Updated: Earnings: AH Belo Q2 Swings To Loss; Internet Revs Fall 11 Percent; Trimming Staff By 500

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imageFollowing Friday’s report from sibling broadcaster Belo Corp. the newly separate AH Belo (NYSE: AHC) newspaper publisher reported earnings this morning: The publisher of the Dallas Morning-News and two other papers said revenue in Q2 fell a steep 15 percent to $163.3 million, as ad revenue was down 21 percent. Not surprisingly, classifieds were the worst performer. Net income swung to a loss of $3.2 million ($.16 per share) from $12.3 million ($.60 per share). Internet revenue stood at $12 million or 7.4 percent of the total. However the company doesn’t say whether internet revenue is up or down from last year. For that you have to go to last year’s report to see that online revenue was $13.6 million. So in fact, internet revenue fell about 11 percent. It’s also worth pointing out that last year, internet revenues were up 19 percent, and in that period they bothered to mention the growth figure.

Release | Webcast (2:00 PM ET)

Update: In a separate letter sent out to shareholders, Chairman Robert Decherd announced that the company would be instituting a voluntary severance plan in order to cut costs. In the hopes of cutting $50 million in costs, it plans to eliminate 500 positions or 14 percent of the total workforce at Belo (NYSE: BLC). Full letter (pdf).

Update 2: From the company’s conference call transcript: AHCs partnership with Yahoo (NSDQ: YHOO) produced over $2.5 million through the HotJobs platform, a 125 percent increase over the same period last year.

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