DallasNews Corporation reported net income of $28.3 million, or $5.28 per share, for the first quarter of 2025, a substantial increase from a net loss of $1.4 million, or $(0.25) per share, in Q1 2024. This significant improvement was primarily driven by a net gain of $36.2 million from the sale of the Plano printing facility. The Company's operating income for the quarter was $34.2 million, compared to an operating loss of $1.8 million in the prior year.
Following the Plano property sale, DallasNews used a portion of the proceeds to fully fund its pension liabilities by purchasing an irrevocable group annuity contract. This action relieves the Company of all pension obligations, ensuring retirement benefits for participants and removing what was considered the sole long-term debt of the Company. The transition of printing operations is complete, with expense savings expected to fully materialize starting in May.
Total revenue for the first quarter was $29.1 million, a decrease of $2.0 million or 6.4 percent compared to Q1 2024, primarily due to declines in print advertising and circulation. However, the Medium Giant Agency segment grew its operating margin by $600,000 year-over-year. As of March 31, 2025, the Company maintained a strong balance sheet with $44.2 million in cash and cash equivalents and no debt.
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