Newspaper Publisher A. H. Belo Corporation Announces Cost Savings Initiatives and Plan Amendments
April 02 2009 - 8:00AM
PR Newswire (US)
DALLAS, April 2 /PRNewswire-FirstCall/ -- Newspaper publisher A. H.
Belo Corporation (NYSE:AHC) released a "Letter to Colleagues" today
from Robert W. Decherd, chairman, president and Chief Executive
Officer. The letter outlines additional steps the Company is taking
to reduce costs in response to continued revenue challenges. These
actions include salary reductions for certain employees and the
suspension of the A. H. Belo Pension Transition Supplement Plan
contribution for 2009. A copy of the letter is posted on the
Company's website (http://www.ahbelo.com/) in the Investor
Relations section. Additionally, A. H. Belo announced today that
its Board of Directors has approved the Company's
previously-announced suspension of the A. H. Belo Savings Plan
employer matching contribution and adopted an amendment to the A.
H. Belo Change in Control Severance Plan to reduce the severance
multiple for the Chief Executive Officer and all other designated
participants. About A. H. Belo Corporation A. H. Belo Corporation
(NYSE:AHC), headquartered in Dallas, Texas, is a distinguished
newspaper publishing and local news and information company that
owns and operates four daily newspapers and a diverse group of Web
sites. A. H. Belo publishes The Dallas Morning News, Texas' leading
newspaper and winner of eight Pulitzer Prizes since 1986; The
Providence Journal, the oldest continuously-published daily
newspaper in the U.S. and winner of four Pulitzer Prizes; The
Press-Enterprise (Riverside, CA), serving southern California's
Inland Empire region and winner of one Pulitzer Prize; and the
Denton Record-Chronicle. The Company publishes various specialty
publications targeting niche audiences, and its partnerships and/or
investments include the Yahoo! Newspaper Consortium and Classified
Ventures, owner of cars.com. A. H. Belo also owns direct mail and
commercial printing businesses. Additional information is available
at http://www.ahbelo.com/ or by contacting Alison K. Engel, senior
vice president/Chief Financial Officer, at 214-977-2248. Statements
in this communication concerning A. H. Belo Corporation's (the
"Company's") business outlook or future economic performance,
anticipated profitability, revenues, expenses, dividends, capital
expenditures, investments, future financings, and other financial
and non-financial items that are not historical facts, are
"forward-looking statements" as the term is defined under
applicable federal securities laws. Forward-looking statements are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from those statements. Such
risks, uncertainties and factors include, but are not limited to,
changes in capital market conditions and prospects, and other
factors such as changes in advertising demand, interest rates, and
newsprint prices; newspaper circulation trends and other
circulation matters, including changes in readership patterns and
demography, and audits and related actions by the Audit Bureau of
Circulations; challenges in achieving expense reduction goals, and
on schedule, and the resulting potential effects on operations;
technological changes; development of Internet commerce; industry
cycles; changes in pricing or other actions by competitors and
suppliers; regulatory, tax and legal changes; adoption of new
accounting standards or changes in existing accounting standards by
the Financial Accounting Standards Board or other accounting
standard-setting bodies or authorities; the effects of Company
acquisitions, dispositions, co-owned ventures, and investments;
general economic conditions; significant armed conflict; and other
factors beyond our control, as well as other risks described in the
Company's Annual Report on Form 10-K for the year ended December
31, 2008. DATASOURCE: A. H. Belo Corporation CONTACT: Alison K.
Engel, senior vice president/Chief Financial Officer of A. H. Belo
Corporation, +1-214-977-2248 Web Site: http://www.ahbelo.com/
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