
Total current liabilities | 41,652 | 101,406 |
Long-term pension liabilities | 62,923 | 65,859 |
Other post-employment benefits | 2,525 | 2,656 |
Deferred income taxes, net | 976 | 530 |
Other liabilities | 1,821 | 2,277 |
Liabilities | 109,897 | 172,728 |
Noncontrolling interests - redeemable | 1,263 | 0 |
Shareholders' equity: | ||
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | 0 | 0 |
Treasury stock, Series A, at cost; 1,189,119 and 944,636 shares held at June 30, 2015 and December 31, 2014, respectively | (10,034) | (8,087) |
Additional paid-in capital | 500,386 | 499,320 |
Accumulated other comprehensive loss | (56,742) | (57,367) |
Accumulated deficit | (312,103) | (308,330) |
Total shareholders’ equity attributable to A. H. Belo Corporation | 121,736 | 125,763 |
Noncontrolling interests | 2,204 | 256 |
Total shareholders’ equity | 123,940 | 126,019 |
Total liabilities and shareholders’ equity | 235,100 | 298,747 |
Series A: Common stock | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | 205 | 203 |
Series B: Common stock | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | $ 24 | $ 24 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets Parenthetical (unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable | $ 1,435 | $ 1,262 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Series A: Common stock | ||
Common Stock, Shares, Issued | 20,514,806 | 20,341,501 |
Series B: Common stock | ||
Common Stock, Shares, Issued | 2,388,029 | 2,388,237 |
Treasury Stock | Series A: Common stock | ||
Treasury stock Series A, shares held | 1,189,119 | 944,636 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common StockSeries A | Common StockSeries B | Additional Paid-in Capital | Treasury Stock | Treasury StockSeries A | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2013 | $ 168,776 | $ 223 | $ 496,682 | $ (3,113) | $ (15,093) | $ (310,099) | $ 176 | |||
Beginning Balance, Shares Common Stock at Dec. 31, 2013 | 19,931,599 | 2,397,155 | ||||||||
Beginning Balance, Treasury Stock at Dec. 31, 2013 | (495,200) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) | 17,913 | 17,943 | (30) | |||||||
Other comprehensive income | (347) | (347) | ||||||||
Treasury stock purchases, shares | (200,085) | |||||||||
Treasury stock purchases | (2,118) | (2,118) | ||||||||
Issuance of shares for restricted stock units, shares | 205,352 | |||||||||
Issuance of shares for restricted stock units | 0 | 2 | (2) | |||||||
Issuance of shares from stock option exercises, shares | 151,312 | 0 | ||||||||
Issuance of shares for stock option exercises | 734 | 2 | 732 | |||||||
Income tax benefit on options and RSUs | 844 | 844 | ||||||||
Share-based compensation | 634 | 634 | ||||||||
Conversion of Series B to Series A, shares | 8,551 | (8,551) | ||||||||
Conversion of Series B to Series A | 0 | |||||||||
Dividends | (37,429) | (37,429) | ||||||||
Ending Balance at Jun. 30, 2014 | 149,189 | 227 | 498,890 | (5,231) | (15,440) | (329,585) | 328 | |||
Ending Balance, Shares Common Stock at Jun. 30, 2014 | 20,296,814 | 2,388,604 | ||||||||
Ending Balance, Shares Treasury Stock at Jun. 30, 2014 | (695,285) | |||||||||
Beginning Balance at Dec. 31, 2014 | 126,019 | 227 | 499,320 | (8,087) | (57,367) | (308,330) | 256 | |||
Beginning Balance, Shares Common Stock at Dec. 31, 2014 | 20,341,501 | 2,388,237 | ||||||||
Beginning Balance, Treasury Stock at Dec. 31, 2014 | (944,636) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income (Loss) | (385) | (229) | (156) | |||||||
Other comprehensive income | 625 | 625 | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 2,104 | 2,104 | ||||||||
Treasury stock purchases, shares | (244,483) | |||||||||
Treasury stock purchases | (1,947) | (1,947) | ||||||||
Issuance of shares for restricted stock units, shares | 155,097 | |||||||||
Issuance of shares for restricted stock units | $ 0 | 2 | (2) | |||||||
Issuance of shares from stock option exercises, shares | 18,000 | 18,000 | 0 | |||||||
Issuance of shares for stock option exercises | $ 71 | 0 | 71 | |||||||
Income tax benefit on options and RSUs | 546 | 546 | ||||||||
Share-based compensation | 451 | 451 | ||||||||
Conversion of Series B to Series A, shares | 208 | (208) | ||||||||
Conversion of Series B to Series A | 0 | |||||||||
Dividends | (3,544) | (3,544) | ||||||||
Ending Balance at Jun. 30, 2015 | $ 123,940 | $ 229 | $ 500,386 | $ (10,034) | $ (56,742) | $ (312,103) | $ 2,204 | |||
Ending Balance, Shares Common Stock at Jun. 30, 2015 | 20,514,806 | 2,388,029 | ||||||||
Ending Balance, Shares Treasury Stock at Jun. 30, 2015 | (1,189,119) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net Income (Loss) | $ (385) | $ 17,913 |
Adjustments to reconcile net income to net cash (used for) provided by operations: | ||
Net (income) loss from discontinued operations | 10 | (3,052) |
Depreciation and amortization | 6,661 | 6,818 |
Cash contributions to employee benefit plans in excess of net periodic expense | (2,283) | (6,260) |
Equity method investment (gains) losses | 770 | (19,065) |
Share-based compensation | 451 | 592 |
Deferred income taxes | (3,738) | 933 |
Loss (Gain) on investment related activity, net | (1,046) | 934 |
Loss (Gain) on disposal of fixed assets | 665 | 0 |
Other Noncash Income (Expense) | 0 | 566 |
Increase (Decrease) in other operating assets and liabilities, net | (9,809) | (4,390) |
Net cash used for continuing operations | (8,704) | (6,143) |
Net cash (used for) provided by discontinued operations | (156) | 8,260 |
Net cash (used for) provided by operating activities | (8,860) | 2,117 |
Investing Activities | ||
Payments to acquire businesses, net of cash acquired | (14,111) | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 6,011 | 0 |
Payments to acquire property, plant and equipment | (2,674) | (2,717) |
Purchase of investments | (500) | (2,098) |
Other investment related proceeds | (1,046) | (18,861) |
Net cash used for continuing investing activities | (10,228) | 14,046 |
Net cash used for discontinued investing activities | 0 | (633) |
Net cash used for investing activities | (10,228) | 13,413 |
Financing Activities | ||
Dividends paid | (53,692) | (37,429) |
Purchase of treasury stock | (1,947) | (2,118) |
Proceeds from exercise of stock options | 71 | 734 |
Income tax benefit on options and RSUs | 546 | 844 |
Net cash provided by (used in) financing activities | (55,022) | (37,969) |
Net increase (decrease) in cash and cash equivalents | (74,110) | (22,439) |
Cash and cash equivalents, beginning of period | 158,171 | 82,193 |
Cash and cash equivalents, end of period | 84,061 | 59,754 |
Supplemental Cash Flow Information | ||
Income taxes paid, net | 8,918 | 0 |
Noncash contributions by noncontrolling interests | 3,367 | 0 |
Other than temporary impairment losses, investments | $ 0 | $ 934 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Description of Business. A. H. Belo Corporation and subsidiaries (“A. H. Belo” or the “Company”), headquartered in Dallas, Texas, is a leading local news and information publishing company with commercial printing, distribution and direct mail capabilities, as well as expertise in emerging media and marketing services. With a continued focus on extending the Company’s media platform, A. H. Belo is able to deliver news and information in innovative ways to a broad spectrum of audiences with diverse interests and lifestyles. The Company publishes The Dallas Morning News ( www.dallasnews.com ), Texas’ leading newspaper and winner of nine Pulitzer Prizes; the Denton Record-Chronicle ( www.dentonrc.com ), a daily newspaper operating in Denton, Texas, and various niche publications targeting specific audiences. A. H. Belo also offers digital and other business marketing solutions as well as event marketing. Basis of Presentation. These consolidated financial statements include the accounts of A. H. Belo and its subsidiaries. The Company follows the guidance set by the Financial Accounting Standards Board (“FASB”) or other authoritative accounting standards-setting bodies. Under Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company determines whether subsidiaries, joint ventures, partnerships and other arrangements should be consolidated. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries are reflected in the consolidated financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary for a fair presentation are included. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. Presentation of current and prior period amounts in the consolidated financial statements and notes thereto reflect continuing operations of the Company, unless otherwise noted. Amounts presented for 2014 are exclusive of results related to discontinued operations as well as prior year results of businesses subsequently acquired in 2015. New Accounting Pronouncements. The FASB issued the following Accounting Standards Updates (“ASU”) which could have potential impact to the Company’s financial statements: ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This guidance generally clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for fiscal years and interim periods beginning after December 15, 2016, and interim periods in those years. In the second quarter of 2015, the FASB deferred the effective date of the standard by one year to December 15, 2017. The Company is currently evaluating the impact this update will have on its recognition and presentation of revenues within the consolidated statements of operations. ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) . This standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures. The new standard is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of the consolidated financial statements or disclosures. ASU 2015-02, Consolidation (Topic 810) . This update modifies requirements for consolidating certain legal entities. The standard removes the previous presumption that a general partner controls a limited partnership, revises when fees paid to a decision maker or service provider are a variable interest, and places additional emphasis on risk of loss in determining a controlling financial interest. The standard is effective for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact this update will have on its consolidation of legal entities within the consolidated financial statements. ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets (ASC 715) This update provides clarification on the accounting for contributions to a defined benefit plan and significant events requiring remeasurement, such as settlements or curtailments, that occur during the period between a month-end measurement date and the employers’ fiscal year-end. The standard is effective for fiscal years and interim periods beginning after December 15, 2015. The Company is currently evaluating the impact this update will have on the consolidated financial statements and related disclosures. ASU 2015-05, Goodwill and Other - Internal-Use Software (Subtopic 350-40) . This update clarifies requirements for a customer’s accounting for fees paid in a cloud computing arrangement. The standard stipulates that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The standard is effective for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company must elect to adopt either retrospectively or prospectively. The Company is currently evaluating the impact this update will have on the consolidated financial statements and related disclosures. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Note 2: Acquisitions On January 2, 2015 , the Company acquired an 80 percent voting interest in DMV Digital Holdings Company, Inc. (“DMV”) which holds all outstanding ownership interests of three Dallas-based businesses, Distribion, Inc., Vertical Nerve, Inc. and CDFX, LLC (d/b/a MarketingFX). These businesses specialize in marketing automation, search engine marketing, direct mail and promotional products, respectively. This acquisition complements and expands the product and service offerings currently available to A. H. Belo clients, thereby strengthening the Company’s diversified product portfolio and allowing for greater penetration in a competitive advertising market. The Company’s interest in DMV was acquired for a cash purchase price of $14,111 , net of $152 cash acquired. Transaction costs related to the purchase were a component of Other production, distribution and operating costs and totaled $1,287 , of which $725 were incurred in 2015. The estimated fair value of the acquired businesses totals $17,478 , of which $3,495 is attributable to noncontrolling interests. Approximately $693 of goodwill acquired is expected to be deductible for tax purposes. As further discussed in Note 11 – Contingencies , the contribution agreement included provisions for two pro-rata dividends and an embedded put arrangement with certain noncontrolling shareholders of DMV. The Company is in the process of finalizing the business valuation and its allocation to underlying assets and liabilities. The preliminary allocation of the purchase price, which is subject to adjustment upon finalization, is summarized as follows: Estimated Working capital, net of acquired cash $ (79 ) Property, plant and equipment 57 Other intangible assets 11,990 Goodwill 9,503 Deferred income tax liabilities (3,993 ) $ 17,478 Operating results of the businesses acquired have been included in the Condensed Consolidated Statements of Operations from the acquisition date forward. Revenue from marketing services is recognized at the time services are delivered. For arrangements that include multiple deliverables, revenue and upfront fees are allocated to each unit of accounting based on their relative selling prices. For the three and six months ended June 30, 2015 , operating results include $1,896 and $3,754 of net operating revenue and a pretax loss of $111 and $243 before adjusting for noncontrolling interests, respectively. Pro forma results of the Company, assuming the acquisition had occurred at the beginning of each period presented, would not be materially different from the results reported. |
Discontinued Operations and Sal
Discontinued Operations and Sales of Assets | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Note 3: Discontinued Operations and Sales of Assets Discontinued Operations. On September 3, 2014 , The Providence Journal Company, a wholly-owned subsidiary of the Company, completed a transaction for the (i) sale of substantially all of the assets comprising the newspaper operations of The Providence Journal and related real property located in Providence, Rhode Island, and (ii) assumption of certain liabilities by LMG Rhode Island Holdings, Inc. (“LMG”), a subsidiary of New Media Investment Group Inc. On November 21, 2013 , the Company completed the sale of the newspaper operations of The Press-Enterprise , including the production facility and related land, to Freedom Communications, Inc. (“Freedom Communications”) under a definitive asset purchase agreement. Upon completion of these divestitures, the Company no longer owns newspaper operations in Providence, Rhode Island or Riverside, California. The Company continues to hold and market for sale certain land in Providence, Rhode Island. The Company also retains the obligation for the A. H. Belo Pension Plan II, which provides benefits to employees of The Providence Journal Company. As a result of the above transactions, the activity and balances of The Providence Journal and The Press-Enterprise are presented as discontinued operations. During the three and six months ended June 30, 2014 , income from discontinued operations included revenues of $22,318 and $43,512 , respectively, and expenses of $20,172 and $40,389 , respectively, related to The Providence Journal . The Company adjusted the gain on the sale of The Providence Journal in the three and six months ended June 30, 2015 , by $2 and $(10) , respectively, and The Press-Enterprise in the three and six months ended June 30, 2014 , by $153 and $(25) , respectively. As of June 30, 2015 , the remaining assets and liabilities of discontinued operations were $253 and $85 , respectively. Other Dispositions. On June 19, 2015 , the Company completed the sale of the land and building which served as the administrative headquarters of The Providence Journal. Net proceeds of $6,119 were received in the second quarter of 2015, upon closing of the transaction, generating a loss of approximately $292 . Also during the second quarter of 2015, the Company demolished the existing structures on another owned property in Providence, Rhode Island generating a loss of $412 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 4: Goodwill and Intangible Assets As presented in Note 2 – Acquisitions , the Company acquired $9,503 of goodwill and $11,990 of definite-lived intangible assets in connection with its acquisition of DMV. Amortization expense of $283 and $566 was recorded for the three and six months ended June 30, 2015 , respectively. The identification, valuation and amortization of these assets is not complete and subject to adjustment upon finalization. The definite-lived intangible assets are presented below as Other intangible assets, gross. The Company also records goodwill and intangible assets from its previous acquisitions. The carrying value of goodwill, exclusive of DMV, was $24,582 at June 30, 2015 and December 31, 2014 . Definite-lived intangible assets recorded from previous acquisitions consist of customer relationships, amortized over an estimated useful life of three years . Amortization expense related to customer relationships from previous acquisitions was $90 and $180 for the three and six months ended June 30, 2015 and $30 and $60 for the three and six months ended June 30, 2014 , respectively. The carrying value of definite-lived intangible assets is set forth in the table below. June 30, December 31, 2015 2014 Customer relationships, gross $ 975 $ 975 Other intangible assets, gross 11,990 — Finite-lived intangible assets, gross 12,965 975 Accumulated amortization (1,065 ) (319 ) Finite-lived intangible assets, net $ 11,900 $ 656 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | Note 5: Investments The Company owns investment interests in various entities which are recorded under the equity method or cost method of accounting, or consolidated if the Company holds a controlling financial interest. Under the equity method, the Company records its share of the investee’s earnings or losses each period as a component of other income, net, in the consolidated statements of operations. Under the cost method, the Company records earnings or losses when such amounts are realized. The Company evaluates the recoverability of its investments each period and estimates the fair value of its investments if identified events or circumstances indicate a significant adverse effect on the carrying value. Net gains on equity method investments were $690 and $18,567 for the three months ended June 30, 2015 and 2014 , respectively, and $276 and $18,159 for the six months ended June 30, 2015 and 2014 , respectively. The table below sets forth the Company’s investments. June 30, December 31, 2015 2014 Equity method investments $ 870 $ 1,640 Cost method investments 1,432 932 Total investments $ 2,302 $ 2,572 Equity method investments. Investments recorded under the equity method of accounting include the following: Wanderful Media, LLC (“Wanderful”) – The Company owns a 13.0 percent interest in Wanderful, which operates FindnSave.com , a digital shopping platform where consumers can find national and local retail goods and services for sale. This platform combines local media participation with advanced search and database technology to allow consumers to view local advertised offers and online sales circulars or search for an item and receive a list of local advertisers and the price and terms offered for the searched item. It also utilizes location-based technology and incentives to drive consumers to retailer locations. In the first quarter of 2014, the Company determined that an other-than-temporary decline occurred in the value of its investment in Wanderful Media after evaluating the estimated fair value of the investee as determined by an independent valuation specialist, which resulted in an impairment charge of $934 in the first quarter. The Company attributes the impairment primarily to a decline in business related to Wanderful Media’s legacy products. An additional contribution of $1,909 was made in the second quarter of 2014 to provide capital for development of new product offerings as Wanderful Media establishes its market presence. Classified Ventures, LLC (“Classified Ventures”) – The Company owned a 3.3 percent interest in Classified Ventures through its sale date on October 1, 2014 . The principal business of Classified Ventures is the operation of cars.com . On October 1, 2014 , the Company completed a transaction with Gannett Co. Inc. and other unit holders of Classified Ventures whereby Gannett acquired all membership interests from the unit holders of Classified Ventures. Proceeds of $965 and $1,046 were received in the three and six months ended June 30, 2015, respectively, representing an adjustment to the sale price and increasing the gain on the transaction. As of June 30, 2015 , a receivable of $3,280 was recorded for additional proceeds related to the sale of Classified Ventures which are expected to be received by the end of the third quarter of 2015. Consolidated investments. The Company consolidates the following investments in which it has a controlling financial interest: • Your Speakeasy, LLC (“Speakeasy”) - 70.0 percent ownership - targets middle-market business customers and provides turnkey social media account management and content development services. • Untapped Festivals, LLC (“Untapped”) - 51.0 percent ownership - hosts events providing craft beer and entertainment events across major Texas cities. • DMV Digital Holdings Company, Inc. - 80.0 percent ownership - specializes in marketing automation, search engine marketing, direct mail and promotional products. |
Long-term Incentive Plans
Long-term Incentive Plans | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 6: Long-term Incentive Plans A. H. Belo sponsors a long-term incentive plan under which 8,000,000 common shares were authorized for equity based awards. Awards may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted shares, RSUs, performance shares, performance units or stock appreciation rights. In addition, stock options may be accompanied by full and limited stock appreciation rights. Rights and limited stock appreciation rights may also be issued without accompanying stock options. Stock Options. The table below sets forth a summary of stock option activity under its long-term incentive plan. Number of Weighted-Average Outstanding at December 31, 2014 432,723 $ 13.15 Exercised (18,000 ) 3.95 Canceled (40,572 ) 23.41 Outstanding at June 30, 2015 374,151 $ 12.48 In the three months ended June 30, 2015, no options were exercised. In the three months ended June 30, 2014 , the intrinsic value of options exercised was $84 and the intrinsic value of options exercised in the six months ended June 30, 2015 and 2014 , was $100 and $897 , respectively. The intrinsic value of outstanding options at June 30, 2015 was $336 . The vested and exercisable weighted average remaining contractual term of stock options outstanding as of June 30, 2015 , was 2.0 years . The expense associated with all outstanding options was fully recognized in prior years. Restricted Stock Units. Under A. H. Belo’s long-term incentive plan, the Company’s board of directors periodically awards RSUs. The RSUs have service and/or performance conditions and vest over a period of up to three years . Vested RSUs are redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash. As of June 30, 2015 , the liability for the portion of the award to be redeemed in cash was $564 . The table below sets forth a summary of RSU activity under its long-term incentive plan. Total Issuance of RSUs Cash Weighted- Non-vested at December 31, 2014 501,158 $ 6.81 Granted 134,812 7.66 Vested (258,502 ) 155,097 103,405 $ 821 5.81 Canceled (48,239 ) 7.47 Non-vested at June 30, 2015 329,229 $ 7.85 Compensation Expense. A. H. Belo recognizes compensation expense for RSUs issued to its employees and directors under its long-term incentive plan over the vesting period of the award, as set forth in the table below. RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense Three months ended June 30, 2015 $ 80 $ (299 ) $ (219 ) 2014 105 150 255 Six months ended June 30, 2015 $ 451 $ (367 ) $ 84 2014 592 1,333 1,925 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7: Income Taxes Income taxes are recorded using the asset and liability method. The provision for taxes reflects the Company’s estimate of the effective tax rate expected to be applied for the full fiscal year, adjusted for any discrete transactions which are reported in the period in which they occur. The estimated effective tax rate is re-evaluated each quarter based on the Company’s estimated tax expense for the year. If a reliable estimate cannot be made of the annual effective tax rate, which could be caused by the significant variability in rates when marginal earnings are expected for the year and significant permanent or temporary differences exist, a discrete tax rate is calculated for the period. The Company recognized income tax provision (benefit) from continuing operations of $317 and $1,428 for the three months ended June 30, 2015 and 2014 , respectively, and $(5,413) and $2,319 for the six months ended June 30, 2015 and 2014 , respectively. Effective income tax rates from continuing operations were 93.5 percent and 13.5 percent for 2015 and 2014, respectively. The effective tax rate is affected by recurring items such as tax rates and income in jurisdictions which we expect to be fairly consistent in the near term. Tax benefit for the six months ended June 30, 2015 , reflected a reduction in the valuation allowance for deferred tax assets of $3,993 as a result of DMV acquisition-date deferred tax liabilities assumed. Tax provision for the three and six months ended June 30, 2014 , was primarily attributable to state income tax expense and changes in the valuation allowance on deferred tax assets. |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Retirement Plans | Note 8: Pension and Other Retirement Plans Defined Benefit Plans. The Company sponsors two defined benefit pension plans, the A. H. Belo Pension Plans I and II (collectively the “A. H. Belo Pension Plans”). A. H. Belo Pension Plan I provides benefits to certain employees primarily employed with The Dallas Morning News or the A. H. Belo corporate offices. A. H. Belo Pension Plan II provides benefits to certain employees of The Providence Journal Company, the obligation for which was retained by the Company in the sale transaction of the newspaper operations of The Providence Journal . No additional benefits are accruing under the A. H. Belo Pension Plans, as future benefits were frozen prior to the plans’ effective date. During the three and six months ended June 30, 2014 , the Company made required contributions of $2,186 and $4,126 , respectively, to the A. H. Belo Pension Plans. No contributions are required to the A. H. Belo Pension Plans in 2015. Management believes the assumed rate of return on the plans’ assets of 6.5 percent continues to be appropriate. Net Periodic Pension Benefit The Company estimates net periodic pension expense or benefit based on the expected return on plan assets, the interest on projected pension obligations and the amortization of actuarial gains and losses in accumulated other comprehensive loss, if required. The table below sets forth components of net periodic pension benefit. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest cost $ 3,540 $ 4,330 $ 7,080 $ 8,660 Expected return on plans' assets (5,008 ) (5,215 ) (10,016 ) (10,430 ) Amortization of actuarial loss 314 — 626 — Net periodic pension expense (benefit) $ (1,154 ) $ (885 ) $ (2,310 ) $ (1,770 ) Defined Contribution Plans. The A. H. Belo Savings Plan, a defined contribution 401(k) plan, covers substantially all employees of A. H. Belo. Participants may elect to contribute a portion of their pretax compensation, as provided by the plan and the Internal Revenue Code. Employees can contribute up to 100 percent of their annual eligible compensation (less required withholdings and deductions) up to statutory limits. The Company provides an ongoing dollar-for-dollar match of eligible employee contributions, up to 1.5 percent of the employees’ compensation on a per-pay-period basis. During the three months ended June 30, 2015 and 2014 , the Company recorded expense of $268 and $268 , respectively, and during the six months ended June 30, 2015 and 2014 , the Company recorded expense of $526 and $521 , respectively, for matching contributions to this plan. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Shareholders' Equity and Share-based Payments | Note 9: Accumulated Other Comprehensive Loss Accumulated other comprehensive loss contains actuarial gains and losses associated with the A. H. Belo Pension Plans and gains and losses resulting from negative plan amendments and other actuarial experience related to other post-employment benefit plans. The Company records amortization of accumulated other comprehensive loss in employee compensation and benefits in its consolidated statements of operations. Gains and losses associated with the A. H. Belo Pension Plans are amortized over the weighted average remaining life expectancy of the participants. Gains and losses associated with the Company’s other post-employment benefit plans are amortized over the average remaining service period of active plan participants. The net deferred tax assets associated with accumulated other comprehensive loss are fully reserved. The table below sets forth the changes in accumulated other comprehensive loss, net of taxes. Three Months Ended June 30, 2015 2014 Total Defined benefit pension plans Other post-employment benefit plans Total Defined benefit pension plans Other post-employment benefit plans Balance, beginning of period $ (57,055 ) $ (57,342 ) $ 287 $ (15,266 ) $ (16,059 ) $ 793 Amortization 313 314 (1 ) (174 ) — (174 ) Balance, end of period $ (56,742 ) $ (57,028 ) $ 286 $ (15,440 ) $ (16,059 ) $ 619 Six Months Ended June 30, 2015 2014 Total Defined benefit pension plans Other post-employment benefit plans Total Defined benefit pension plans Other post-employment benefit plans Balance, beginning of period $ (57,367 ) $ (57,654 ) $ 287 $ (15,093 ) $ (16,059 ) $ 966 Amortization 625 626 (1 ) (347 ) — (347 ) Balance, end of period $ (56,742 ) $ (57,028 ) $ 286 $ (15,440 ) $ (16,059 ) $ 619 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 10: Earnings Per Share The table below sets forth the reconciliations for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Earnings (numerator) Net income (loss) attributable to A. H. Belo Corporation $ (592 ) $ 21,980 $ (229 ) $ 17,943 Less: Income (Loss) from discontinued operations, net 2 2,269 (10 ) 3,052 Less: Income (Loss) to participating securities 26 811 62 869 Net income (loss) available to common shareholders from continuing operations $ (620 ) $ 18,900 $ (281 ) $ 14,022 Shares (denominator) Weighted average common shares outstanding (basic) 21,747,635 22,014,125 21,758,382 21,946,256 Effect of dilutive securities — 107,570 — 118,083 Adjusted weighted average shares outstanding (diluted) 21,747,635 22,121,695 21,758,382 22,064,339 Earnings per share from continuing operations Basic $ (0.03 ) $ 0.86 $ (0.01 ) $ 0.64 Diluted $ (0.03 ) $ 0.85 $ (0.01 ) $ 0.64 Holders of service-based RSUs participate in A. H. Belo dividends on a one-for-one share basis. Distributed and undistributed income associated with participating securities is included in the calculation of EPS under the two-class method as prescribed under ASC 260 – Earnings Per Share . The Company considers outstanding stock options and RSUs in the calculation of its earnings per share. A total of 703,380 and 995,709 options and RSUs outstanding during the three and six months ended June 30, 2015 , and 2014, respectively were excluded from the calculation because they did not affect the earnings per share for common shareholders or the effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure | Note 11: Contingencies Legal proceedings. A number of legal proceedings are pending against A. H. Belo. In the opinion of management, liabilities, if any, arising from these legal proceedings would not have a material adverse effect on A. H. Belo’s results of operations, liquidity or financial condition. Pro-rata dividends. In conjunction with the acquisition of DMV, the contribution agreement provides for a pro-rata dividend of 100 percent and 50 percent of DMV’s free-cash flow for fiscal years 2015 and 2016, respectively. Free-cash-flow is defined as earnings before interest, taxes, depreciation and amortization less capital expenditures, debt amortization and interest expense, as applicable. Redeemable noncontrolling interest. In connection with the acquisition of DMV, the Company entered into a shareholder agreement which provided a put option to a noncontrolling shareholder. The put option provides the shareholder with the right to require the Company to purchase up to 25 percent of his ownership interest between the second and third anniversaries of the agreement and up to 50 percent of his ownership interest between the fourth and fifth anniversaries of the agreement. The exercisability of the noncontrolling interest put arrangement is outside of the control of the Company. As such, the redeemable noncontrolling interest of $1,263 is reported in the mezzanine equity section in the condensed consolidated balance sheets as of June 30, 2015 . In the event that the put options expire unexercised, the related portion of noncontrolling interest would be classified as a component of equity in the condensed consolidated balance sheets. Redeemable noncontrolling interests are recorded at fair value on the acquisition date and the carrying value adjusted each period to the greater of the estimated redemption value or the value that would otherwise be assigned if the interests were not redeemable. Changes in redemption value are recorded to retained earnings or additional paid in capital, as applicable, and have no effect to earnings of the Company. No adjustments to the carrying value of redeemable noncontrolling interests have been recorded since the January 2, 2015 acquisition date of DMV. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 12: Segment Reporting The Company has identified two reportable segments based on management and internal reporting structures as well as product and service offerings: Publishing and Marketing and Event Marketing Services (“MEMS”). The Publishing segment includes the Company’s core print operations associated with its newspapers, niche publications and related websites, which generate print and digital advertising and subscription sales. Also included are the commercial printing and distribution services primarily related to national and regional newspapers and preprint advertisers as these services leverage the production and other operating assets of this segment to provide additional contribution margin. The Company evaluates Publishing operations based on operating profit and cash flows from operating activities. The MEMS segment is comprised of the Company’s marketing services and event marketing businesses. Marketing services includes the operations related to the January 2015 acquisition of DMV as well as operations related to Speakeasy and 508 Digital. Event marketing includes the operations of Crowdsource and Untapped Festivals. The Company evaluates MEMS operations based on revenue growth and operating profit as these businesses continue to expand within their respective markets. The following tables set forth information related to our reportable segments. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Operating Revenue Publishing $ 61,903 $ 67,171 $ 122,853 $ 129,731 MEMS 4,773 2,090 9,259 3,922 Total $ 66,676 $ 69,261 $ 132,112 $ 133,653 Operating Income (Loss) Publishing $ 358 $ 2,851 $ (4,178 ) $ (52 ) MEMS (893 ) (444 ) (1,463 ) (1,185 ) Total $ (535 ) $ 2,407 $ (5,641 ) $ (1,237 ) June 30, December 31, 2015 2014 Total Assets Publishing $ 208,400 $ 295,788 MEMS 26,700 2,959 Total $ 235,100 $ 298,747 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13: Subsequent Events In July 2015 , the Company offered a voluntary severance option to certain newsroom employees and anticipates granting between 30 to 40 requests on a first-come, first-served basis. These reductions will allow the Company to realize the cost savings needed to add new positions which will support a growing digital platform. Costs associated with this offer are estimated to be between $2,500 and $3,000 and are expected to be incurred in the third quarter of 2015. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation, Policy | These consolidated financial statements include the accounts of A. H. Belo and its subsidiaries. The Company follows the guidance set by the Financial Accounting Standards Board (“FASB”) or other authoritative accounting standards-setting bodies. Under Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company determines whether subsidiaries, joint ventures, partnerships and other arrangements should be consolidated. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries are reflected in the consolidated financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary for a fair presentation are included. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. |
Discontinued Operations, Policy | Presentation of current and prior period amounts in the consolidated financial statements and notes thereto reflect continuing operations of the Company, unless otherwise noted. |
Investments, Policy | The Company owns investment interests in various entities which are recorded under the equity method or cost method of accounting, or consolidated if the Company holds a controlling financial interest. Under the equity method, the Company records its share of the investee’s earnings or losses each period as a component of other income, net, in the consolidated statements of operations. Under the cost method, the Company records earnings or losses when such amounts are realized. |
Pension and Other Retirement Obligations, Policy | The Company estimates net periodic pension expense or benefit based on the expected return on plan assets, the interest on projected pension obligations and the amortization of actuarial gains and losses in accumulated other comprehensive loss, if required. |
Shareholders' Equity, Policy | Accumulated other comprehensive loss contains actuarial gains and losses associated with the A. H. Belo Pension Plans and gains and losses resulting from negative plan amendments and other actuarial experience related to other post-employment benefit plans. The Company records amortization of accumulated other comprehensive loss in employee compensation and benefits in its consolidated statements of operations. Gains and losses associated with the A. H. Belo Pension Plans are amortized over the weighted average remaining life expectancy of the participants. Gains and losses associated with the Company’s other post-employment benefit plans are amortized over the average remaining service period of active plan participants. The net deferred tax assets associated with accumulated other comprehensive loss are fully reserved. |
Income Taxes, Policy | Income taxes are recorded using the asset and liability method. The provision for taxes reflects the Company’s estimate of the effective tax rate expected to be applied for the full fiscal year, adjusted for any discrete transactions which are reported in the period in which they occur. The estimated effective tax rate is re-evaluated each quarter based on the Company’s estimated tax expense for the year. If a reliable estimate cannot be made of the annual effective tax rate, which could be caused by the significant variability in rates when marginal earnings are expected for the year and significant permanent or temporary differences exist, a discrete tax rate is calculated for the period. |
New Accounting Pronouncements, Policy | The FASB issued the following Accounting Standards Updates (“ASU”) which could have potential impact to the Company’s financial statements: ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This guidance generally clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for fiscal years and interim periods beginning after December 15, 2016, and interim periods in those years. In the second quarter of 2015, the FASB deferred the effective date of the standard by one year to December 15, 2017. The Company is currently evaluating the impact this update will have on its recognition and presentation of revenues within the consolidated statements of operations. ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) . This standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures. The new standard is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of the consolidated financial statements or disclosures. ASU 2015-02, Consolidation (Topic 810) . This update modifies requirements for consolidating certain legal entities. The standard removes the previous presumption that a general partner controls a limited partnership, revises when fees paid to a decision maker or service provider are a variable interest, and places additional emphasis on risk of loss in determining a controlling financial interest. The standard is effective for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact this update will have on its consolidation of legal entities within the consolidated financial statements. ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets (ASC 715) This update provides clarification on the accounting for contributions to a defined benefit plan and significant events requiring remeasurement, such as settlements or curtailments, that occur during the period between a month-end measurement date and the employers’ fiscal year-end. The standard is effective for fiscal years and interim periods beginning after December 15, 2015. The Company is currently evaluating the impact this update will have on the consolidated financial statements and related disclosures. ASU 2015-05, Goodwill and Other - Internal-Use Software (Subtopic 350-40) . This update clarifies requirements for a customer’s accounting for fees paid in a cloud computing arrangement. The standard stipulates that if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The standard is effective for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company must elect to adopt either retrospectively or prospectively. The Company is currently evaluating the impact this update will have on the consolidated financial statements and related disclosures. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Purchase price allocation, preliminary | The preliminary allocation of the purchase price, which is subject to adjustment upon finalization, is summarized as follows: Estimated Working capital, net of acquired cash $ (79 ) Property, plant and equipment 57 Other intangible assets 11,990 Goodwill 9,503 Deferred income tax liabilities (3,993 ) $ 17,478 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company's Identifiable Intangible Assets | The carrying value of definite-lived intangible assets is set forth in the table below. June 30, December 31, 2015 2014 Customer relationships, gross $ 975 $ 975 Other intangible assets, gross 11,990 — Finite-lived intangible assets, gross 12,965 975 Accumulated amortization (1,065 ) (319 ) Finite-lived intangible assets, net $ 11,900 $ 656 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Company's investments | The table below sets forth the Company’s investments. June 30, December 31, 2015 2014 Equity method investments $ 870 $ 1,640 Cost method investments 1,432 932 Total investments $ 2,302 $ 2,572 |
Long-term Incentive Plans (Tabl
Long-term Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock option activity | The table below sets forth a summary of stock option activity under its long-term incentive plan. Number of Weighted-Average Outstanding at December 31, 2014 432,723 $ 13.15 Exercised (18,000 ) 3.95 Canceled (40,572 ) 23.41 Outstanding at June 30, 2015 374,151 $ 12.48 |
RSU activity | The table below sets forth a summary of RSU activity under its long-term incentive plan. Total Issuance of RSUs Cash Weighted- Non-vested at December 31, 2014 501,158 $ 6.81 Granted 134,812 7.66 Vested (258,502 ) 155,097 103,405 $ 821 5.81 Canceled (48,239 ) 7.47 Non-vested at June 30, 2015 329,229 $ 7.85 |
Compensation expense related to stock awards | A. H. Belo recognizes compensation expense for RSUs issued to its employees and directors under its long-term incentive plan over the vesting period of the award, as set forth in the table below. RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense Three months ended June 30, 2015 $ 80 $ (299 ) $ (219 ) 2014 105 150 255 Six months ended June 30, 2015 $ 451 $ (367 ) $ 84 2014 592 1,333 1,925 |
Pension and Other Retirement 26
Pension and Other Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net periodic pension expense | The table below sets forth components of net periodic pension benefit. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest cost $ 3,540 $ 4,330 $ 7,080 $ 8,660 Expected return on plans' assets (5,008 ) (5,215 ) (10,016 ) (10,430 ) Amortization of actuarial loss 314 — 626 — Net periodic pension expense (benefit) $ (1,154 ) $ (885 ) $ (2,310 ) $ (1,770 ) |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Changes in accumulated other comprehensive loss | The table below sets forth the changes in accumulated other comprehensive loss, net of taxes. Three Months Ended June 30, 2015 2014 Total Defined benefit pension plans Other post-employment benefit plans Total Defined benefit pension plans Other post-employment benefit plans Balance, beginning of period $ (57,055 ) $ (57,342 ) $ 287 $ (15,266 ) $ (16,059 ) $ 793 Amortization 313 314 (1 ) (174 ) — (174 ) Balance, end of period $ (56,742 ) $ (57,028 ) $ 286 $ (15,440 ) $ (16,059 ) $ 619 Six Months Ended June 30, 2015 2014 Total Defined benefit pension plans Other post-employment benefit plans Total Defined benefit pension plans Other post-employment benefit plans Balance, beginning of period $ (57,367 ) $ (57,654 ) $ 287 $ (15,093 ) $ (16,059 ) $ 966 Amortization 625 626 (1 ) (347 ) — (347 ) Balance, end of period $ (56,742 ) $ (57,028 ) $ 286 $ (15,440 ) $ (16,059 ) $ 619 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Weighted average shares used for calculating basic and diluted earnings per share | The table below sets forth the reconciliations for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Earnings (numerator) Net income (loss) attributable to A. H. Belo Corporation $ (592 ) $ 21,980 $ (229 ) $ 17,943 Less: Income (Loss) from discontinued operations, net 2 2,269 (10 ) 3,052 Less: Income (Loss) to participating securities 26 811 62 869 Net income (loss) available to common shareholders from continuing operations $ (620 ) $ 18,900 $ (281 ) $ 14,022 Shares (denominator) Weighted average common shares outstanding (basic) 21,747,635 22,014,125 21,758,382 21,946,256 Effect of dilutive securities — 107,570 — 118,083 Adjusted weighted average shares outstanding (diluted) 21,747,635 22,121,695 21,758,382 22,064,339 Earnings per share from continuing operations Basic $ (0.03 ) $ 0.86 $ (0.01 ) $ 0.64 Diluted $ (0.03 ) $ 0.85 $ (0.01 ) $ 0.64 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables set forth information related to our reportable segments. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Operating Revenue Publishing $ 61,903 $ 67,171 $ 122,853 $ 129,731 MEMS 4,773 2,090 9,259 3,922 Total $ 66,676 $ 69,261 $ 132,112 $ 133,653 Operating Income (Loss) Publishing $ 358 $ 2,851 $ (4,178 ) $ (52 ) MEMS (893 ) (444 ) (1,463 ) (1,185 ) Total $ (535 ) $ 2,407 $ (5,641 ) $ (1,237 ) |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 34,085 | $ 24,582 |
Deferred tax liabilities | (3,993) | |
DMV | ||
Business Acquisition [Line Items] | ||
Working capital, net of cash acquired | (79) | |
Property, plant, and equipment | 57 | |
Other intangible assets | 11,990 | |
Goodwill | 9,503 | |
Deferred tax liabilities | (3,993) | |
Assets acquired and liabilities assumed, net | $ 17,478 |
Business Acquisitions (Narrativ
Business Acquisitions (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Business Acquisition [Line Items] | ||
Business Acquisition, Cumulative Transaction Costs | $ 1,287 | |
Business Combination, Transaction Costs | $ 725 | $ 725 |
DMV | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | Jan. 2, 2015 | |
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | 80.00% |
Business Acquisition, Name of Acquired Entity | DMV Digital Holdings Company, Inc. | |
Business Acquisition, Consideration Transferred | $ 14,111 | |
Business Acquisition, Cash Acquired | $ 152 | 152 |
Business Acquisition, Assets Acquired and Liabilities Assumed, Net | 17,478 | 17,478 |
Business Acquisition, Noncontrolling Interest, Fair Value | 3,495 | 3,495 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 693 | 693 |
Business Acquisition, Current Revenues of Acquiree | 1,896 | 3,754 |
Business Acquisition, Current Net Loss before Income Taxes | $ (111) | $ (243) |
Discontinued Operations and Oth
Discontinued Operations and Other Dispositions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Significant Acquisitions and Disposals | |||||
Income (Loss) related to the divestiture of discontinued operations | $ (2) | $ (153) | $ 10 | $ 25 | |
Assets of discontinued operations | 253 | 253 | $ 565 | ||
Liabilities of discontinued operations | 85 | 85 | $ 543 | ||
Proceeds from Sale of Property, Plant, and Equipment | 6,011 | 0 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (665) | 0 | |||
Providence Journal | |||||
Significant Acquisitions and Disposals | |||||
Disposal date | Sep. 3, 2014 | ||||
Income (Loss) related to the divestiture of discontinued operations | $ 2 | $ (10) | |||
Revenue | 22,318 | 43,512 | |||
Costs and expense | 20,172 | 40,389 | |||
Press Enterprise | |||||
Significant Acquisitions and Disposals | |||||
Disposal date | Nov. 21, 2013 | ||||
Income (Loss) related to the divestiture of discontinued operations | $ 153 | $ (25) | |||
Land and Building Sale | |||||
Significant Acquisitions and Disposals | |||||
Disposal date | Jun. 19, 2015 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 6,119 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (292) | ||||
Building Demolition | |||||
Significant Acquisitions and Disposals | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 412 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Schedule of identifiable intangible assets) (Details) - Finite-Lived Intangible Assets, Major Class Name - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets | ||
Finite-Lived Customer Relationships, Gross | $ 975 | $ 975 |
Other Finite-Lived Intangible Assets, Gross | 11,990 | 0 |
Finite-lived intangible assets, gross | 12,965 | 975 |
Accumulated amortization | (1,065) | (319) |
Finite-lived intangible assets, net | $ 11,900 | $ 656 |
Goodwill and Other Intangible34
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Carrying value of goodwill | $ 34,085 | $ 34,085 | $ 24,582 | ||
Finite-Lived Intangible Assets | |||||
Other Finite-Lived Intangible Assets, Gross | 11,990 | 11,990 | 0 | ||
Amortization | 373 | $ 30 | 746 | $ 60 | |
Acquisitions, current year | |||||
Goodwill [Line Items] | |||||
Carrying value of goodwill | 9,503 | 9,503 | |||
Acquisitions, prior years | |||||
Goodwill [Line Items] | |||||
Carrying value of goodwill | 24,582 | 24,582 | $ 24,582 | ||
Acquisitions, current year | |||||
Finite-Lived Intangible Assets | |||||
Other Finite-Lived Intangible Assets, Gross | 11,990 | 11,990 | |||
Amortization | 283 | $ 566 | |||
Acquisitions, prior years | |||||
Finite-Lived Intangible Assets | |||||
Customer relationships, useful life | 3 years | ||||
Amortization | $ 90 | $ 30 | $ 180 | $ 60 |
Investments (Schedule of invest
Investments (Schedule of investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investments | ||
Equity method investments | $ 870 | $ 1,640 |
Cost method investments | 1,432 | 932 |
Total investments | $ 2,302 | $ 2,572 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments | ||||
Gains (Losses) on equity method investments, net | $ 690 | $ 18,567 | $ 276 | $ 18,159 |
Other than temporary impairment losses, investments | 0 | 934 | ||
Purchase of investments | $ 500 | 2,098 | ||
Wanderful | ||||
Investments | ||||
Equity method - A. H. Belo ownership | 13.00% | 13.00% | ||
Other than temporary impairment losses, investments | 934 | |||
Purchase of investments | $ 1,909 | |||
Classified Ventures | ||||
Investments | ||||
Equity method - A. H. Belo ownership | 0.00% | 3.30% | 0.00% | 3.30% |
Equity method investment, proceeds received | $ 965 | $ 1,046 | ||
Equity method investment, gain on disposal | 965 | 1,046 | ||
Escrow proceeds receivable | $ 3,280 | $ 3,280 | ||
Speakeasy | ||||
Investments | ||||
Consolidated method - A. H. Belo ownership | 70.00% | 70.00% | ||
Untapped | ||||
Investments | ||||
Consolidated method - A. H. Belo ownership | 51.00% | 51.00% | ||
DMV | ||||
Investments | ||||
Consolidated method - A. H. Belo ownership | 80.00% | 80.00% |
Long-term Incentive Plans (Sche
Long-term Incentive Plans (Schedule of stock options outstanding activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Stock option activity rollforward | |
Number of Options, Outstanding, Beginning Balance | 432,723 |
Number of Options Exercised | (18,000) |
Number of Options Canceled | (40,572) |
Number of Options, Outstanding, Ending Balance | 374,151 |
Weighted average price per share | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 13.15 |
Weighted Average Exercise Price, Exercised | 3.95 |
Weighted Average Exercise Price, Canceled | 23.41 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ 12.48 |
Long-term Incentive Plans (Sc38
Long-term Incentive Plans (Schedule of RSU activity) (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
RSU non-vested rollforward | |
Number of RSUs, Outstanding, Beginning Balance | 501,158 |
Number of RSUs Granted | 134,812 |
Number of RSUs Vested | (258,502) |
Number of RSUs Canceled | (48,239) |
Number of RSUs, Outstanding, Ending Balance | 329,229 |
Vested RSUs redeemed for stock, cash, and related payments | |
Issuance of Common Stock | 155,097 |
RSUs Redeemed in Cash | 103,405 |
Cash Payments at Closing Price of Stock | $ 821 |
Weighted-Average Price on Date of Grant | |
Beginning balance - Weighted average price | $ 6.81 |
Granted | 7.66 |
Vested | 5.81 |
Canceled | 7.47 |
Ending balance - Weighted average price | $ 7.85 |
Long-term Incentive Plans (Narr
Long-term Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Feb. 08, 2008 | |
Share-based compensation expense | |||||
Number of Shares Authorized | 8,000,000 | ||||
Options, Exercises in Period, Intrinsic Value | $ 0 | $ 84 | $ 100 | $ 897 | |
Options, Outstanding, Intrinsic Value | 336 | $ 336 | |||
Options, Weighted Average Remaining Contractual Term | 2 years 12 days | ||||
Employee Stock Option | |||||
Share-based compensation expense | |||||
RSUs, Award Vesting Period | 3 years | ||||
RSUs | |||||
Share-based compensation expense | |||||
RSUs Redeemed in Cash, Liability | $ 564 | $ 564 | |||
RSUs, Percentage of Redemption in Common Stock | 60.00% | ||||
RSUs, Percentage of Redemption in Cash | 40.00% |
Long-term Incentive Plans (Sc40
Long-term Incentive Plans (Schedule of compensation expense related to stock awards) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ (219) | $ 255 | $ 84 | $ 1,925 |
RSUs Redeemable in Stock, Expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 80 | 105 | 451 | 592 |
RSUs Redeemable in Cash, Expense | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ (299) | $ 150 | $ (367) | $ 1,333 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 317 | $ 1,428 | $ (5,413) | $ 2,319 |
Effective Income Tax Rate, Percent | 93.50% | 13.50% | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | $ 3,993 | $ 3,993 |
Pension and Other Retirement 42
Pension and Other Retirement Plans (Schedule of net periodic pension benefit (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure | ||||
Interest cost | $ 3,540 | $ 4,330 | $ 7,080 | $ 8,660 |
Expected return on plans' assets | (5,008) | (5,215) | (10,016) | (10,430) |
Amortization of actuarial loss | 314 | 0 | 626 | 0 |
Net periodic pension expense (benefit) | $ (1,154) | $ (885) | $ (2,310) | $ (1,770) |
Pension and Other Retirement 43
Pension and Other Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Contribution Plans | ||||
Maximum pretax contribution per employee | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 1.50% | |||
Expense recognized | $ 268 | $ 268 | $ 526 | $ 521 |
Pension Plan | ||||
Defined Benefit Plan Disclosure | ||||
Expected long-term return on plan ssets | 6.50% | |||
Employer contributions | $ 2,186 | $ 0 | $ 4,126 | |
Defined Benefit Plan, Estimated Future Employer Contributions | ||||
Estimated future employer contributions in 2015 | $ 0 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Balance, beginning of period | $ (57,055) | $ (15,266) | $ (57,367) | $ (15,093) |
Amortization of net actuarial losses | 313 | (174) | 625 | (347) |
Balance, end of period | (56,742) | (15,440) | (56,742) | (15,440) |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Balance, beginning of period | (57,342) | (16,059) | (57,654) | (16,059) |
Amortization of net actuarial losses | 314 | 0 | 626 | 0 |
Balance, end of period | (57,028) | (16,059) | (57,028) | (16,059) |
Other Post-Employment Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Balance, beginning of period | 287 | 793 | 287 | 966 |
Amortization of net actuarial losses | (1) | (174) | (1) | (347) |
Balance, end of period | $ 286 | $ 619 | $ 286 | $ 619 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of earnings per share reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Attributable to A. H. Belo Corporation | $ (592) | $ 21,980 | $ (229) | $ 17,943 |
Less: Income (Loss) from discontinued operations, net | 2 | 2,269 | (10) | 3,052 |
Less: Income (Loss) to participating securities | 26 | 811 | 62 | 869 |
Net income (loss) available to common shareholders from continuing operations | $ (620) | $ 18,900 | $ (281) | $ 14,022 |
Weighted Average Number of Shares Outstanding | ||||
Weighted average common shares outstanding (basic) | 21,747,635 | 22,014,125 | 21,758,382 | 21,946,256 |
Effect of dilutive securities | 0 | 107,570 | 0 | 118,083 |
Adjusted weighted average shares outstanding (diluted) | 21,747,635 | 22,121,695 | 21,758,382 | 22,064,339 |
Earnings per share from continuing operations | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.03) | $ 0.86 | $ (0.01) | $ 0.64 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.03) | $ 0.85 | $ (0.01) | $ 0.64 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 703,380 | 995,709 | 995,709 |
Investment Dividends (Details)
Investment Dividends (Details) | Jun. 30, 2015 |
Fiscal year 2015 | |
Pro-rata Dividends [Line Items] | |
Pro-rata dividend, percentage of free-cash-flow | 100.00% |
Fiscal year 2016 | |
Pro-rata Dividends [Line Items] | |
Pro-rata dividend, percentage of free-cash-flow | 50.00% |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - redeemable | $ 1,263 | $ 0 |
Noncontrolling Interest, Change in Redemption Value | $ 0 | |
Maximum | Redeemable between 2nd and 3rd anniversaries | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | |
Maximum | Redeemable between 4th and 5th anniversaries | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% |
Business Segment Financial Info
Business Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 235,100 | $ 235,100 | $ 298,747 | ||
Net operating revenues | 66,676 | $ 69,261 | 132,112 | $ 133,653 | |
Operating income (Loss) | (535) | 2,407 | (5,641) | (1,237) | |
Publishing Segment | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 208,400 | 208,400 | 295,788 | ||
Net operating revenues | 61,903 | 67,171 | 122,853 | 129,731 | |
Operating income (Loss) | 358 | 2,851 | (4,178) | (52) | |
Marketing and Event Marketing Services | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 26,700 | 26,700 | $ 2,959 | ||
Net operating revenues | 4,773 | 2,090 | 9,259 | 3,922 | |
Operating income (Loss) | $ (893) | $ (444) | $ (1,463) | $ (1,185) |
Segment Narrative (Details)
Segment Narrative (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Subsequent Event Narrative (Det
Subsequent Event Narrative (Details) - Jun. 30, 2015 $ in Thousands | USD ($) |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Jul. 31, 2015 |
Minimum | |
Subsequent Event [Line Items] | |
Number of employees included in workforce reduction | 30 |
Supplemental Unemployment Benefits | $ 2,500 |
Maximum | |
Subsequent Event [Line Items] | |
Number of employees included in workforce reduction | 40 |
Supplemental Unemployment Benefits | $ 3,000 |