By: (AP) Newspaper publisher Pulitzer Inc. delayed the release of its third-quarter earnings to pinpoint the applicability of a certain, newly released accounting guideline it said could require a non-cash charge.
The St. Louis-based newspaper company, owner of the
St. Louis Post-Dispatch and
Arizona Daily Star in Tucson, said Tuesday the accounting issue would not affect its operating costs or earnings.
The company did not say when it might release its third-quarter results, which were to have been announced before the market opened Tuesday. Analysts surveyed by Thomson First Call were expecting earnings of 46 cents per share.
Pulitzer said it plans to report revenue for the four weeks ending Sept. 28 on Wednesday.
Pulitzer said the matter related to whether and to what extent the new rule applies to The Herald Co. Inc.'s equity interests in the St. Louis Post-Dispatch LLC, which owns and runs the
Post-Dispatch, and in STL Distribution Services LLC, which delivers St. Louis-area publications and products. The Herald Co. has a 5% stake in both operations; Pulitzer owns the rest.
Should the new rule apply, its implementation would require the recognition of a liability for Pulitzer's potential acquisition of The Herald Co.'s interest upon termination of the joint ventures no later than 2015.
Pulitzer also operates a dozen other daily newspapers, related new media activities, and owns the Suburban Journals of Greater St. Louis, a group of 37 weekly papers and niche publications.
Shares of Pulitzer gained 57 cents to $51.70 in midday trading on the New York Stock Exchange.
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