Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 19, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity File Number | 1-33741 | |
Entity Registrant Name | DallasNews CORPORATION | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 38-3765318 | |
Entity Address, Address Line One | P. O. Box 224866 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75222-4866 | |
City Area Code | 214 | |
Local Phone Number | 977-8869 | |
Title of 12(b) Security | Series A Common Stock, $0.01 par value | |
Trading Symbol | DALN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001413898 | |
Amendment Flag | false | |
Series A [Member] | ||
Entity Common Stock, Shares Outstanding | 4,737,792 | |
Series B [Member] | ||
Entity Common Stock, Shares Outstanding | 614,698 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Operating Revenue: | ||||
Total net operating revenue | $ 34,499 | $ 37,688 | $ 105,713 | $ 111,548 |
Operating Costs and Expense: | ||||
Employee compensation and benefits | 16,565 | 16,428 | 51,174 | 49,642 |
Other production, distribution and operating costs | 16,778 | 19,691 | 52,099 | 58,665 |
Newsprint, ink and other supplies | 2,382 | 3,161 | 6,912 | 8,059 |
Depreciation | 388 | 699 | 1,118 | 2,127 |
Asset impairments | 102 | |||
Total operating costs and expense | 36,113 | 39,979 | 111,303 | 118,595 |
Operating loss | (1,614) | (2,291) | (5,590) | (7,047) |
Other income (loss), net | 342 | (94) | 1,082 | (48) |
Loss Before Income Taxes | (1,272) | (2,385) | (4,508) | (7,095) |
Income tax provision | 139 | 201 | 397 | 550 |
Net Loss | $ (1,411) | $ (2,586) | $ (4,905) | $ (7,645) |
Per Share Basis | ||||
Net loss, Basic | $ (0.26) | $ (0.48) | $ (0.92) | $ (1.43) |
Number of common shares used in the per share calculation: | ||||
Basic | 5,352,490 | 5,352,490 | 5,352,490 | 5,352,490 |
Advertising And Marketing Services [Member] | ||||
Net Operating Revenue: | ||||
Total net operating revenue | $ 14,699 | $ 17,525 | $ 46,231 | $ 51,246 |
Circulation [Member] | ||||
Net Operating Revenue: | ||||
Total net operating revenue | 16,194 | 16,230 | 48,201 | 48,576 |
Printing, Distribution And Other [Member] | ||||
Net Operating Revenue: | ||||
Total net operating revenue | $ 3,606 | $ 3,933 | $ 11,281 | $ 11,726 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net Loss | $ (1,411) | $ (2,586) | $ (4,905) | $ (7,645) |
Other Comprehensive Income (Loss), Net of Tax: | ||||
Amortization of actuarial (gains) losses | (10) | 130 | (30) | 391 |
Total other comprehensive income (loss), net of tax | (10) | 130 | (30) | 391 |
Total Comprehensive Loss | $ (1,421) | $ (2,456) | $ (4,935) | $ (7,254) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 13,782 | $ 27,825 |
Short-term investments | 10,672 | |
Accounts receivable (net of allowance of $189 and $490 at September 30, 2023 and December 31, 2022, respectively) | 10,407 | 14,023 |
Inventories | 1,860 | 2,725 |
Prepaids and other current assets | 4,159 | 3,352 |
Total current assets | 40,880 | 47,925 |
Property, plant and equipment, at cost | 313,325 | 313,440 |
Less accumulated depreciation | (306,031) | (306,002) |
Property, plant and equipment, net | 7,294 | 7,438 |
Operating lease right-of-use assets | 16,439 | 14,811 |
Deferred income taxes, net | 304 | 282 |
Other assets | 1,795 | 1,809 |
Total assets | 66,712 | 72,265 |
Current liabilities: | ||
Accounts payable | 4,413 | 5,041 |
Accrued compensation and benefits | 5,777 | 4,154 |
Other accrued expense | 4,189 | 4,060 |
Contract liabilities | 10,420 | 9,504 |
Total current liabilities | 24,799 | 22,759 |
Long-term pension liabilities | 18,778 | 19,455 |
Long-term operating lease liabilities | 17,251 | 16,546 |
Other post-employment benefits | 968 | 982 |
Other liabilities | 58 | 160 |
Total liabilities | 61,854 | 59,902 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value; Authorized 2,000,000 shares; none issued | ||
Treasury stock, Series A, at cost; 478,465 shares held at September 30, 2023 and December 31, 2022 | (13,443) | (13,443) |
Additional paid-in capital | 494,563 | 494,563 |
Accumulated other comprehensive loss | (41,410) | (41,380) |
Accumulated deficit | (434,910) | (427,435) |
Total shareholders’ equity | 4,858 | 12,363 |
Total liabilities and shareholders’ equity | 66,712 | 72,265 |
Series A [Member] | ||
Shareholders' equity: | ||
Common stock, $0.01 par value; Authorized 31,250,000 shares | 52 | 52 |
Series B [Member] | ||
Shareholders' equity: | ||
Common stock, $0.01 par value; Authorized 31,250,000 shares | $ 6 | $ 6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts receivable | $ 189 | $ 490 |
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 | 31,250,000 | 31,250,000 |
Series A [Member] | ||
Common stock, shares, issued | 5,216,257 | 5,216,237 |
Series B [Member] | ||
Common stock, shares, issued | 614,698 | 614,718 |
Treasury Stock [Member] | Series A [Member] | ||
Treasury stock Series A, shares held | 478,465 | 478,465 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] Series A [Member] | Common Stock [Member] Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] Series A [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Dec. 31, 2021 | $ 58 | $ 494,563 | $ (13,443) | $ (32,406) | $ (406,195) | $ 42,577 | |||
Beginning Balance, Shares at Dec. 31, 2021 | 5,216,045 | 614,910 | |||||||
Beginning Balance, Treasury Stock at Dec. 31, 2021 | (478,465) | ||||||||
Net Loss | (7,645) | (7,645) | |||||||
Other comprehensive income (loss) | 391 | 391 | |||||||
Conversion of Series B to Series A, shares | 163 | (163) | |||||||
Dividends declared | (10,598) | (10,598) | |||||||
Ending Balance at Sep. 30, 2022 | 58 | 494,563 | (13,443) | (32,015) | (424,438) | 24,725 | |||
Ending Balance, Shares at Sep. 30, 2022 | 5,216,208 | 614,747 | |||||||
Ending Balance, Shares Treasury Stock at Sep. 30, 2022 | (478,465) | ||||||||
Beginning Balance at Jun. 30, 2022 | 58 | 494,563 | (13,443) | (32,145) | (412,967) | 36,066 | |||
Beginning Balance, Shares at Jun. 30, 2022 | 5,216,103 | 614,852 | |||||||
Beginning Balance, Treasury Stock at Jun. 30, 2022 | (478,465) | ||||||||
Net Loss | (2,586) | (2,586) | |||||||
Other comprehensive income (loss) | 130 | 130 | |||||||
Conversion of Series B to Series A, shares | 105 | (105) | |||||||
Dividends declared | (8,885) | (8,885) | |||||||
Ending Balance at Sep. 30, 2022 | 58 | 494,563 | (13,443) | (32,015) | (424,438) | 24,725 | |||
Ending Balance, Shares at Sep. 30, 2022 | 5,216,208 | 614,747 | |||||||
Ending Balance, Shares Treasury Stock at Sep. 30, 2022 | (478,465) | ||||||||
Beginning Balance at Dec. 31, 2022 | 58 | 494,563 | (13,443) | (41,380) | (427,435) | 12,363 | |||
Beginning Balance, Shares at Dec. 31, 2022 | 5,216,237 | 614,718 | |||||||
Beginning Balance, Treasury Stock at Dec. 31, 2022 | (478,465) | ||||||||
Net Loss | (4,905) | (4,905) | |||||||
Other comprehensive income (loss) | (30) | (30) | |||||||
Conversion of Series B to Series A, shares | 20 | (20) | |||||||
Dividends declared | (2,570) | (2,570) | |||||||
Ending Balance at Sep. 30, 2023 | 58 | 494,563 | (13,443) | (41,410) | (434,910) | 4,858 | |||
Ending Balance, Shares at Sep. 30, 2023 | 5,216,257 | 614,698 | |||||||
Ending Balance, Shares Treasury Stock at Sep. 30, 2023 | (478,465) | ||||||||
Beginning Balance at Jun. 30, 2023 | 58 | 494,563 | (13,443) | (41,400) | (432,642) | 7,136 | |||
Beginning Balance, Shares at Jun. 30, 2023 | 5,216,257 | 614,698 | |||||||
Beginning Balance, Treasury Stock at Jun. 30, 2023 | (478,465) | ||||||||
Net Loss | (1,411) | (1,411) | |||||||
Other comprehensive income (loss) | (10) | (10) | |||||||
Dividends declared | (857) | (857) | |||||||
Ending Balance at Sep. 30, 2023 | $ 58 | $ 494,563 | $ (13,443) | $ (41,410) | $ (434,910) | $ 4,858 | |||
Ending Balance, Shares at Sep. 30, 2023 | 5,216,257 | 614,698 | |||||||
Ending Balance, Shares Treasury Stock at Sep. 30, 2023 | (478,465) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements of Shareholders' Equity [Abstract] | ||||
Dividends declared per share | $ 0.16 | $ 1.66 | $ 0.48 | $ 1.98 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net loss | $ (4,905) | $ (7,645) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Depreciation | 1,118 | 2,127 |
Net periodic costs and contributions related to employee benefit plans | (674) | (4,318) |
Bad debt expense (benefit) | (110) | 165 |
Deferred income taxes | (22) | 72 |
Gain on short-term investments | (287) | |
Asset impairments | 102 | |
Provision, interest and penalties for uncertain tax positions | (102) | 7 |
Changes in working capital and other operating assets and liabilities: | ||
Accounts receivable | 3,726 | 2,591 |
Inventories, prepaids and other current assets | 58 | 119 |
Other assets | 14 | 101 |
Accounts payable | (628) | (3,198) |
Compensation and benefit obligations | 1,623 | 1,069 |
Other accrued expenses | (794) | 218 |
Contract liabilities | 916 | (1,203) |
Other post-employment benefits | (47) | (58) |
Net cash used for operating activities | (114) | (9,851) |
Investing Activities | ||
Purchases of assets | (974) | (1,359) |
Purchases of short-term investments | (10,500) | |
Return on short-term investments | 115 | |
Note payment received for asset sales | 22,400 | |
Net cash provided by (used for) investing activities | (11,359) | 21,041 |
Financing Activities | ||
Dividends paid | (2,570) | (10,598) |
Net cash used for financing activities | (2,570) | (10,598) |
Net increase (decrease) in cash and cash equivalents | (14,043) | 592 |
Cash and cash equivalents, beginning of period | 27,825 | 32,439 |
Cash and cash equivalents, end of period | 13,782 | 33,031 |
Supplemental Disclosures | ||
Income tax paid, net | 621 | 652 |
Noncash investing and financing activities: | ||
Dividends payable | $ 857 | $ 856 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation and Recently Issued Accounting Standards [Abstract] | |
Basis of Presentation and Recently Issued Accounting Standards | Note 1: Basis of Presentation and Recently Issued Accounting Standards Description of Business. DallasNews Corporation and its subsidiaries are referred to collectively herein as “DallasNews” or the “Company.” DallasNews was formed in February 2008 through a spin-off from its former parent company and is registered on The Nasdaq Stock Market LLC (Nasdaq trading symbol: DALN). DallasNews is the Dallas-based holding company of The Dallas Morning News and Medium Giant. The Company operates The Dallas Morning News ( dallasnews.com ), Texas’ leading newspaper and winner of nine Pulitzer Prizes. These operations generate revenue from sales of advertising within the Company’s newspaper and digital platforms, subscriptions and retail sales of its newspaper, commercial printing and distribution services primarily related to national newspapers, and preprint advertising. In addition, the Company has a full-service agency, Medium Giant, with capabilities including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients. Basis of Presentation. The interim consolidated financial statements included herein are unaudited; however, they include adjustments of a normal recurring nature which, in the Company’s opinion, are necessary to present fairly the consolidated financial information as of and for the periods indicated in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim periods. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates its majority owned subsidiaries over which the Company exercises control. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. All dollar amounts presented herein, except share and per share amounts, are in thousands, unless the context indicates otherwise. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net operating revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. Areas where estimates are used include valuation allowances for doubtful accounts, fair value measurements, pension plan assets, pension and other post-employment benefit obligation assumptions, income taxes, leases, self-insured liabilities, and assumptions related to long-lived assets impairment review. Segment Presentation. Based on the Company’s structure and organizational chart, the Company’s chief operating decision-maker (the “CODM”) is its Chief Executive Officer, Grant S. Moise. B ased on how the Company’s CODM makes decisions about allocating resources and assessing performance, the Company determined it has one reportable segment. Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on January 1, 2023, using the modified retrospective approach and it did not have a material impact on its consolidated financial statements; see Note 3 – Financial Instruments and Accounts Receivable, Net for additional information. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue [Abstract] | |
Revenue | Note 2: Revenue Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. This occurs when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, typically at contract price or determined by stand-alone selling price. The Company has an estimated allowance for credits, refunds and similar obligations. Sales tax collected concurrent with revenue-producing activities are excluded from revenue. The table below sets forth revenue disaggregated by revenue source. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advertising and Marketing Services Print advertising $ 9,082 $ 11,069 $ 28,672 $ 33,082 Digital advertising and marketing services 5,617 6,456 17,559 18,164 Total $ 14,699 $ 17,525 $ 46,231 $ 51,246 Circulation Print circulation $ 11,964 $ 12,746 $ 36,489 $ 38,863 Digital circulation 4,230 3,484 11,712 9,713 Total $ 16,194 $ 16,230 $ 48,201 $ 48,576 Printing, Distribution and Other $ 3,606 $ 3,933 $ 11,281 $ 11,726 Total Revenue $ 34,499 $ 37,688 $ 105,713 $ 111,548 Advertising and Marketing Services Print advertising is comprised of display, classified and preprint advertising revenue. Display revenue results from sales of advertising space within the Company’s core newspaper to local, regional or national businesses with local operations, affiliates or resellers. Classified revenue, which includes automotive, real estate, employment, obituaries and other, results from sales of advertising space in the classified and other sections of the Company’s newspaper. Preprint revenue results from sales of preprinted advertisements or circulars inserted into the Company’s core newspaper and distributed to publications in other markets. The Company’s agreement allowing it to distribute preprinted advertisements through the mail or through third-party distributors to households in targeted areas was not renewed and ended August 31, 2023. As a result of the end of the distribution agreement whose weekly shared mail coupons and home delivery inserts supported the Company’s niche publications , the Company decided to stop print-only editions of its niche publications, Al Dia and Briefing after August 30, 2023. Al Dia will continue as a digital-only product and publish online daily, as news develops, and in a weekly ePaper edition. Briefing was discontinued as a weekly newspaper, and the brand was retired. Digital advertising and marketing services revenue consists of strategic marketing services, consulting, branding, paid media strategy and management, creative services, search optimization, direct mail and the sale of promotional materials, as well as providing multi-channel marketing solutions through subscription sales of the Company’s cloud-based software. In addition, it includes digital sales of banner, classified and native advertisements on the Company’s news and entertainment-related websites and mobile apps, as well as targeted and multi-channel (programmatic) advertising placed on third-party websites. Advertising and marketing services revenue is primarily recognized at a point in time when the ad or service is complete and delivered, based on the customers’ contract price. Barter advertising transactions are recognized at estimated fair value based on the negotiated contract price and the range of prices for similar advertising from customers unrelated to the barter transaction. The Company expenses barter costs as incurred, which is independent from the timing of revenue recognition. In addition, certain digital advertising revenue related to website access is recognized over time, based on the customers’ monthly rate. The Company typically extends credit to advertising and marketing services customers, although for certain advertising campaigns the customer may pay in advance. For ads placed on certain third-party websites, the Company must evaluate and use judgment to determine whether it is acting as the principal, where revenue is reported on a gross basis, or acting as the agent, where revenue is reported on a net basis. Generally, the Company reports advertising revenue for ads placed on third-party websites on a net basis, meaning the amount recorded to revenue is the amount billed to the customer net of amounts paid to the publisher of the third-party website. The Company is acting as the agent because the publisher controls the advertising inventory. The Company will record certain arrangements gross when it has latitude in establishing price or it determines the placement of the ads as a value added service to the customer. Circulation Print circulation revenue is generated primarily by selling home delivery subscriptions, including premium publications, and from single copy sales to non-subscribers. Home delivery revenue is recognized over the subscription period based on the days of actual delivery over the total subscription days and single copy revenue is recognized at a point in time when the paper is purchased. Revenue is directly reduced for any non-payment for the grace period of home delivery subscriptions where the Company recorded revenue for newspapers delivered after a subscription expired. Digital circulation revenue is generated by digital-only subscriptions and is recognized over the subscription period based on daily or monthly access to the content in the subscription period. Payment of circulation fees is typically received in advance and deferred over the subscription period. There is little judgment required for valuation or timing of circulation revenue recognition. Printing, Distribution and Other Printing, distribution and other revenue is primarily generated from printing and distribution of other newspapers, as well as production of preprinted advertisements for other newspapers. Printing, distribution and other revenue is recognized at a point in time when the product or service is delivered, which requires little judgment to determine. The Company typically extends credit to printing and distribution customers. Deferred Revenue Deferred revenue is recorded when cash payments are received in advance of the Company’s performance, including amounts which are refundable. The Company’s primary sources of deferred revenue are from circulation subscriptions and advertising paid in advance of the service provided. These up-front payments are recorded upon receipt as contract liabilities in the Consolidated Balance Sheets and the revenue is recognized when the Company’s obligations under the terms of the contract are satisfied . In the three and nine months ended September 30, 2023, the Company recognized $ 583 and $ 8,775 , respectively, of revenue that was included in the contract liabilities balance as of December 31, 2022. The Company typically recognizes deferred revenue within 1 to 12 months. Practical Expedients and Exemptions The Company generally expenses sales commissions and circulation acquisition costs when incurred because the amortization period would have been one year or less. These costs are recorded within employee compensation and benefits expense and other production, distribution and operating costs expense, respectively. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which revenue is recognized at the amount invoiced for services performed. |
Financial Instruments and Accou
Financial Instruments and Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2023 | |
Financial Instruments and Accounts Receivable, Net [Abstract] | |
Financial Instruments and Accounts Receivable, Net | Note 3: Financial Instruments and Accounts Receivable, Net Short-Term Investments. In 2023, the Company invested $ 10,500 in Certificates of Deposit (“CD’s”) with original maturities of more than 90 days but one year or less, included in short-term investments in the Consolidated Balance Sheets. These investments are classified as held-to-maturity and are valued at amortized cost, which approximates fair value. These investments are considered Level 2 investments. I n the three and nine months ended September 30, 2023, the Company recorded $ 118 and $ 287 , respectively, of interest income related to the CD’s, included in other income, net in the Consolidated Statements of Operations. Accounts Receivable, Net. Accounts receivable are reported net of the allowance for credit losses calculated based on customer category. For example, trade receivables for advertising customers are evaluated separately from trade receivables from single copy sales. For all trade receivables, the reserve percentage considers the Company’s historical loss experience and is applied to each customer category based on aging. In addition, each category has specific reserves for at risk accounts that vary based on the nature of the underlying trade receivables. The calculation of the allowance considers current economic, industry and customer-specific conditions such as high-risk accounts, bankruptcies and other aging specific reserves. The collectability of trade receivables depends on a variety of factors, including trends in local, regional or national economic conditions that affect our customers’ ability to pay. Accounts are written-off after all collection efforts fail; generally, after one year has expired. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Credit terms are customary. The table below sets forth changes in the allowance for credit losses for the nine months ended September 30, 2023. Beginning balance $ 490 Current period benefit ( 110 ) Write-offs charged against the allowance ( 174 ) Recoveries of amounts previously written-off 3 Other ( 20 ) Ending balance $ 189 For the three months ended September 30, 2023 and 2022, the Company recorded $( 46 ) and $ 147 , respectively, and $( 110 ) and $ 165 for the nine months ended September 30, 2023 and 2022, respectively, of bad debt expense (benefit) which is included in o ther production, distribution and operating costs in the Consolidated Statements of Operations. The reduction in required reserves was primarily due to a lower volume of accounts receivable and payments received for fully reserved balances in the nine months ended September 30, 2023. We did no t record any one-time adjustments as a result of adopting the new guidance on credit losses. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 4: Leases Lease Accounting The Company has various operating leases primarily for office space and other distribution centers, some of which include escalating lease payments and options to extend or terminate the lease. The Company’s leases have remaining terms of less than 1 year to 11 years. The Company determines if a contract is a lease at the inception of the arrangement. Operating lease right-of-use assets and liabilities are recognized at commencement date of lease agreements greater than one year based on the present value of lease payments over the lease term. I n determining the present value of lease payments, the implicit rate was not readily determinable in the Company’s lease agreements. Therefore, the Company used an estimated secured incremental borrowing rate, based on the Company’s credit rating, adjusted for the weighted average term of each lease. Lease expense is recognized on a straight-line basis over the lease term and variable lease costs are expensed as incurred. For leases with terms of 12 months or less, no asset or liability is recorded and lease expense is recognized on a straight-line basis over the lease term. The exercise of lease renewal options are at the Company’s sole discretion and options are recognized when it is reasonably certain the Company will exercise the option. The recognized right-of-use assets and lease liabilities as calculated do not assume renewal options. The Company does not have lease agreements with residual value guarantees, sale leaseback terms or material restrictive covenants. Additionally, the Company does not separately identify lease and nonlease components, such as maintenance costs. The Company has various subleases with distributors, for distribution center space, with varying remaining lease terms of less than one year to two years and are cancellable with notice by either party. I n the second quarter of 2022, the Company terminated the lease and sublease agreements for the office space of the Denton Publishing Company, resulting in a right-of-use asset impairment of $ 102 . Sublease income is included in printing, distribution and other revenue in the Consolidated Statements of Operations. As of September 30, 2023, sublease income is expected to approximate $ 100 for the remainder of 2023 and $ 250 in 2024. As of September 30, 2023, the Company did not have any significant operating leases that have not yet commenced. The table below sets forth supplemental Consolidated Balance Sheet information for the Company’s leases. Classification September 30, 2023 December 31, 2022 Assets Operating Operating lease right-of-use assets $ 16,439 $ 14,811 Liabilities Operating Current Other accrued expense $ 1,783 $ 1,547 Noncurrent Long-term operating lease liabilities 17,251 16,546 Total lease liabilities $ 19,034 $ 18,093 Lease Term and Discount Rate Operating leases Weighted average remaining lease term (years) 8.9 10.1 Weighted average discount rate (%) 7.7 7.7 The table below sets forth components of lease cost and supplemental cash flow information for the Company’s leases. In the second quarter of 2023, the Company recorded a non-recurring lease cost benefit of $ 556 , reflected in other production, distribution and operating costs in the Consolidated Statements of Operations. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease Cost Operating lease cost $ 856 $ 991 $ 2,362 $ 3,096 Short-term lease cost 26 29 50 48 Variable lease cost 140 156 572 496 Sublease income ( 205 ) ( 257 ) ( 717 ) ( 898 ) Total lease cost $ 817 $ 919 $ 2,267 $ 2,742 Supplemental Cash Flow Information Cash paid for operating leases included in operating activities $ 3,126 $ 3,180 Right-of-use assets obtained in exchange for operating lease liabilities 2,908 424 The table below sets forth the remaining maturities of the Company’s lease liabilities as of September 30, 2023. Years Ending December 31, Operating Leases 2023 $ 582 2024 3,446 2025 3,380 2026 2,649 2027 2,377 Thereafter 14,342 Total lease payments 26,776 Less: imputed interest 7,742 Total lease liabilities $ 19,034 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5: Income Taxes The Company calculated the income tax provision for the 2023 and 2022 interim periods using an estimated annual effective tax rate based on its expected annual loss before income taxes, adjusted for permanent differences, which it applied to the year-to-date loss before income taxes and specific events that are discretely recognized as they occur. The Company recognized an income tax provision of $ 139 and $ 201 for the three months ended September 30, 2023 and 2022, respectively, and $ 397 and $ 550 for the nine months ended September 30, 2023 and 2022, respectively, due to the effect of the Texas franchise tax. The 2023 income tax expense was reduced by the release of a $ 66 federal uncertain tax reserve, included in other liabilities, as a result of the statute of limitations lapsing in June 2023. In connection with the release of a federal uncertain tax reserve, the Company released a reserve for interest and penalties included in other liabilities and recognized $ 36 in other income, net in the second quarter of 2023. Effective income tax rates were ( 8.8 ) percent and ( 7.8 ) percent for the nine months ended September 30, 2023 and 2022, respectively. On August 16, 2022, the Inflation Reduction Act (the “Act”) was enacted and signed into law. The Act is a budget reconciliation package that includes significant law changes relating to tax, climate change, energy, and health care. The tax provisions include, among other items, a corporate alternative minimum tax of 15 percent, an excise tax of 1 percent on corporate stock buy-backs, energy-related tax credits, and additional IRS funding. Certain provisions, including the corporate alternative minimum tax and excise tax on corporate stock buy-backs, became effective for tax years beginning after December 31, 2022. The U.S. Department of the Treasury and the IRS are expected to release further regulations and interpretive guidance implementing the legislation contained in the Act, but the details and timing of such regulations are subject to uncertainty at this time. The Company continues to evaluate the impacts of this legislation as additional guidance is released; however, it does not expect a material impact on its consolidated financial statements. |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 9 Months Ended |
Sep. 30, 2023 | |
Pension and Other Retirement Plans [Abstract] | |
Pension and Other Retirement Plans | Note 6: Pension and Other Retirement Plans Defined Benefit Plans. The Company sponsors the DallasNews Pension Plans (the “Pension Plans”), which provide benefits to approximately 1,350 current and former employees of the Company. DallasNews Pension Plan I provides benefits to certain current and former employees primarily employed with The Dallas Morning News or the DallasNews corporate offices. DallasNews Pension Plan II provides benefits to certain former employees of The Providence Journal Company. This obligation was retained by the Company upon the sale of the newspaper operations of The Providence Journal . No additional benefits are accruing under the DallasNews Pension Plans, as future benefits were frozen. No contributions are required to the DallasNews Pension Plans in 2023 under the applicable tax and labor laws governing pension plan funding. In August 2022, the Company made a board approved voluntary contribution of $ 5,000 to the Pension Plans, reflected in long-term pension liabilities in the Consolidated Balance Sheets. The Company will continue to evaluate the feasibility of de-risking strategies based on the economic benefits to the Company. Net Periodic Pension Expense (Benefit) The Company’s estimates of net periodic pension expense or benefit are based on the expected return on plan assets, interest on the projected benefit obligations and the amortization of actuarial gains and losses that are deferred in accumulated other comprehensive loss. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension expense (benefit). For 2023, there are no unrecognized gains (losses) to amortize due to the total unrecognized gain (loss) falling below the amortization threshold. For 2022, b ased on the re-allocation of the Pension Plans’ assets, the Company assumed a lower rate of return on the assets resulting in net periodic pension expense. The table below sets forth components of net periodic pension expense (benefit), which are included in other income, net in the Consolidated Statements of Operations. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 1,993 $ 1,328 $ 5,979 $ 3,983 Expected return on plans' assets ( 2,219 ) ( 1,237 ) ( 6,656 ) ( 3,711 ) Amortization of actuarial loss — 131 — 394 Net periodic pension expense (benefit) $ ( 226 ) $ 222 $ ( 677 ) $ 666 Defined Contribution Plans. The DallasNews Savings Plan (the “Savings Plan”), a defined contribution 401(k) plan, covers substantially all employees of DallasNews. Participants may elect to contribute a portion of their pretax compensation as provided by the Savings 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. Aggregate expense for matching contributions to the Savings Plan was $ 172 and $ 178 for the three months ended September 30, 2023 and 2022, respectively, and $ 553 and $ 567 for the nine months ended September 30, 2023 and 2022, respectively. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 7: Shareholders’ Equity Dividends. On September 21, 2023 , the Company’s board of directors declared a $ 0.16 per share dividend to shareholders of record as of the close of business on November 10, 2023 , which is payable on December 1, 2023 . Outstanding Shares. The Company had Series A and Series B common stock outstanding of 4,737,792 and 614,698 , respectively, net of treasury shares at September 30, 2023. At December 31, 2022, the Company had Series A and Series B common stock outstanding of 4,737,772 and 614,718 , respectively, net of treasury shares. Accumulated Other Comprehensive Loss. Accumulated other comprehensive loss consists of actuarial gains and losses attributable to the DallasNews Pension Plans, gains and losses resulting from Pension Plans’ amendments and other actuarial experience attributable to other post-employment benefit (“OPEB”) plans. The Company records amortization of the components of accumulated other comprehensive loss in other income, net in its Consolidated Statements of Operations. Gains and losses are amortized over the weighted average remaining life expectancy of the OPEB plans and Pension Plans’ participants. The table below sets forth the changes in accumulated other comprehensive loss, net of tax, as presented in the Company’s consolidated financial statements. Three Months Ended September 30, 2023 2022 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ ( 41,400 ) $ ( 41,777 ) $ 377 $ ( 32,145 ) $ ( 32,222 ) $ 77 Amortization ( 10 ) — ( 10 ) 130 131 ( 1 ) Balance, end of period $ ( 41,410 ) $ ( 41,777 ) $ 367 $ ( 32,015 ) $ ( 32,091 ) $ 76 Nine Months Ended September 30, 2023 2022 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ ( 41,380 ) $ ( 41,777 ) $ 397 $ ( 32,406 ) $ ( 32,485 ) $ 79 Amortization ( 30 ) — ( 30 ) 391 394 ( 3 ) Balance, end of period $ ( 41,410 ) $ ( 41,777 ) $ 367 $ ( 32,015 ) $ ( 32,091 ) $ 76 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8: Earnings Per Share The table below sets forth the net loss available to common shareholders and weighted average shares used for calculating basic earnings per share (“EPS”). The Company’s Series A and Series B common stock equally share in the distributed and undistributed earnings. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings (Numerator) Net loss available to common shareholders $ ( 1,411 ) $ ( 2,586 ) $ ( 4,905 ) $ ( 7,645 ) Shares (Denominator) Weighted average common shares outstanding (basic) 5,352,490 5,352,490 5,352,490 5,352,490 Loss Per Share Basic $ ( 0.26 ) $ ( 0.48 ) $ ( 0.92 ) $ ( 1.43 ) There were no options or RSUs outstanding as of September 30, 2023 and 2022, that would result in dilution of shares or the calculation of EPS under the two-class method as prescribed under ASC 260 – Earnings Per Share . |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Contingencies [Abstract] | |
Contingencies | Note 9: Contingencies Legal proceedings. From time to time, the Company is involved in a variety of claims, lawsuits and other disputes arising in the ordinary course of business. Management routinely assesses the likelihood of adverse judgments or outcomes in these matters, as well as the ranges of probable losses to the extent losses are reasonably estimable. Accruals for contingencies are recorded when, in the judgment of management, adverse judgments or outcomes are probable and the financial impact, should an adverse outcome occur, is reasonably estimable. The determination of likely outcomes of litigation matters relates to factors that include, but are not limited to, past experience and other evidence, interpretation of relevant laws or regulations and the specifics and status of each matter. Predicting the outcome of claims and litigation and estimating related costs and financial exposure involves substantial uncertainties that could cause actual results to vary materially from estimates and accruals. In the opinion of management, liabilities, if any, arising from other currently existing claims against the Company would not have a material adverse effect on DallasNews’ results of operations, liquidity or financial condition. |
Disposal of Assets
Disposal of Assets | 9 Months Ended |
Sep. 30, 2023 | |
Disposal of Assets [Abstract] | |
Disposal of Assets | Note 10: Disposal of Assets In May 2019, the Company finalized a Purchase and Sale Agreement with Charter DMN Holdings, LP (the “Purchaser”) for the sale of the real estate assets in downtown Dallas, Texas, previously used as the Company’s headquarters for a sale price of $ 28,000 and a pretax gain of $ 25,908 . The sale price consisted of $ 4,597 cash received, after selling costs of approximately $ 1,000 , and a two year seller-financed promissory note of $ 22,400 (the “Promissory Note”). On July 29, 2022, the Company received cash proceeds of $ 22,516 from the P urchaser, paying the Promissory Note in full including interest. The Company recorded $ 116 and $ 616 of interest income related to the Promissory Note, included in other income, net in the Consolidated Statements of Operations for the three and nine months ended September 30, 2022, respectively. |
Basis of Presentation and Rec_2
Basis of Presentation and Recently Issued Accounting Standards (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation and Recently Issued Accounting Standards [Abstract] | |
Description of Business, Policy | Description of Business. DallasNews Corporation and its subsidiaries are referred to collectively herein as “DallasNews” or the “Company.” DallasNews was formed in February 2008 through a spin-off from its former parent company and is registered on The Nasdaq Stock Market LLC (Nasdaq trading symbol: DALN). DallasNews is the Dallas-based holding company of The Dallas Morning News and Medium Giant. The Company operates The Dallas Morning News ( dallasnews.com ), Texas’ leading newspaper and winner of nine Pulitzer Prizes. These operations generate revenue from sales of advertising within the Company’s newspaper and digital platforms, subscriptions and retail sales of its newspaper, commercial printing and distribution services primarily related to national newspapers, and preprint advertising. In addition, the Company has a full-service agency, Medium Giant, with capabilities including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients. |
Basis of Presentation, Policy | Basis of Presentation. The interim consolidated financial statements included herein are unaudited; however, they include adjustments of a normal recurring nature which, in the Company’s opinion, are necessary to present fairly the consolidated financial information as of and for the periods indicated in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim periods. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates its majority owned subsidiaries over which the Company exercises control. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. All dollar amounts presented herein, except share and per share amounts, are in thousands, unless the context indicates otherwise. |
Use of Estimates, Policy | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net operating revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. Areas where estimates are used include valuation allowances for doubtful accounts, fair value measurements, pension plan assets, pension and other post-employment benefit obligation assumptions, income taxes, leases, self-insured liabilities, and assumptions related to long-lived assets impairment review. |
Segment Presentation, Policy | Segment Presentation. Based on the Company’s structure and organizational chart, the Company’s chief operating decision-maker (the “CODM”) is its Chief Executive Officer, Grant S. Moise. B ased on how the Company’s CODM makes decisions about allocating resources and assessing performance, the Company determined it has one reportable segment. |
Recently Adopted Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This update requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. Since June 2016, the FASB issued clarifying updates to the new standard including changing the effective date for smaller reporting companies. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on January 1, 2023, using the modified retrospective approach and it did not have a material impact on its consolidated financial statements; see Note 3 – Financial Instruments and Accounts Receivable, Net for additional information. |
Pension and Other Retirement _2
Pension and Other Retirement Plans (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Pension and Other Retirement Plans [Abstract] | |
Pension, Policy | The Company’s estimates of net periodic pension expense or benefit are based on the expected return on plan assets, interest on the projected benefit obligations and the amortization of actuarial gains and losses that are deferred in accumulated other comprehensive loss. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue [Abstract] | |
Disaggregated by Revenue Source | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advertising and Marketing Services Print advertising $ 9,082 $ 11,069 $ 28,672 $ 33,082 Digital advertising and marketing services 5,617 6,456 17,559 18,164 Total $ 14,699 $ 17,525 $ 46,231 $ 51,246 Circulation Print circulation $ 11,964 $ 12,746 $ 36,489 $ 38,863 Digital circulation 4,230 3,484 11,712 9,713 Total $ 16,194 $ 16,230 $ 48,201 $ 48,576 Printing, Distribution and Other $ 3,606 $ 3,933 $ 11,281 $ 11,726 Total Revenue $ 34,499 $ 37,688 $ 105,713 $ 111,548 |
Financial Instruments and Acc_2
Financial Instruments and Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Financial Instruments and Accounts Receivable, Net [Abstract] | |
Changes in Allowance for Credit Losses | Beginning balance $ 490 Current period benefit ( 110 ) Write-offs charged against the allowance ( 174 ) Recoveries of amounts previously written-off 3 Other ( 20 ) Ending balance $ 189 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Supplemental Consolidated Balance Sheet Information for Leases | Classification September 30, 2023 December 31, 2022 Assets Operating Operating lease right-of-use assets $ 16,439 $ 14,811 Liabilities Operating Current Other accrued expense $ 1,783 $ 1,547 Noncurrent Long-term operating lease liabilities 17,251 16,546 Total lease liabilities $ 19,034 $ 18,093 Lease Term and Discount Rate Operating leases Weighted average remaining lease term (years) 8.9 10.1 Weighted average discount rate (%) 7.7 7.7 |
Schedule of Components of Lease Cost and Supplemental Cash Flow Information for Leases | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease Cost Operating lease cost $ 856 $ 991 $ 2,362 $ 3,096 Short-term lease cost 26 29 50 48 Variable lease cost 140 156 572 496 Sublease income ( 205 ) ( 257 ) ( 717 ) ( 898 ) Total lease cost $ 817 $ 919 $ 2,267 $ 2,742 Supplemental Cash Flow Information Cash paid for operating leases included in operating activities $ 3,126 $ 3,180 Right-of-use assets obtained in exchange for operating lease liabilities 2,908 424 |
Schedule of Remaining Maturities of Lease Liabilities | Years Ending December 31, Operating Leases 2023 $ 582 2024 3,446 2025 3,380 2026 2,649 2027 2,377 Thereafter 14,342 Total lease payments 26,776 Less: imputed interest 7,742 Total lease liabilities $ 19,034 |
Pension and Other Retirement _3
Pension and Other Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Pension and Other Retirement Plans [Abstract] | |
Schedule of Net Periodic Pension Benefit | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 1,993 $ 1,328 $ 5,979 $ 3,983 Expected return on plans' assets ( 2,219 ) ( 1,237 ) ( 6,656 ) ( 3,711 ) Amortization of actuarial loss — 131 — 394 Net periodic pension expense (benefit) $ ( 226 ) $ 222 $ ( 677 ) $ 666 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders' Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Three Months Ended September 30, 2023 2022 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ ( 41,400 ) $ ( 41,777 ) $ 377 $ ( 32,145 ) $ ( 32,222 ) $ 77 Amortization ( 10 ) — ( 10 ) 130 131 ( 1 ) Balance, end of period $ ( 41,410 ) $ ( 41,777 ) $ 367 $ ( 32,015 ) $ ( 32,091 ) $ 76 Nine Months Ended September 30, 2023 2022 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ ( 41,380 ) $ ( 41,777 ) $ 397 $ ( 32,406 ) $ ( 32,485 ) $ 79 Amortization ( 30 ) — ( 30 ) 391 394 ( 3 ) Balance, end of period $ ( 41,410 ) $ ( 41,777 ) $ 367 $ ( 32,015 ) $ ( 32,091 ) $ 76 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings (Numerator) Net loss available to common shareholders $ ( 1,411 ) $ ( 2,586 ) $ ( 4,905 ) $ ( 7,645 ) Shares (Denominator) Weighted average common shares outstanding (basic) 5,352,490 5,352,490 5,352,490 5,352,490 Loss Per Share Basic $ ( 0.26 ) $ ( 0.48 ) $ ( 0.92 ) $ ( 1.43 ) |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Deferred revenue, revenue recognized | $ 583 | $ 8,775 |
Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation expected timing of revenue recognition | 1 month | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation expected timing of revenue recognition | 12 months |
Revenue (Disaggregated by Reven
Revenue (Disaggregated by Revenue Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 34,499 | $ 37,688 | $ 105,713 | $ 111,548 |
Print Advertising [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,082 | 11,069 | 28,672 | 33,082 |
Digital Advertising And Marketing Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,617 | 6,456 | 17,559 | 18,164 |
Advertising And Marketing Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14,699 | 17,525 | 46,231 | 51,246 |
Print Circulation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,964 | 12,746 | 36,489 | 38,863 |
Digital Circulation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,230 | 3,484 | 11,712 | 9,713 |
Circulation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 16,194 | 16,230 | 48,201 | 48,576 |
Printing, Distribution And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,606 | $ 3,933 | $ 11,281 | $ 11,726 |
Financial Instruments and Acc_3
Financial Instruments and Accounts Receivable, Net (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Short-Term Investments [Abstract] | |||||
Interest income related to the CD’s | $ 118,000 | $ 287,000 | |||
Accounts Receivable, Net [Abstract] | |||||
Bad debt expense (benefit) | (46,000) | $ 147,000 | (110,000) | $ 165,000 | |
Accounts Receivable, Allowance for Credit Loss | 189,000 | 189,000 | $ 490,000 | ||
Level II - Fair Value, Inputs [Member] | Certificates of Deposit [Member] | |||||
Short-Term Investments [Abstract] | |||||
Certificates of deposit | $ 10,500,000 | $ 10,500,000 | |||
Minimum [Member] | Certificates of Deposit [Member] | |||||
Short-Term Investments [Abstract] | |||||
Short term investments term | 90 days | ||||
Maximum [Member] | Certificates of Deposit [Member] | |||||
Short-Term Investments [Abstract] | |||||
Short term investments term | 1 year | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Accounts Receivable, Net [Abstract] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 0 |
Financial Instruments and Acc_4
Financial Instruments and Accounts Receivable, Net (Changes in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit loss, Beginning Balance | $ 490 | |||
Current period benefit | $ (46) | $ 147 | (110) | $ 165 |
Write-offs charged against the allowance | (174) | |||
Recoveries of amounts previously written-off | 3 | |||
Other | (20) | |||
Allowance for credit loss, Ending Balance | $ 189 | $ 189 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Asset impairments | $ 102,000 | $ 102,000 | |||
Operating lease assets | $ 16,439,000 | $ 14,811,000 | |||
Operating lease liabilities | 19,034,000 | $ 18,093,000 | |||
Other Production, Distribution And Operating Costs [Member] | |||||
Lease cost benefit | $ 556,000 | ||||
Leases with terms of 12 months or less [Member] | |||||
Operating lease assets | 0 | ||||
Operating lease liabilities | 0 | ||||
Sublease [Member] | |||||
Sublease income expected for the remainder of 2023 | 100,000 | ||||
Sublease income expected in 2024 | $ 250,000 | ||||
Minimum [Member] | |||||
Operating lease term | 1 year | ||||
Operating leases remaining terms | 1 year | ||||
Minimum [Member] | Distributors Sublease [Member] | |||||
Operating leases remaining terms | 1 year | ||||
Maximum [Member] | |||||
Operating leases remaining terms | 11 years | ||||
Maximum [Member] | Distributors Sublease [Member] | |||||
Operating leases remaining terms | 2 years |
Leases (Schedule of Supplementa
Leases (Schedule of Supplemental Consolidated Balance Sheet Information for Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 16,439 | $ 14,811 |
Operating lease liabilities current | 1,783 | 1,547 |
Operating lease liabilities noncurrent | 17,251 | 16,546 |
Total lease liabilities | $ 19,034 | $ 18,093 |
Operating leases weighted average remaining lease term (years) | 8 years 10 months 24 days | 10 years 1 month 6 days |
Operating leases weighted average discount rate | 7.70% | 7.70% |
Leases (Schedule of Components
Leases (Schedule of Components of Lease Cost and Supplemental Cash Flow Information for Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease Cost [Abstract] | ||||
Operating lease cost | $ 856 | $ 991 | $ 2,362 | $ 3,096 |
Short-term lease cost | 26 | 29 | 50 | 48 |
Variable lease cost | 140 | 156 | 572 | 496 |
Sublease income | (205) | (257) | (717) | (898) |
Total lease cost | $ 817 | $ 919 | 2,267 | 2,742 |
Cash paid for operating leases included in operating activities | 3,126 | 3,180 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 2,908 | $ 424 |
Leases (Schedule of Remaining M
Leases (Schedule of Remaining Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 582 | |
2024 | 3,446 | |
2025 | 3,380 | |
2026 | 2,649 | |
2027 | 2,377 | |
Thereafter | 14,342 | |
Total lease payments | 26,776 | |
Less: imputed interest | 7,742 | |
Total lease liabilities | $ 19,034 | $ 18,093 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax [Line Items] | |||||
Income tax provision | $ 139 | $ 201 | $ 397 | $ 550 | |
Tax benefit recognized from the release of a federal uncertain tax reserve | $ 66 | ||||
Interest income recognized from the release of a federal uncertain tax reserve | $ 36 | ||||
Effective income tax rate | (8.80%) | (7.80%) | |||
Inflation Reduction Act [Member] | |||||
Income Tax [Line Items] | |||||
Corporate alternative minimum tax rate | 15% | ||||
Excise tax rate | 1% |
Pension and Other Retirement _4
Pension and Other Retirement Plans (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) employee | Sep. 30, 2022 USD ($) | |
401 (K) plan [Member] | |||||
Defined Contribution Plans | |||||
Maximum pretax contribution per employee | 100% | ||||
Defined contribution plan, employer matching contribution, percent | 1.50% | ||||
Expense recognized | $ 172,000 | $ 178,000 | $ 553,000 | $ 567,000 | |
Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of employee participants | employee | 1,350 | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 5,000 | ||||
Defined Benefit Plan, Amortization of Gains (Losses) | $ (131,000) | $ 0 | $ (394,000) | ||
Defined Benefit Plan, Estimated Future Employer Contributions | |||||
Estimated future employer contributions | $ 0 | $ 0 |
Pension and Other Retirement _5
Pension and Other Retirement Plans (Schedule of Net Periodic Pension Benefit) (Details) - Pension Plans [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,993,000 | $ 1,328,000 | $ 5,979,000 | $ 3,983,000 |
Expected return on plans' assets | (2,219,000) | (1,237,000) | (6,656,000) | (3,711,000) |
Amortization of actuarial loss | 131,000 | 0 | 394,000 | |
Net periodic pension expense (benefit) | $ (226,000) | $ 222,000 | $ (677,000) | $ 666,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | 9 Months Ended | ||
Sep. 21, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Shareholders' Equity [Line Items] | |||
Dividends payable, amount per share | $ 0.16 | ||
Dividends payable, date declared | Sep. 21, 2023 | ||
Dividends payable, date of record | Nov. 10, 2023 | ||
Dividends payable, date of payment | Dec. 01, 2023 | ||
Series A [Member] | |||
Shareholders' Equity [Line Items] | |||
Common stock, shares, outstanding | 4,737,792 | 4,737,772 | |
Series B [Member] | |||
Shareholders' Equity [Line Items] | |||
Common stock, shares, outstanding | 614,698 | 614,718 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | $ (41,400) | $ (32,145) | $ (41,380) | $ (32,406) |
Amortization | (10) | 130 | (30) | 391 |
Balance, end of period | (41,410) | (32,015) | (41,410) | (32,015) |
Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (41,777) | (32,222) | (41,777) | (32,485) |
Amortization | 131 | 394 | ||
Balance, end of period | (41,777) | (32,091) | (41,777) | (32,091) |
Other Post-Employment Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 377 | 77 | 397 | 79 |
Amortization | (10) | (1) | (30) | (3) |
Balance, end of period | $ 367 | $ 76 | $ 367 | $ 76 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss available to common shareholders | $ (1,411) | $ (2,586) | $ (4,905) | $ (7,645) |
Shares (Denominator) | ||||
Weighted average common shares outstanding (basic) | 5,352,490 | 5,352,490 | 5,352,490 | 5,352,490 |
Loss Per Share | ||||
Basic | $ (0.26) | $ (0.48) | $ (0.92) | $ (1.43) |
Disposal of Assets (Narrative)
Disposal of Assets (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 29, 2022 | May 31, 2019 | Sep. 30, 2022 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash received | $ 22,400 | |||
Charter DMN Holdings, LP [Member] | Dallas, Texas [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale of real estate assets, amount | $ 28,000 | |||
Proceeds from sale of assets | 4,597 | |||
Real estate assets selling costs | $ 1,000 | |||
Notes receivable term | 2 years | |||
(Loss) gain on sale/disposal of assets, net | $ 25,908 | |||
Current notes receivable | $ 22,400 | |||
Interest income | $ 116 | $ 616 | ||
Third Modification Agreement [Member] | Charter DMN Holdings, LP [Member] | Dallas, Texas [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash received | $ 22,516 |