# EDGAR Filing Document

**Accession Number:** 0001413898
**File Stem:** 0001413898-25-000040
**Filing Date:** 2025-7
**Character Count:** 27494
**Document Hash:** 24e5b991ff09fa598d55acbdf1339e20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413898-25-000040.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001413898-25-000040

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DallasNews Corp
- **CENTRAL INDEX KEY:** 0001413898
- **STANDARD INDUSTRIAL CLASSIFICATION:** NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 383765318
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33741
- **FILM NUMBER:** 251168047

**BUSINESS ADDRESS:**
- **STREET 1:** 1954 COMMERCE STREET
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-977-7342

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 224866
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75222-4866

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A. H. Belo Corp
- **DATE OF NAME CHANGE:** 20210628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DallasNews Corp
- **DATE OF NAME CHANGE:** 20210625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A. H. Belo Corp
- **DATE OF NAME CHANGE:** 20130206

?xml version='1.0' encoding='ASCII'? daln-20250730x8k

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

## FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2025

## DallasNews CORPORATION
(Exact name of registrant as specified in its charter)

Commission file number: **1-33741** 

---

| | |
|:---|:---|
| **Texas** | **38-3765318** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **P. O. Box 224866, Dallas, Texas 75222-4866** | **(214) 977-8869** |
| (Address of principal executive offices, including zip code) | (Registrant's telephone number, including area code) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    <br> <u>☐</u> <u>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </u>

    <br> <u>☐</u> <u>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </u>

    <br> <u>☐</u> <u>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </u>

    <br> <u>☐</u> <u>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </u>

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Series A Common Stock, $0.01 par value<br> DALN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

‎

------

**Item 2.02. Results of Operations and Financial Condition.**

On July 30, 2025, DallasNews Corporation announced its consolidated financial results for the three months ended June 30, 2025. A copy of the announcement press release is furnished with this report as Exhibit 99.1.

**Item 9.01. Financial Statements and Exhibits.**

(d) *Exhibits*.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [<u>99.1</u>](daln-20250730xex99_1.htm) | [<u>Press Release issued by DallasNews Corporation on July 30, 2025</u>](daln-20250730xex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

 **‎** 

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: July 30, 2025 | DALLASNEWS CORPORATION | DALLASNEWS CORPORATION |
|  | By: | /s/ Catherine G. Collins |
|  |  | Catherine G. Collins |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![Picture 1](daln-20250730xex99_1g001.jpg)

#### DallasNews Corporation Announces Second Q uarter 2025 Financial Results
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **Agency segment profit improved $0. 2 million on a year-over-year basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **Pension annuitization is complete and the Company recognized a non-cash pension settlement charge of $35.3 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **On July 9 , the Company entered into a n Agreement and Plan of Merger with Hearst** 

------

**DALLAS –** DallasNews Corporation (Nasdaq: DALN) (the "Company" or "DallasNews"), the Dallas-based holding company of *The Dallas Morning News* and Medium Giant, today reported financial results for the second quarter of 2025.

For the second quarter of 2025, the Company reported a net loss of $33.5 million, or $(6.26) per share, and operating income of $1.3 million. The second quarter net loss includes a non-cash pension settlement charge of $35.3 million resulting from the annuitization of the Company's pension plans. In the second quarter of 2024, the Company reported net income of $1.5 million, or $0.27 per share, and operating income of $0.6 million.

For the second quarter of 2025, on a non-GAAP basis, DallasNews reported operating income adjusted for certain items ("adjusted operating income") of $1.6 million, an increase of $0.4 million or 36.7 percent when compared to adjusted operating income of $1.2 million reported in the second quarter of 2024. The improvement is primarily due to expense savings of $1.0 million in employee compensation and benefits, $0.8 million in outside services, and $0.6 million attributable to the transition to a smaller, leased printing facility, partially offset by a total revenue decline of $2.3 million.

#### Second Q uarter Results
Total revenue was $29.8 million in the second quarter of 2025, a decrease of $2.3 million or 7.2 percent when compared to the second quarter of 2024.

Revenue from advertising and marketing services, including print and digital revenues, was $12.3 million in the second quarter of 2025, a decrease of $0.5 million or 3.8 percent when compared to the $12.8 million reported for the second quarter of 2024. The decline is primarily due to a print advertising revenue decrease of $0.3 million or 4.6 percent.

------

DallasNews **Corporation Announces Second Quarter 2025 Financial Results**

**July 30, 2025**

**Page** **2**

Circulation revenue was $15.3 million in the second quarter of 2025, a decrease of $0.9 million or 5.7 percent when compared to the $16.2 million reported for the second quarter of 2024. The decline is primarily due to a print circulation revenue decrease of $0.7 million or 5.9 percent.

Printing, distribution and other revenue was $2.2 million, a decrease of $0.9 million or 28.9 percent when compared to the second quarter of 2024, due to the cancellation of a mailed advertisements partnership in April 2025.

Total consolidated operating expense in the second quarter of 2025, on a GAAP basis, was $28.5 million, an improvement of $3.0 million or 9.5 percent. The improvement is primarily due to expense savings of $1.1 million in employee compensation and benefits, $0.8 million in outside services, $0.6 million attributable to the transition to a smaller, leased printing facility and $0.4 million in newsprint. $0.5 million of the savings in outside services is a result of the canceled mailed advertisements partnership, partially offsetting the loss in revenue associated with this partnership.

On a non-GAAP basis, adjusted operating expense was $28.2 million, an improvement of $2.7 million or 8.8 percent when compared to the second quarter of 2024. Excluding the change in severance expense of $0.1 million, employee compensation and benefits expense improved $1.0 million.

As of June 30, 2025, the Company had 451 employees, a headcount decrease of 82 or 15.4 percent when compared to the prior year period, primarily the result of transitioning to a smaller, more efficient printing facility. Cash and cash equivalents were $33.7 million at June 30, 2025, and the Company has no debt.

------

DallasNews **Corporation Announces Second Quarter 2025 Financial Results**

**July 30, 2025**

**Page** **3**

#### Merger with Hearst
As previously announced, in July the Company entered into an Agreement and Plan of Merger with Hearst Media West, LLC ("Parent"), Destiny Merger Sub, Inc., a wholly owned subsidiary of Parent ("Merger Sub"), and, solely for the purposes specified therein, Hearst Communications, Inc., the indirect owner of all of the outstanding equity of each of Parent and Merger Sub (as amended on July 27, 2025, the "Merger Agreement"). The Merger Agreement is subject to customary closing conditions including, among other things, a shareholder vote in favor of the Merger Agreement, and it may be terminated under certain circumstances. If the Merger Agreement is consummated, the Company's Series A Common Stock will be delisted from The Nasdaq Stock Market LLC and deregistered under the Securities Exchange Act of 1934, as amended. DallasNews shareholders will receive $15.00 in cash for each share of common stock - a premium of approximately 242 percent based on the closing price of DallasNews' common stock of $4.39 per share on July 9, 2025. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close during the third or early fourth quarter of 2025.

------

DallasNews **Corporation Announces Second Quarter 2025 Financial Results**

**July 30, 2025**

**Page** **4**

#### Segment Information
The Company determined it has the following two reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· TDMN primarily generates revenue from subscriptions and retail sales of *The Dallas Morning News*, and sales of advertising within its newspaper and on related digital platforms by Medium Giant's cross-functional sales team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Agency generates revenue from the services offered by the Company's full-service advertising agency, Medium Giant.

The primary measure of segment profitability utilized by the Chief Operating Decision Maker ("CODM") is segment profit (loss), which excludes Corporate and Other costs that are not associated with the ongoing operations of the segments. Reconciliation of segment profit (loss) to consolidated operating income (loss), and disaggregated revenue by reportable segment and revenue source are included in the exhibits to this release.

------

DallasNews **Corporation Announces Second Quarter 2025 Financial Results**

**July 30, 2025**

**Page** **5**

#### Non-GAAP Financial Measu r es
The CODM uses adjusted operating income (loss) for the purposes of evaluating consolidated performance and allocating resources.

Reconciliations of operating income (loss) to adjusted operating income and total operating costs and expense to adjusted operating expense are included in the exhibits to this release.

The Company calculates adjusted operating income (loss) by adjusting operating income (loss) to exclude depreciation, severance expense, (gain) loss on sale/disposal of assets, and asset impairments ("adjusted operating income (loss)"). The Company believes that inclusion of certain noncash expenses and other items in the results makes for more difficult comparisons between years and with peer group companies.

*Adjusted operating income (loss) is not a measure of financial performance under generally accepted accounting principles ("GAAP"). Management uses adjusted operating income (loss) and similar measures in internal analyses as supplemental measures of the Company's financial performance, and for performance comparisons versus its peer group of companies. Management uses this non-GAAP financial measure for the purposes of evaluating consolidated Company performance. The Company therefore believes that the non-GAAP measure presented provides useful information to investors by allowing them to view the Company's business through the eyes of management and the Board of Directors, facilitating comparison of results across historical periods and providing a focus on the underlying ongoing operating performance of its business. Adjusted operating income (loss) should not be considered in isolation or as a substitute for net income (loss), cash flows provided by (used for) operating activities or other comparable measures prepared in accordance with GAAP. Additionally, this non-GAAP measure may not be comparable to similarly-titled measures of other companies.*

------

DallasNews **Corporation Announces Second Quarter 2025 Financial Results**

**July 30, 2025**

**Page** **6**

#### About DallasNews Corporation
DallasNews Corporation is the Dallas-based holding company of *The Dallas Morning News* and Medium Giant.

*The Dallas Morning News*, Texas' leading daily newspaper, is renowned for its excellent journalistic reputation, intense regional focus, and close community ties. As a testament to its commitment to quality journalism, the publication has been honored with nine Pulitzer Prizes.

Medium Giant, an integrated creative marketing agency with offices in Dallas and Tulsa, works with a roster of premium brands and companies. In 2024, the agency earned top industry recognition, winning an AAF Addy and the AMA DFW Annual Marketer of the Year Award for Campaign of the Year, along with six prestigious Davey Awards. Medium Giant is a wholly owned business of DallasNews Corporation. For additional information, visit mediumgiant.co.

------

*Statements in this communication concerning the Merger, the expected timing and completion of the Merger, the Company's business outlook or future economic performance, revenues, expenses, cash balance, investments, business initiatives, working capital, and other financial and non-financial items that are not historical facts are "forward-looking statements" as the term is defined under applicable federal securities laws. Words such as "anticipate," "assume," "believe," "can," "could," "estimate," "forecast," "intend," "expect," "may," "project," "plan," "seek," "should," "target," "will," "would" and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. Such risks, trends and uncertainties are, in most instances, beyond the Company's control, and include but are not limited to, the factors and matters described in this communication and the Company's other public disclosures and filings with the Securities and Exchange Commission, and the following factors: the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the Company's obligation to pay a termination fee if the Merger is terminated under certain circumstances; the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Merger Agreement or the adoption of the Rights Agreement; the inability to complete the proposed Merger due to the failure to obtain the requisite approval of the Company's shareholders or the failure to satisfy other conditions to completion of the Merger; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; the impact, if any, of the announcement or pendency of the Merger on the Company's business and relationships with customers or other commercial partners; the impact, if any, of the restrictions on the conduct of the Company's business imposed by the Merger Agreement; the amount of the costs, fees, expenses and charges related to the Merger and the shareholder rights agreement (the "Rights Agreement"); the ability of the Rights Agreement to protect shareholders' interests and to effectively ensure that the Board has sufficient time to make informed judgments that are in the best interests of the Company and its shareholders; changes in advertising demand and other economic conditions; consumers' tastes; newsprint and distribution prices; program costs; the Company's ability to successfully execute the Return to Growth Plan; the Company's ability to maintain compliance with the continued listing requirements of The Nasdaq Capital Market; the success of the Company's digital strategy; changes in economic policies and tariffs; labor relations; cybersecurity incidents; and technological obsolescence. Forward-looking statements, which are as of the date of this communication, are not updated to reflect events or circumstances after the date of the statement.*

------

DallasNews **Corporation and Subsidiaries**

**Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
| <br>***In thousands, except share and per share amounts (unaudited)*** | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **Net Operating Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advertising and marketing services | $12302 | $12784 | $23115 | $24430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Circulation | 15263 | 16181 | 30710 | 32481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing, distribution and other | 2201 | 3096 | 5066 | 6252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net operating revenue | 29766 | 32061 | 58891 | 63163 |
| **Operating Costs and Expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee compensation and benefits | 13592 | 14738 | 28439 | 30855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other production, distribution and operating costs | 13713 | 15046 | 28384 | 30105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newsprint, ink and other supplies | 932 | 1302 | 2203 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 370 | 407 | 704 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale/disposal of assets, net | (104) | &nbsp;&nbsp;&nbsp;&nbsp;— | (36310) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expense | 28503 | 31493 | 23420 | 64351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income (loss) | 1263 | 568 | 35471 | (1188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income (loss), net **(1)** | (34979) | 641 | (34914) | 1252 |
| **Income (Loss) Before Income Taxes** | (33716) | 1209 | 557 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax provision (benefit) | (224) | (241) | 5764 | (23) |
| **Net Income (Loss)** | $(33492) | $1450 | $(5207) | $87 |
| **Per Share Basis (2)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss)  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(6.26) | $0.27 | $(0.97) | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(6.26) | $0.27 | $(0.97) | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Number of common shares used in the per share calculation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 5352490 | 5352490 | 5352490 | 5352490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 5352490 | 5352490 | 5352490 | 5352490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Three and six months ended June 30, 2025, includes a non-cash pension settlement charge of $35,266.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company's Series A and Series B common stock equally share in the distributed and undistributed earnings. There were no options or RSUs outstanding as of June 3 0 , 2025 and 2024 , that would result in dilution of shares or the calculation of EPS under the two-class method as prescribed under ASC 260 – Earnings Per Share.

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DallasNews **Corporation and Subsidiaries**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | ***June 30,*** | ***December 31,*** |
| <br>***In thousands (unaudited)*** | ***2025*** | ***2024*** |
| **Assets** |  |  |
| &nbsp;&nbsp; Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $33700 | $9594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 8981 | 10662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 5072 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 47753 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 10057 | 12633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 16210 | 17434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes, net | 399 | 5609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets  | 1816 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $76235 | $61843 |
| **Liabilities and Shareholders' Equity** |  |  |
| &nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $3884 | $4808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation and other current liabilities | 7994 | 11498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | 8852 | 8689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 20730 | 24995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term pension liabilities | &nbsp;&nbsp;&nbsp;&nbsp;— | 11764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term operating lease liabilities | 16155 | 17379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 866 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 37751 | 55030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 38484 | 6813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $76235 | $61843 |

---

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DallasNews **Corporation and Subsidiaries**

**Disaggregated Revenue by Reportable Segment and Revenue Source**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
| <br>***In thousands (unaudited)*** | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **TDMN** |  |  |  |  |
| &nbsp;&nbsp; Print advertising | $6257 | $6558 | $11206 | $12197 |
| &nbsp;&nbsp; Digital advertising | 2164 | 2274 | 4055 | 4232 |
| **Agency** |  |  |  |  |
| &nbsp;&nbsp; Marketing and media services | 3881 | 3952 | 7854 | 8001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising and Marketing Services** | $12302 | $12784 | $23115 | $24430 |
| **TDMN** |  |  |  |  |
| &nbsp;&nbsp; Print circulation | 10915 | 11603 | 21962 | 23359 |
| &nbsp;&nbsp; Digital circulation | 4348 | 4578 | 8748 | 9122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Circulation** | $15263 | $16181 | $30710 | $32481 |
| **TDMN** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Printing, Distribution and Other** | $2201 | $3096 | $5066 | $6252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Revenue** | $**29766** | $**32061** | $**58891** | $**63163** |

---

------

DallasNews **Corporation and Subsidiaries**

**Reconciliation of Segment Profit (Loss) to Operating Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
| <br>***In thousands (unaudited)*** | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **TDMN** |  |  |  |  |
| &nbsp;&nbsp; Net operating revenue | $25885 | $28109 | $51037 | $55162 |
| Employee compensation and benefits | 9369 | 10190 | 19375 | 20783 |
| Other production, distribution and operating costs | 9302 | 10442 | 19541 | 20574 |
| Newsprint, ink and other supplies | 837 | 1162 | 1980 | 2240 |
| &nbsp;&nbsp; Operating costs and expense | 19508 | 21794 | 40896 | 43597 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TDMN Segment Profit** | $**6377** | $**6315** | $**10141** | $**11565** |
| **Agency** |  |  |  |  |
| &nbsp;&nbsp; Net operating revenue | $3881 | $3952 | $7854 | $8001 |
| Employee compensation and benefits | 1875 | 2108 | 3751 | 4534 |
| Other production, distribution and operating costs | 1678 | 1673 | 3407 | 3492 |
| Newsprint, ink and other supplies | 95 | 140 | 223 | 346 |
| &nbsp;&nbsp; Operating costs and expense | 3648 | 3921 | 7381 | 8372 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Segment Profit (Loss)** | $**233** | $**31** | $**473** | $**(371)** |
| **Total Segment Profit** | $**6610** | $**6346** | $**10614** | $**11194** |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp; Corporate and Other **(1)** | (5347) | (5778) | 24857 | (12382) |
| **Operating Income (Loss) (1)** | $**1263** | $**568** | $**35471** | $**(1188)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Six months ended June 30 , 2025, includes a net gain of $36, 310 from the Plano printing facility sale.

------

DallasNews **Corporation - Non-GAAP Financial Measures**

**Reconciliation of Operating Income (Loss) to Adjusted Operating Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
| <br>***In thousands (unaudited)*** | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| &nbsp;&nbsp; Total net operating revenue | $29766 | $32061 | $58891 | $63163 |
| &nbsp;&nbsp; Total operating costs and expense | 28503 | 31493 | 23420 | 64351 |
| **Operating Income (Loss)** | $**1263** | $**568** | $**35471** | $**(1188)** |
| &nbsp;&nbsp; Total operating costs and expense | $28503 | $31493 | $23420 | $64351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 370 | 407 | 704 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance expense | 75 | 198 | 542 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale/disposal of assets, net | (104) | &nbsp;&nbsp;&nbsp;&nbsp;— | (36310) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Adjusted Operating Expense** | $**28162** | $**30888** | $**58484** | $**62770** |
| &nbsp;&nbsp; Total net operating revenue | $29766 | $32061 | $58891 | $63163 |
| &nbsp;&nbsp; Adjusted operating expense | 28162 | 30888 | 58484 | 62770 |
| **Adjusted Operating Income** | $**1604** | $**1173** | $**407** | $**393** |

---

------