January 30, 2009
Newspaper Publisher A. H. Belo Corporation Announces Credit Agreement Amendment
DALLAS - Newspaper publisher A. H. Belo Corporation (NYSE: AHC) said today that its bank syndicate has approved an amendment to the Company's revolving credit facility. The amendment is effective January 30, 2009 and extends the maturity of the credit facility through April 30, 2011. The amended $50 million facility, which is subject to a borrowing base, provides the necessary working capital flexibility required to navigate through the current economic environment.
Among other things, the amendment:
"A. H. Belo is focused on expense management and streamlining processes to operate more profitably," said Robert W. Decherd, chairman, president and Chief Executive Officer. "Given current trends in advertising revenues we are reviewing all facets of our operations with the goal of reducing costs whenever possible. This work does not occur overnight and I believe the amendment to our credit facility provides adequate financial flexibility and the necessary runway for A. H. Belo to realign its operations."
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, young adults and the fast-growing Hispanic market. The Company's 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 www.ahbelo.com or by contacting Maribel Correa, director/Investor Relations, at 214-977-2702.