DallasNews Corporation reported net income of $4.0 million, or $0.74 per share, for the fourth quarter of 2024, a significant improvement from a net loss of $2.2 million, or $(0.41) per share, in Q4 2023. This net income included a non-cash tax benefit of $5.3 million resulting from a reduction in the valuation allowance for deferred tax assets. The Company's operating loss for the quarter was $1.8 million, an improvement from $2.5 million in the prior year.
For the full year 2024, the Company achieved net income of $0.1 million, or $0.02 per share, compared to a net loss of $7.1 million, or $(1.33) per share, in 2023. This full-year net income also included a non-cash tax benefit of $5.0 million. Total revenue for the full year 2024 was $125.4 million, a decrease of $14.3 million or 10.2 percent from 2023, primarily due to the strategic decision to exit the shared mail program and discontinue print-only niche publications.
The Company's adjusted operating loss for the full year 2024 improved by $1.1 million to $1.6 million, reflecting $6.5 million in distribution expense savings, $5.5 million in employee compensation and benefits expense, and $3.5 million in newsprint savings. As of December 31, 2024, DallasNews Corporation had $9.6 million in cash and cash equivalents and no debt. The Company also confirmed compliance with Nasdaq's minimum stockholders' equity listing standard.
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