New Media Investment Group reverses quarterly loss; revenues rise
New Media Investment Group, the New York-based parent company of the Las Vegas Review-Journal, posted total revenues of $312.1 million in the third quarter of 2015, according to quarterly financial information released Thursday.
The third-quarter revenues increased 89.1 percent over the same three-month period in 2014 but decreased 5.7 percent on a same store basis, according to the quarterly financial information for the period that ended Sept. 27.
Digital revenues of $29.1 million increased 13.1 percent on a same store basis for the third quarter 2015 compared to the same three-month period a year ago, according to financial information.
New Media Investment Group posted operating income of $14.6 million for the third quarter 2015 — an increase of $10.1 million over the previous year, according to financial statements. Net income was $6.1 million for third quarter 2015, a reversal from a loss of $4.7 million for the same three-month period in the previous year.
New Media's board of directors declared a third quarter 2015 cash dividend of 33 cents per share of common stock. The dividend is payable on Nov. 19.
New Media Investment Group closed on its purchase of Stephens Media, the Review-Journal's former parent company, for $102.5 million in the first quarter. New Media Investment Group owns 125 daily newspapers.
In the third quarter, New Media Investment Group acquired the Monroe News in Michigan on Sept. 23rd for $5.2 million and also integrated its acquisition of The Columbus Dispatch in Ohio into its group of newspapers. New Media Investment Group closed on the deal to buy The Columbus Dispatch at the end of second quarter 2015.
New Media and its newspaper operating arm, GateHouse Media, also own and run the Pahrump Valley Times, the Tonopah Times-Bonanza, the Boulder City Review, El Tiempo, Luxury magazine, the View newspapers and the Las Vegas Business Press.
New Media is publicly traded on the New York Stock Exchange as NEWM. Shares closed down $1.39, or 8.08 percent, on Thursday at $1.62, or 9.41 percent, to $15.81. Volume was about 819,000 shares, more than three times normal volume, according to Google Finance.
