By: E&P Staff Dallas-based American Community newspapers (ACN) reported total revenue fell 6.3% to $18.5 million for Q3 compared to the same period a year ago.
Advertising revenue dropped 6.3% to $17.2 million due to the company's Minneapolis/St. Paul cluster and difficult year-over-year comparisons. Excluding Minneapolis/St. Paul, ad revenue decreased 1.9%. Internet advertising revenue jumped 40.3%.
"While revenue trends in Q3 were disappointing, the majority of the decline was isolated in the Minneapolis/St. Paul market and we have already taken a number of steps to address the performance of this cluster," Gene Carr, chairman and CEO of ACN, said in a statement.
"Importantly, our other markets have held up nicely in a difficult advertising environment, and all of the remaining clusters individually delivered double digit newspaper cash flow growth and a revenue decline in the low single digits," he added.
Pro forma adjusted EBITDA decreased 8.1% to $4.4 million. Newspaper cash flow was down 3.6% to $5 million. Excluding Minneapolis/St. Paul, cash flow was up 17.7%.
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