Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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, $0.01 par value | |
Trading Symbol | DALN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001413898 | |
Amendment Flag | false | |
Series A [Member] | ||
Entity Common Stock, Shares Outstanding | 4,737,852 | |
Series B [Member] | ||
Entity Common Stock, Shares Outstanding | 614,638 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Operating Revenue: | ||
Total net operating revenue | $ 31,102 | $ 35,202 |
Operating Costs and Expense: | ||
Employee compensation and benefits | 16,117 | 17,373 |
Other production, distribution and operating costs | 15,059 | 18,028 |
Newsprint, ink and other supplies | 1,284 | 2,184 |
Depreciation | 398 | 373 |
Total operating costs and expense | 32,858 | 37,958 |
Operating loss | (1,756) | (2,756) |
Other income, net | 611 | 362 |
Loss Before Income Taxes | (1,145) | (2,394) |
Income tax provision | 218 | 232 |
Net Loss | $ (1,363) | $ (2,626) |
Per Share Basis | ||
Net loss, Basic | $ (0.25) | $ (0.49) |
Number of common shares used in the per share calculation: | ||
Basic | 5,352,490 | 5,352,490 |
Advertising And Marketing Services [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | $ 11,646 | $ 15,309 |
Circulation [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | 16,300 | 16,011 |
Printing, Distribution And Other [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | $ 3,156 | $ 3,882 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Loss [Abstract] | ||
Net Loss | $ (1,363) | $ (2,626) |
Other Comprehensive Income (Loss), Net of Tax: | ||
Amortization of actuarial (gains) losses | 102 | (10) |
Total other comprehensive income (loss), net of tax | 102 | (10) |
Total Comprehensive Loss | $ (1,261) | $ (2,636) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 7,946 | $ 11,697 |
Short-term investments | 10,478 | 10,781 |
Accounts receivable (net of allowance of $218 and $207 at March 31, 2024 and December 31, 2023, respectively) | 8,582 | 9,923 |
Inventories | 1,621 | 1,930 |
Prepaids and other current assets | 4,887 | 2,602 |
Total current assets | 33,514 | 36,933 |
Property, plant and equipment, at cost | 307,502 | 307,436 |
Less accumulated depreciation | (300,735) | (300,337) |
Property, plant and equipment, net | 6,767 | 7,099 |
Operating lease right-of-use assets | 15,652 | 16,141 |
Deferred income taxes, net | 260 | 271 |
Other assets | 1,785 | 1,790 |
Total assets | 57,978 | 62,234 |
Current liabilities: | ||
Accounts payable | 3,660 | 3,963 |
Accrued compensation and benefits | 4,465 | 3,901 |
Other accrued expense | 3,413 | 6,548 |
Contract liabilities | 10,593 | 9,511 |
Total current liabilities | 22,131 | 23,923 |
Long-term pension liabilities | 16,766 | 17,353 |
Long-term operating lease liabilities | 16,356 | 16,924 |
Other post-employment benefits | 991 | 996 |
Other liabilities | 37 | 80 |
Total liabilities | 56,281 | 59,276 |
Contingent liabilities (see Note 9) | ||
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 March 31, 2024 and December 31, 2023 | (13,443) | (13,443) |
Additional paid-in capital | 494,563 | 494,563 |
Accumulated other comprehensive loss | (40,145) | (40,247) |
Accumulated deficit | (439,336) | (437,973) |
Total shareholders’ equity | 1,697 | 2,958 |
Total liabilities and shareholders’ equity | 57,978 | 62,234 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts receivable | $ 218 | $ 207 |
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 | 5,216,317 | 5,216,317 |
Series B [Member] | ||
Common stock, shares, issued | 614,638 | 614,638 |
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, 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 | (2,626) | (2,626) | |||||||
Other comprehensive income (loss) | (10) | (10) | |||||||
Dividends declared | (856) | (856) | |||||||
Ending Balance at Mar. 31, 2023 | 58 | 494,563 | (13,443) | (41,390) | (430,917) | 8,871 | |||
Ending Balance, Shares at Mar. 31, 2023 | 5,216,237 | 614,718 | |||||||
Ending Balance, Shares Treasury Stock at Mar. 31, 2023 | (478,465) | ||||||||
Beginning Balance at Dec. 31, 2023 | 58 | 494,563 | (13,443) | (40,247) | (437,973) | 2,958 | |||
Beginning Balance, Shares at Dec. 31, 2023 | 5,216,317 | 614,638 | |||||||
Beginning Balance, Treasury Stock at Dec. 31, 2023 | (478,465) | ||||||||
Net Loss | (1,363) | (1,363) | |||||||
Other comprehensive income (loss) | 102 | 102 | |||||||
Ending Balance at Mar. 31, 2024 | $ 58 | $ 494,563 | $ (13,443) | $ (40,145) | $ (439,336) | $ 1,697 | |||
Ending Balance, Shares at Mar. 31, 2024 | 5,216,317 | 614,638 | |||||||
Ending Balance, Shares Treasury Stock at Mar. 31, 2024 | (478,465) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Consolidated Statements of Shareholders' Equity [Abstract] | |
Dividends declared per share | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net loss | $ (1,363) | $ (2,626) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Depreciation | 398 | 373 |
Net periodic pension and other post-employment (benefit) | (474) | (225) |
Bad debt expense | 74 | 8 |
Deferred income taxes | 11 | (11) |
Gain on short-term investments | (111) | 0 |
Provision, interest and penalties for uncertain tax positions | 2 | |
Changes in working capital and other operating assets and liabilities: | ||
Accounts receivable | 1,267 | 2,411 |
Inventories, prepaids and other current assets | (1,976) | (1,636) |
Other assets | 5 | 4 |
Accounts payable | (303) | (723) |
Compensation and benefit obligations | 564 | 398 |
Other accrued expenses | (2,366) | (363) |
Contract liabilities | 1,082 | 1,428 |
Other post-employment benefits | (16) | (15) |
Net cash used for operating activities | (3,208) | (975) |
Investing Activities | ||
Purchases of assets | (101) | (236) |
Purchases of short-term investments | (9,909) | (10,500) |
Maturities of short-term investments | 10,323 | |
Net cash provided by (used for) investing activities | 313 | (10,736) |
Financing Activities | ||
Dividends paid | (856) | (856) |
Net cash used for financing activities | (856) | (856) |
Net decrease in cash and cash equivalents | (3,751) | (12,567) |
Cash and cash equivalents, beginning of period | 11,697 | 27,825 |
Cash and cash equivalents, end of period | 7,946 | 15,258 |
Supplemental Disclosures | ||
Income tax paid, net | $ 5 | 2 |
Noncash investing and financing activities: | ||
Dividends payable | $ 856 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
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. 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. As of March 31, 2024, the Company had 531 employees, a headcount decrease of 121 or 18.6 percent when compared to March 31, 2023, primarily resulting from the 2023 Voluntary Severance Program participants that left the Company in the first quarter. In the three months ended March 31, 2024, the Company paid $ 2,454 of related severance that was included in other accrued expense in the Consolidated Balance Sheet as of December 31, 2023. 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, 2023. 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 credit losses, 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. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. 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. New Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) issued the following accounting pronouncements and guidance, which may be applicable to the Company but have not yet become effective. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires an entity to disclose, on an annual and interim basis, significant segment expenses. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures in ASC 280. The guidance is effective retrospectively for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires an entity to disclose annual income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and disaggregate the information by jurisdiction based on a quantitative threshold. The guidance also requires an entity to disclose income tax expense (benefit) disaggregated by federal (national), state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue [Abstract] | |
Revenue | Note 2: Revenue Revenue Recognition Revenue is recognized when obligations under the terms of a contract with the Company’s customer are satisfied. This occurs when control of the promised goods or services is transferred to its 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 March 31, 2024 2023 Advertising and Marketing Services Print advertising $ 5,639 $ 9,296 Digital advertising and marketing services 6,007 6,013 Total $ 11,646 $ 15,309 Circulation Print circulation $ 11,756 $ 12,381 Digital circulation 4,544 3,630 Total $ 16,300 $ 16,011 Printing, Distribution and Other $ 3,156 $ 3,882 Total Revenue $ 31,102 $ 35,202 Advertising and Marketing Services Advertising and marketing services revenue is recognized when an ad or service is complete and delivered based on the contract price. Payment is typically received within 30 to 60 days after the customer is billed . Longer-term contracts often include multiple performance obligations, digital and other forms of advertising, and a single performance obligation containing a bundle of services that are not distinct but provided to maximize a customer’s marketing plan. When the Company has a longer-term contract, revenue is recognized over time as the ads or services are delivered. For contracts with over time revenue recognition the company is providing a series of services and recognizes revenue by 1) using a time-based method of measuring progress of delivery over time, or 2) as each distinct performance obligation (typically ads or impressions) are delivered on a monthly basis. 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. Print advertising is primarily comprised of display and classified 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. At the end of August 2023, the Company ended its program to distribute preprinted advertisements through the mail or through third-party distributors to households in targeted areas, and discontinued print-only editions of the Company’s niche publications. Digital advertising and marketing services revenue consists of strategic marketing services, consulting, branding, paid media strategy and management, creative services, search optimization, direct mail, the sale of promotional materials, and subscriptions to the Company’s multi-channel marketing solutions cloud-based software and services. In addition, it includes digital sales of banner, classified and native advertisements on the Company’s news websites, social media platforms and mobile apps, as well as targeted and multi-channel (programmatic) advertising placed on third-party platforms. For ads placed on certain third-party platforms, 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 platforms 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 platforms. The Company is acting as the agent because the publisher controls the advertising inventory. The Company will record certain arrangements gross when it controls the inventory or it has latitude in establishing price or it determines that advertising campaign management, targeting or other actions provide significant value added service to the customer . 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. 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 mailed advertisements for business customers. 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. Contract Liabilities 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 months ended March 31, 2024, the Company recognized $ 6,144 of revenue that was included in the contract liabilities balance as of December 31, 2023. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments and Accounts Receivable, Net [Abstract] | |
Financial Instruments and Accounts Receivable, Net | Note 3: Financial Instruments and Accounts Receivable, Net Short-Term Investments. All of the Company’s short-term investments consist of Certificates of Deposit (“CD’s”) with original maturities of more than 90 days but one year or less. All short-term investments are classified as held-to-maturity, valued at amortized cost, which approximates fair value, and are considered Level 2 investments. As of March 31, 2024, the Company had $ 10,478 of short-term investments. I n the three months ended March 31, 2024 and 2023, the Company recorded $ 111 and $ 0 , respectively, of interest income from the Company’s investment in 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 the Company’s trade receivables depends on a variety of factors, including trends in local, regional or national economic conditions that affect its 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. Three Months Ended March 31, 2024 2023 Beginning balance $ 207 $ 490 Current period provision 74 8 Write-offs and reclassifications ( 93 ) ( 105 ) Recoveries of amounts previously written-off 30 3 Ending balance $ 218 $ 396 For the three months ended March 31, 2024 and 2023, the Company recorded $ 74 and $ 8 , respectively, of bad debt expense, included in o ther production, distribution and operating costs in the Consolidated Statements of Operations. The reduction in required reserves was primarily due to lower accounts receivable in the three months ended March 31, 2024, compared to the corresponding prior year period. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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 10 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. As of March 31, 2024, the Company did no t have any significant operating leases that have not yet commenced. 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. Sublease income is included in printing, distribution and other revenue in the Consolidated Statements of Operations. As of March 31, 2024, sublease income is expected to approximate $ 225 for the remainder of 2024 and $ 35 in 2025. The table below sets forth supplemental Consolidated Balance Sheet information for the Company’s leases. Classification March 31, 2024 December 31, 2023 Assets Operating Operating lease right-of-use assets $ 15,652 $ 16,141 Liabilities Operating Current Other accrued expense $ 1,875 $ 1,809 Noncurrent Long-term operating lease liabilities 16,356 16,924 Total lease liabilities $ 18,231 $ 18,733 Lease Term and Discount Rate Operating leases Weighted average remaining lease term (years) 8.5 8.7 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. Three Months Ended March 31, 2024 2023 Lease Cost Operating lease cost $ 847 $ 985 Short-term lease cost 10 6 Variable lease cost 143 189 Sublease income ( 83 ) ( 257 ) Total lease cost $ 917 $ 923 Supplemental Cash Flow Information Cash paid for operating leases included in operating activities $ 850 $ 1,019 Right-of-use assets obtained in exchange for operating lease liabilities — 810 The table below sets forth the remaining maturities of the Company’s lease liabilities as of March 31, 2024. Years Ending December 31, Operating Leases 2024 $ 2,323 2025 3,504 2026 2,732 2027 2,377 2028 2,348 Thereafter 11,994 Total lease payments 25,278 Less: imputed interest 7,047 Total lease liabilities $ 18,231 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5: Income Taxes The Company calculated the income tax provision for the 2024 and 2023 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 $ 218 and $ 232 for the three months ended March 31, 2024 and 2023, respectively, due to the effect of the Texas franchise tax. Effective income tax rates were ( 19.0 ) percent and ( 9.7 ) percent for the three months ended March 31, 2024 and 2023, respectively. |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 3 Months Ended |
Mar. 31, 2024 | |
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 1,340 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 2024 under the applicable tax and labor laws governing pension plan funding; however, certain events or circumstances that in most instances are beyond the Company’s control could result in future mandatory contributions. The Company continues to evaluate the feasibility of de-risking strategies based on the economic benefits to the Company. Net Periodic Pension 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 benefit. For 2023, there were no unrecognized gains (losses) to amortize due to the total unrecognized gain (loss) falling below the amortization threshold. The table below sets forth components of net periodic pension benefit, which is included in other income, net in the Consolidated Statements of Operations. Three Months Ended March 31, 2024 2023 Interest cost $ 1,882 $ 1,993 Expected return on plans' assets ( 2,468 ) ( 2,219 ) Amortization of actuarial loss 109 — Net periodic pension benefit $ ( 477 ) $ ( 226 ) 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 $ 169 and $ 201 for the three months ended March 31, 2024 and 2023, respectively. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 7: Shareholders’ Equity Dividends. On December 7, 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 February 9, 2024 , paid on March 1, 2024 . Outstanding Shares. The Company had Series A and Series B common stock outstanding of 4,737,852 and 614,638 , respectively, net of treasury shares at March 31, 2024 and December 31, 2023. 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 March 31, 2024 2023 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ ( 40,247 ) $ ( 40,578 ) $ 331 $ ( 41,380 ) $ ( 41,777 ) $ 397 Amortization 102 109 ( 7 ) ( 10 ) — ( 10 ) Balance, end of period $ ( 40,145 ) $ ( 40,469 ) $ 324 $ ( 41,390 ) $ ( 41,777 ) $ 387 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Earnings (Numerator) Net loss available to common shareholders $ ( 1,363 ) $ ( 2,626 ) Shares (Denominator) Weighted average common shares outstanding (basic) 5,352,490 5,352,490 Loss Per Share Basic $ ( 0.25 ) $ ( 0.49 ) There were no options or RSUs outstanding as of March 31, 2024 and 2023, 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 | 3 Months Ended |
Mar. 31, 2024 | |
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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10: Subsequent Events The Company evaluates subsequent events at the date of the consolidated balance sheet as well as conditions that arise after the balance sheet date but before the consolidated financial statements are issued. To the extent any events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. In May 2024, the Company terminated its short-term investments of $ 9,909 in CD’s without penalty, increasing available cash and cash equivalents, which will be reflected in the Consolidated Balance Sheet as of June 30, 2024. On May 14, 2024, the Company announced it will streamline its printing operations, currently located in Plano, Texas, into a smaller, leased facility, and expects to make capital investments of approximately $ 8,000 in a more efficient press and related equipment. The Company has entered into a letter of intent for a five-year lease for a 67,600 square-foot facility located in Carrollton, Texas. This transition will allow the Company to keep its operations in North Texas and continue to produce a seven-day print edition for the foreseeable future. The new facility is expected to be operational in early 2025, and until then, all operations will remain in the current facility. Once the transition is completed, the Company expects to benefit from annual expense savings of approximately $ 5,000 . |
Basis of Presentation and Rec_2
Basis of Presentation and Recently Issued Accounting Standards (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
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. 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. As of March 31, 2024, the Company had 531 employees, a headcount decrease of 121 or 18.6 percent when compared to March 31, 2023, primarily resulting from the 2023 Voluntary Severance Program participants that left the Company in the first quarter. In the three months ended March 31, 2024, the Company paid $ 2,454 of related severance that was included in other accrued expense in the Consolidated Balance Sheet as of December 31, 2023. |
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, 2023. 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 credit losses, 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. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. |
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. |
New Accounting Pronouncements, Policy | New Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) issued the following accounting pronouncements and guidance, which may be applicable to the Company but have not yet become effective. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires an entity to disclose, on an annual and interim basis, significant segment expenses. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures in ASC 280. The guidance is effective retrospectively for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, the guidance requires an entity to disclose annual income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and disaggregate the information by jurisdiction based on a quantitative threshold. The guidance also requires an entity to disclose income tax expense (benefit) disaggregated by federal (national), state and foreign. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact of the adoption on its financial statement disclosures. |
Pension and Other Retirement _2
Pension and Other Retirement Plans (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue [Abstract] | |
Disaggregated by Revenue Source | Three Months Ended March 31, 2024 2023 Advertising and Marketing Services Print advertising $ 5,639 $ 9,296 Digital advertising and marketing services 6,007 6,013 Total $ 11,646 $ 15,309 Circulation Print circulation $ 11,756 $ 12,381 Digital circulation 4,544 3,630 Total $ 16,300 $ 16,011 Printing, Distribution and Other $ 3,156 $ 3,882 Total Revenue $ 31,102 $ 35,202 |
Financial Instruments and Acc_2
Financial Instruments and Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments and Accounts Receivable, Net [Abstract] | |
Changes in Allowance for Credit Losses | Three Months Ended March 31, 2024 2023 Beginning balance $ 207 $ 490 Current period provision 74 8 Write-offs and reclassifications ( 93 ) ( 105 ) Recoveries of amounts previously written-off 30 3 Ending balance $ 218 $ 396 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Supplemental Consolidated Balance Sheet Information for Leases | Classification March 31, 2024 December 31, 2023 Assets Operating Operating lease right-of-use assets $ 15,652 $ 16,141 Liabilities Operating Current Other accrued expense $ 1,875 $ 1,809 Noncurrent Long-term operating lease liabilities 16,356 16,924 Total lease liabilities $ 18,231 $ 18,733 Lease Term and Discount Rate Operating leases Weighted average remaining lease term (years) 8.5 8.7 Weighted average discount rate (%) 7.7 7.7 |
Schedule of Components of Lease Cost and Supplemental Cash Flow Information for Leases | Three Months Ended March 31, 2024 2023 Lease Cost Operating lease cost $ 847 $ 985 Short-term lease cost 10 6 Variable lease cost 143 189 Sublease income ( 83 ) ( 257 ) Total lease cost $ 917 $ 923 Supplemental Cash Flow Information Cash paid for operating leases included in operating activities $ 850 $ 1,019 Right-of-use assets obtained in exchange for operating lease liabilities — 810 |
Schedule of Remaining Maturities of Lease Liabilities | Years Ending December 31, Operating Leases 2024 $ 2,323 2025 3,504 2026 2,732 2027 2,377 2028 2,348 Thereafter 11,994 Total lease payments 25,278 Less: imputed interest 7,047 Total lease liabilities $ 18,231 |
Pension and Other Retirement _3
Pension and Other Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Pension and Other Retirement Plans [Abstract] | |
Schedule of Net Periodic Pension Benefit | Three Months Ended March 31, 2024 2023 Interest cost $ 1,882 $ 1,993 Expected return on plans' assets ( 2,468 ) ( 2,219 ) Amortization of actuarial loss 109 — Net periodic pension benefit $ ( 477 ) $ ( 226 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Shareholders' Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Three Months Ended March 31, 2024 2023 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ ( 40,247 ) $ ( 40,578 ) $ 331 $ ( 41,380 ) $ ( 41,777 ) $ 397 Amortization 102 109 ( 7 ) ( 10 ) — ( 10 ) Balance, end of period $ ( 40,145 ) $ ( 40,469 ) $ 324 $ ( 41,390 ) $ ( 41,777 ) $ 387 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | Three Months Ended March 31, 2024 2023 Earnings (Numerator) Net loss available to common shareholders $ ( 1,363 ) $ ( 2,626 ) Shares (Denominator) Weighted average common shares outstanding (basic) 5,352,490 5,352,490 Loss Per Share Basic $ ( 0.25 ) $ ( 0.49 ) |
Basis of Presentation and Rec_3
Basis of Presentation and Recently Issued Accounting Standards (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) employee | |
Basis of Presentation and Recently Issued Accounting Standards | |
Entity number of employees | 531 |
Decrease in number of employees | 121 |
Percent of decrease in number of employees | 18.60% |
2023 Voluntary Severance Program [Member] | |
Basis of Presentation and Recently Issued Accounting Standards | |
Severance payment | $ | $ 2,454 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, revenue recognized | $ 6,144 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 31,102 | $ 35,202 |
Print Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,639 | 9,296 |
Digital Advertising And Marketing Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,007 | 6,013 |
Advertising And Marketing Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,646 | 15,309 |
Print Circulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,756 | 12,381 |
Digital Circulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,544 | 3,630 |
Circulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 16,300 | 16,011 |
Printing, Distribution And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 3,156 | $ 3,882 |
Financial Instruments and Acc_3
Financial Instruments and Accounts Receivable, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Short-Term Investments [Abstract] | |||
Short-term investments | $ 10,478 | $ 10,781 | |
Interest income related to the CD’s | 111 | $ 0 | |
Accounts Receivable, Net [Abstract] | |||
Bad debt expense | 74 | $ 8 | |
Level II - Fair Value, Inputs [Member] | Certificates of Deposit [Member] | |||
Short-Term Investments [Abstract] | |||
Short-term investments | $ 10,478 | ||
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 |
Financial Instruments and Acc_4
Financial Instruments and Accounts Receivable, Net (Changes in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit loss, Beginning Balance | $ 207 | $ 490 |
Current period provision | 74 | 8 |
Write-offs and reclassifications | (93) | (105) |
Recoveries of amounts previously written-off | 30 | 3 |
Allowance for credit loss, Ending Balance | $ 218 | $ 396 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Operating lease assets | $ 15,652,000 | $ 16,141,000 |
Operating lease liabilities | 18,231,000 | $ 18,733,000 |
Operating leases, not yet commenced | 0 | |
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 2024 | 225,000 | |
Sublease income expected in 2025 | $ 35,000 | |
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 | 10 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 15,652 | $ 16,141 |
Operating lease liabilities current | $ 1,875 | $ 1,809 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current |
Operating lease liabilities noncurrent | $ 16,356 | $ 16,924 |
Total lease liabilities | $ 18,231 | $ 18,733 |
Operating leases weighted average remaining lease term (years) | 8 years 6 months | 8 years 8 months 12 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 847 | $ 985 |
Short-term lease cost | 10 | 6 |
Variable lease cost | 143 | 189 |
Sublease income | (83) | (257) |
Total lease cost | 917 | 923 |
Cash paid for operating leases included in operating activities | $ 850 | 1,019 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 810 |
Leases (Schedule of Remaining M
Leases (Schedule of Remaining Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 2,323 | |
2025 | 3,504 | |
2026 | 2,732 | |
2027 | 2,377 | |
2028 | 2,348 | |
Thereafter | 11,994 | |
Total lease payments | 25,278 | |
Less: imputed interest | 7,047 | |
Total lease liabilities | $ 18,231 | $ 18,733 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes [Abstract] | ||
Income tax provision | $ 218 | $ 232 |
Effective income tax rate | (19.00%) | (9.70%) |
Pension and Other Retirement _4
Pension and Other Retirement Plans (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) employee | Mar. 31, 2023 USD ($) | |
401 (K) plan [Member] | ||
Defined Contribution Plans | ||
Maximum pretax contribution per employee | 100% | |
Defined contribution plan, employer matching contribution, percent | 1.50% | |
Expense recognized | $ 169,000 | $ 201,000 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of employee participants | employee | 1,340 | |
Defined Benefit Plan, Amortization of Gains (Losses) | $ (109,000) | $ 0 |
Defined Benefit Plan, Estimated Future Employer Contributions | ||
Estimated future employer contributions | $ 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 1,882,000 | $ 1,993,000 |
Expected return on plans' assets | (2,468,000) | (2,219,000) |
Amortization of actuarial loss | 109,000 | 0 |
Net periodic pension benefit | $ (477,000) | $ (226,000) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 07, 2023 | |
R2023Q4 [Member] | ||
Shareholders' Equity [Line Items] | ||
Dividends payable, amount per share | $ 0.16 | |
Dividends payable, date declared | Dec. 07, 2023 | |
Dividends payable, date of record | Feb. 09, 2024 | |
Dividends payable, date of payment | Mar. 01, 2024 | |
Series A [Member] | ||
Shareholders' Equity [Line Items] | ||
Common stock, shares, outstanding | 4,737,852 | |
Series B [Member] | ||
Shareholders' Equity [Line Items] | ||
Common stock, shares, outstanding | 614,638 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | $ (40,247) | $ (41,380) |
Amortization | 102 | (10) |
Balance, end of period | (40,145) | (41,390) |
Pension Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | (40,578) | (41,777) |
Amortization | 109 | |
Balance, end of period | (40,469) | (41,777) |
Other Post-Employment Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | 331 | 397 |
Amortization | (7) | (10) |
Balance, end of period | $ 324 | $ 387 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Stock Option [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
RSUs [Member] | ||
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net loss available to common shareholders | $ (1,363) | $ (2,626) |
Shares (Denominator) | ||
Weighted average common shares outstanding (basic) | 5,352,490 | 5,352,490 |
Loss Per Share | ||
Basic | $ (0.25) | $ (0.49) |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Thousands | May 15, 2024 USD ($) | May 14, 2024 USD ($) ft² |
Subsequent Event [Line Items] | ||
Termination of short-term investments | $ 9,909 | |
Letter Of Intent For Facility In Carrollton, Texas [Member] | ||
Subsequent Event [Line Items] | ||
Expected capital investments | $ 8,000 | |
Operating lease term | 5 years | |
Area of facility | ft² | 67,600 | |
Expected annual expense savings from facility transition | $ 5,000 |