New Media Investment Group (NEWM) Reports Q1 Loss of $0.15 on Revenues of $387.6M

New Media Investment Group (NYSE: NEWM) reported Q1 EPS of ($0.15), versus ($0.01) reported last year. Revenue for the quarter came in at $387.6 million, versus $340.77 million reported last year.

• Total Revenues of $387.6 million
• Operating loss of $1.4 million
• As Adjusted EBITDA of $33.1 million*
• Free Cash Flow of $21.0 million*
• Declared first quarter dividend of $0.38
• On January 31, 2019, completed purchase of the publishing arm of Schurz Communications

“Our results this quarter reflect both solid performance in our growth businesses and continued progress in stabilizing our traditional print business. Our revenue of $387.6 million was up 13.7% over the prior year. Our growth businesses, UpCurve and GateHouse Live, accounted for $34.9 million of total revenue, an increase of 27.3% compared to last year. We are excited about the continued opportunity for growth in both of these businesses for 2019 and beyond,” said Michael E Reed, New Media President and Chief Executive Officer.

He continued: “As Adjusted EBITDA and Free Cash Flow were strong in the quarter at $33.1 million and $21.0 million respectively. We have been proactive in taking new measures to grow As Adjusted EBITDA, which is reflected in our results. At the same time, these measures – which we believe are crucial to driving profitability – have prevented us from showing a positive same store revenue trend in recent quarters. In the first quarter, same store revenue was down 7.4%, or 80 bps lower than the fourth quarter. With the execution of planned As Adjusted EBITDA-enhancing measures in the first quarter, we do expect to show improvement in our same store revenue trend in the coming quarters.

Finally, in keeping with our goal to purchase strong assets that integrate well into our portfolio, we completed our purchase of the publishing arm of Schurz Communications on January 31, for $30.0 million.”

For earnings history and earnings-related data on New Media Investment Group (NEWM) click here.

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