DallasNews Corporation(DALN) and its subsidiaries have r eleased their consolidated financial statements for the second quarter of 2023, reporting a net loss of $868 thousand. Despite the challenging financial performance, the company's net operating revenue amounted to $36.01 million for the quarter, comprising various revenue streams, including advertising and marketing services, circulation, and printing, distribution, and other services.
The financial statements reveal that DallasNews Corporation and its subsidiaries recorded a net loss of $868 thousand for the three months ended June 30, 2023. This figure represents the difference between total operating costs and expenses, which amounted to $37.23 million, and other income of $378 thousand. The net loss per share during this period stood at $0.16.
Despite facing challenges leading to a net loss, DallasNews Corporation achieved a total net operating revenue of $36.01 million for the second quarter of 2023. This revenue is broken down into various segments, with advertising and marketing services contributing $16.22 million, circulation generating $15.99 million, and printing, distribution, and other services adding $3.79 million. While there was a slight decline in revenue compared to the same period last year, the company managed to maintain a substantial revenue stream.
Financial Overview for Q2 2023
In the second quarter of 2023, DallasNews Corporation faced operating costs and expenses totaling $37.23 million. These expenses included employee compensation and benefits, other production, distribution, and operating costs, newsprint, ink, and other supplies, as well as depreciation and asset impairments. Despite efforts to control expenses, the company reported an operating loss of $1.22 million for the quarter.
Additionally, the company's other income, net of $378 thousand, helped offset some of the operating losses. However, after accounting for income tax provisions of $26 thousand, DallasNews Corporation ended the quarter with a net loss of $868 thousand.
Although the financial performance was challenging, the company is continuously evaluating its strategies to optimize revenue and minimize expenses. As the year progresses, DallasNews Corporation remains committed to enhancing its position in the market and delivering quality news and media services to its audience.