IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (the “Company”) (NASDAQ: SALM) announced today that it has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its Class A Common Stock from the Nasdaq Global Market and to deregister its Class A Common Stock under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”).
The Company currently anticipates that it will file with the Securities and Exchange Commission (the “SEC”) a Form 25 (Notification of Removal of Listing) on or about January 8, 2024, with the delisting of its Class A Common Stock taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the Company intends to file a Form 15 with the SEC to suspend the Company’s reporting obligations under Sections 12(g) and 15(d) of the Exchange Act.
The Company anticipates significant financial savings as a result of this decision. In addition, delisting and deregistration provide several benefits to the Company and its stockholders including lower operating costs and reduced management time commitment for compliance and reporting activities.
The Company anticipates that its Class A Common Stock will be quoted on the OTCQX or other market operated by OTC Markets Group Inc. (the “OTC”), and it intends to take such actions to enable its Class A Common Stock to be quoted on the OTCQX or on another OTC market so that a trading market may continue to exist for its Class A Common Stock. The Company expects its Class A Common Stock to be quoted on the OTCQX Market beginning on or around January 19, 2024, pending approval by OTC Markets.
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements, including statements regarding the expected timing and process for delisting and deregistering the Company’s Class A Common Stock, are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, the Company’s ability to facilitate the quoting of its Class A Common Stock on the OTCQX or another OTC market, and other important factors discussed in the Company’s reports on Forms 10-K, 10-Q, 8-K and other filings filed with or furnished to the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com.
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Announces a new credit facility. The company announced that it has a new $26.0 million credit facility with Siena Lending Group, replacing its prior revolver with Wells Fargo Bank. We believe that the new revolver allows some financial flexibility as the company works to close on the sale of its Church Publishing division.
Likely to largely pay off the revolver. The sale of Salem Church Products business to Gloo, LLC for $30 million has been somewhat delayed, but is still on track to close imminently. In our view, the proceeds from the sale will be used to largely pay off the company’s revolver, providing further financial flexibility.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it has closed a new $26.0 million 3-year asset-based revolving credit facility with Siena Lending Group (the “New Revolving Facility”), which refinanced its prior revolving facility with Wells Fargo Bank.
Obligations under the New Revolving Facility are secured by a first-priority lien on the Company’s and its subsidiaries’ accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets, and a second-priority lien on substantially all other assets of the Company and its subsidiaries.
FORWARD LOOKING STATEMENTS:
Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties, including but not limited to our ability to close and integrate announced transactions, market acceptance of our radio station formats, competition from new technologies, inflation and other adverse economic conditions, and other risks and uncertainties detailed from time to time in our reports on Forms 10-K, 10-Q, 8-K and other filings filed with or furnished to the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com.
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it has reached an agreement with Skyhorse Publishing to sell Regnery Publishing. The company expects to close the transaction by the end of the year.
David Evans, Chief Operating Officer of Salem Media, said, “We are thrilled to pass the torch of the oldest and most respected conservative publishing company in America to Free Speech advocate Tony Lyons and his incredibly successful Skyhorse Publishing. Salem is committed to the dissemination of conservative ideas and is excited that Skyhorse will both be a powerful steward of this important brand and an engine for its future growth.”
Tony Lyons, President and Publisher of Skyhorse Publishing, added, “We are so pleased to acquire this legendary publishing company, founded over 75 years ago, and are committed to building on the strong foundation that the Regnery staff has developed. We see a lot of synergies and opportunities for growth and will work hard to promote, market, and sell the books we have acquired and those that are pending, as well as to develop and pursue exciting new projects. Regnery will be an imprint of Skyhorse Publishing and will maintain its own identity.”
The more than 1,500 Regnery titles will be absorbed into the Skyhorse Publishing catalogue. The former Washington D.C. based publishing house was founded in 1947 by Henry Regnery and acquired an impressive list of authors over its 75 years, including former President Donald Trump, Senator Rand Paul, Senator Ted Cruz, Senator Mitt Romney, Tulsi Gabbard, Eric Metaxas, former President Ronald Regan, and Ann Coulter.
ABOUT SKYHORSE PUBLISHING:
Skyhorse Publishing, one of the largest independent book publishers in the United States, was launched in September 2006 by Tony Lyons, former president and publisher of the Lyons Press. The company has had fifty-seven New York Times bestsellers and currently has over 10,000 titles in print.
Skyhorse maintains a firm stance against censorship and aims to provide a full spectrum of political, theological, cultural, and philosophical viewpoints to counter the increasingly biased environment in mainstream media.
Through its twenty imprints, Skyhorse publishes an eclectic and maverick list of titles. Its imprints — Allworth Press, Arcade Crime Wise, Arcade Publishing, Carrel Books, Children’s Health Defense, Clydesdale Press, Front Page Detectives, Good Books, Helios Press, Hot Books, Night Shade Books, Not For Tourists, Racehorse For Young Readers, Racehorse Publishing, Sky Pony Press, Sports Publishing, Talos Press, Yucca Publishing, Skyhorse Publishing, and World Almanac — cover everything from nature, sports, country living, history, reference, travel, humor, health, art, business, philosophy, religion, current events, politics, investigative and conspiracy, to fiction, literary nonfiction, science fiction, fantasy, and young adult and children’s literature. Its backlist includes more than ten thousand titles. Skyhorse is distributed by Simon & Schuster in the U.S. and abroad.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com.
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Chris Young, Chief Financial Officer, highlighted the company’s digital growth initiatives, its strong and improving balance sheet and favorable industry undercurrents. A replay of the presentation can be viewed here: https://www.channelchek.com/videos/entravision-communications-noblecon19-replay.
Digital growth. On a trailing twelve-month basis from Q3, digital revenue comprised 82% of total revenue, and its operations spanned 40 countries. From 2019 to 2022, total company revenue grew at a 52% CAGR, a result of its fast growing digital businesses. Notably, the company is focused on improving digital margins after Facebook reduced commissions from 10% to 7%.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The fireside chat presentation conducted by Lisa Knutson, Chief Operating Officer, highlighted the dynamic value proposition of Scripps Sports, favorable retransmission trends, implications of the Disney/Charter deal and green shoots in advertising. A replay of the presentation can be viewed here: https://www.channelchek.com/videos/e-w-scripps-noblecon19-replay.
Favorable sports model. Scripps Sports employs a unique model that offers sports teams wider viewership than the traditional Regional Sports Networks (RSNs) model that is now failing. Management indicated that its two NHL sports licenses for the Arizona Coyotes and the Vegas Golden Knights will account for a 4% point increase in its core advertising in Q4 and 3% for full year 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Patrick Elliott highlighted the company’s award winning machine learning technology and sizeable opportunities for company growth. A replay of the presentation can be viewed at: https://www.channelchek.com/videos/adtheorent-noblecon19-replay.
Favorable growth trends. The company is experiencing a number of favorable growth trends. Notably, the company’s self-service platform was its fastest growing product offering in 2023 and is expected to be a significant driver of growth in 2024. Additionally, the company is well positioned to benefit from the growing usage of Connected TV (CTV) and has sizeable room for growth in its healthcare vertical.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19 highlights. On December 5th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Stuart Rosenstein, CFO, and Claire Yenicay, VP Business Development, highlighted the company’s strong cash flow generating ability of its hyper-local digital and legacy broadcast radio businesses. Notably, the company stands to benefit from high margin political revenue and prospective improved advertising environment in 2024.
Digital growth engine. The company is focused on growing its digital businesses, which have been a catalyst for revenue and cash flow growth for the past several years. In Q3 digital revenues accounted for 52% of total company revenue, and are anticipated to account for a greater percentage in the future. Notably, the company’s fastest growing business segment, programmatic advertising, is benefitting from the rising popularity of CTV.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
14 Dec, 2023, 14:55 ETNEW YORK and LONDON and MUNICH, Dec. 14, 2023 /PRNewswire/ — Travelzoo (NASDAQ: TZOO), a global Internet media company, today announced that the Travelzoo® membership will not be a free service any longer. Beginning January 1, 2024, the annual membership fee will be $40 (fees in other currencies will be approximately the same).
For the existing 30 million Travelzoo members, who have been loyal to Travelzoo, the fee for 2024 will be waived.
IMPORTANT: New members who still join on or before December 31, 2023, will also have the 2024 fee waived.
“For 25 years, Travelzoo’s global team of experts has worked tirelessly to research, negotiate and inform members about the best travel deals around. We have inspired members to travel to places they never imagined they could. And members have saved an estimated $7.5 billion,” said Christina Sindoni Ciocca, Chair of Travelzoo’s Board of Directors.
Holger Bartel, Global CEO and Co-Founder said: “We are passionate about what we do. Travelzoo is the club for travel enthusiasts. With the new membership fee, we will be able to negotiate even better, more exclusive offers than would be possible operating as a free service. This is because many top travel suppliers, including luxury hotels, as well as entertainment companies, only want to provide their best offers to a selective group.”
Christina Sindoni Ciocca added: “We are confident that new members who join from January 1 on will find the Travelzoo membership to be a rewarding investment. Travelzoo is the must-have membership for those who love to travel as much as we do, the true travel enthusiasts.”
About Travelzoo
Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.
NOTICE TO INVESTORS: THE COMPANY DOES NOT MAKE ANY STATEMENTS OR PROJECTIONS FOR FINANCIAL PERFORMANCE. PLEASE SEE DISCLAIMER OF FORWARD-LOOKING STATEMENTS BELOW.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Travelzoo is a registered trademarks of Travelzoo.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Jim Tsai, CEO, and Heidy Chow, CFO, highlighted the success of the recently released Ark: Survival Ascended title and provided notable updates on the product release roadmap heading into 2024.
Strong release. Ark: Survival Ascended is a remastered version of the Ark game with all previously released DLC packages. In the first 30 days following the release of Ark: Survival Ascended, 700 thousand units were sold on Steam and it was the best seller the weekend of the launch.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noblecon19. On December 4th, management presented at Noblecon19 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. The presentation conducted by Caroline Beasley, CEO, Tina Murley, CRO, and Marie Tedesco, CFO, focused on growing digital revenues, improving digital margins and reducing debt.
Digital growth. From Q3 2019 to Q3 2023, the company’s digital revenues have grown at a 23% CAGR, and comprised nearly 19% of total revenues in Q3 2023. Notably, the company has a monthly average digital audience of 13.6 million and its owned and operated assets are viewed as a catalyst for improving digital margins.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
With over 300,000 wishlist additions on Steam, Bellwright is poised to be a game-changer in the survival town building RPG genre
LOS ANGELES, Dec. 08, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, in collaboration with Donkey Crew, proudly presented a new trailer for its upcoming title, Bellwright, at The Game Awards. Renowned for its dedication to showcasing cutting-edge gaming experiences, this showcase comes a week after the exciting announcement of Bellwright’s debut in Steam Early Access in early 2024 and its successful feature on the PC Gaming Show: Most Wanted.
Key Highlights:
Trailer Debut: Snail captivated the audience with the mesmerizing story elements, “You Are The Bellwright” with visually appealing graphics, intricate crafting, and dynamic action and exploration elements. This open-world survival game introduces a medieval setting with a rich and compelling lore, distinguishing itself as a groundbreaking addition to Snail’s portfolio.
Wishlist Milestone: First introduced at the Steam’s Next Fest this summer, now with over 300,000 wishlists on Steam, Bellwright emerges as one of Snail’s most anticipated titles.
Snail’s expertise in the open-world survival gaming niche is exemplified by the strong install base and hours played of the ARK franchise. The unveiling of Bellwright, further underscores Snail’s commitment to pushing the boundaries of open-world survival gaming and solidifies the company’s reputation as a leader in creating immersive and engaging open-world experiences. Bellwright’s medieval backdrop and intricate lore demonstrates the versatility and depth of Snail’s prowess within this gaming genre.
Bellwright Key Features:
Survive and Explore: Engage in a challenging world where gathering, hunting, building, and crafting are essential for survival. Embark on a journey through the land to uncover its secrets and adventures, transcending the oppressive rule of the Crown and its Royal Army.
Conquer and Expand: Rise from a humble camp to become the leader of a rebellion. Strengthen your cause by improving relations with settlements, growing armies, and liberating regions from the Crown’s influence. Gain followers with unique knowledge, unlocking new resources to advance your town’s technologies.
Resource and Town Management: As you free villages from the Crown’s oppression, build, manage, and upgrade your outposts and towns. Organize your workers and train formidable soldiers, fostering the rebellion against the Crown.
Skill-Based Directional Combat: Choose from a diverse array of medieval weapons and armor, honing your unique style in directional combat. From swords and axes to heavy mauls and bows, showcase your skill in battle.
Army Command: Lead your armies strategically, employing cunning tactics to gain an advantage. Customize and train your troops to assert your dominance on the battlefield.
Deep Progression: Enhance your combat and survival skills, train your soldiers, and witness your workers evolve into master craftsmen. Each recruit brings unique knowledge, offering endless growth opportunities.
Story and Roleplay: Unravel family secrets, discover the truth behind the accused murder of the Prince, and navigate the mysteries of the kingdom as you expand your influence.
Early Access on Steam: The game’s Early Access phase on Steam will allow players to shape its development through valuable feedback.
“Bellwright is a testament to our unwavering dedication to crafting exceptional open-world survival experiences. Our success with the ARK franchise serves as a foundation for Bellwright, and we are eager to continue to bring innovation to the genre and share this new and captivating journey with our players.” – Jim Tsai, Chief Executive Officer of Snail, Inc.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms; expectations for future growth and performance; and assumptions underlying any of the foregoing.
Total Digital Revenue(1) was $73M in the quarter, representing 44% of revenue Digital-only subscribers total 721,000, exceeding guidance and up 36% YOY Adjusted EBITDA(2) in line with full year guidance
DAVENPORT, Iowa, Dec. 07, 2023 (GLOBE NEWSWIRE) — Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 75 markets, today reported preliminary fourth quarter fiscal 2023 financial results(3) for the period ended September 24, 2023.
“Our fourth quarter digital subscription results lead the industry by a significant margin, continuing the streak for 16 consecutive quarters. Subscribers to our digital products totaled 721,000, up 36% compared to last year and digital-only subscription revenue accelerated–growing 68% on a Same-store basis(4),” said Kevin Mowbray, Lee’s President and Chief Executive Officer. “Amplified Digital® revenue totaled $24 million in the quarter, leading to an 11% increase over the prior year(4). Total Digital Revenue increased 14% in the quarter(4), and represented 44% of our total operating revenue. The rapid pace of digital growth is driven by our strong execution of our Three Pillar Digital Growth Strategy,” Mowbray added.
“Adjusted EBITDA in the quarter was up 29% sequentially, due to our rapid digital growth and strong cost management execution,” said Mowbray. “Our aggressive cost actions in FY23, as well as the strong performance of our digital revenue streams, will have a favorable impact on FY24 operating results. We anticipate full year FY24 Adjusted EBITDA to be in the range of $83 million to $90 million,” added Mowbray.
“The long-standing industry-leading digital execution gives us even more confidence in our transformation. In fact, the best-in-class performance increases our long-term outlook on digital-only subscribers by one-third to 1.2 million and digital subscription revenue by approximately 50% to more than $150 million. These significant improvements to our long-term outlook demonstrate our confidence in Lee’s digital transformation. We are on a clear path to becoming sustainable solely from the revenue and cash flow from our digital products,” said Mowbray.
Key Fourth Quarter Highlights:
Total operating revenue was $164 million.
Total Digital Revenue was $73 million, a 14% increase over the prior year(4), and represented 44% of our total operating revenue.
Digital-only subscription revenue increased 68% in the fourth quarter compared to the same quarter last year(4) due to a 36% increase in digital-only subscribers and marketing efforts driving price yields. Digital-only subscribers totaled 721,000 at the end of the September quarter.
Digital advertising and marketing services revenue represented 68% of our total advertising revenue and totaled $49 million. Digital marketing services revenue at Amplified Digital® fueled the growth, with quarterly revenue of $24 million.
Digital services revenue, which is predominantly BLOX Digital, totaled $5 million in the quarter.
Operating expenses totaled $156 million and Cash Costs(2) totaled $138 million.
Net loss totaled $1 million and Adjusted EBITDA totaled $30 million.
2024 Fiscal Year Outlook:
Total Digital Revenue
$310 million (+13% YOY) – $330 million (+21% YOY)
Digital-only subscribers
771,000 (+7% YOY)
Adjusted EBITDA
$83 million (-3% YOY) – $90 million (+6% YOY)
Long-Term Outlook (2024 – 2028):
Total Digital Revenue
$450 – $500 million
Digital-only subscribers
1.2 million
Debt and Free Cash Flow:
The Company has $456 million of debt outstanding under our Credit Agreement(5) with BH Finance. The financing has favorable terms including a 25-year maturity, a fixed annual interest rate of 9.0%, no fixed principal payments, and no financial performance covenants.
As of and for the period ended September 24, 2023:
The principal amount of debt totaled $456 million, a reduction of $7 million for the fiscal year.
Cash on the balance sheet totaled $15 million. Debt, net of cash on the balance sheet, totaled $441 million.
Capital expenditures totaled $5 million for the full year. We expect $10 million of capital expenditures in FY24.
For fiscal year 2023, cash paid for income taxes totaled $4 million. We expect cash paid for income taxes to total between $10 million and $15 million in 2024.
We made no pension contributions in the fiscal year.
Conference Call Information:
As previously announced, we will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. The live webcast will be accessible at www.lee.net and will be available for replay 24 hours later. Analysts have been invited to ask questions on the call. Questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
About Lee:
Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 75 markets in 26 states. Year to date, Lee’s newspapers have an average daily circulation of 1.0 million, and our legacy websites, including acquisitions, reach more than 31 million digital unique visitors. Lee’s markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.
FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:
The overall impact the COVID-19 pandemic has on the Company’s revenues and costs;
The long-term or permanent changes the COVID-19 pandemic may have on the publishing industry, which may result in permanent revenue reductions and other risks and uncertainties;
We may be required to indemnify the previous owners of BH Media or The Buffalo News for unknown legal and other matters that may arise;
Our ability to manage declining print revenue and circulation subscribers;
The impact and duration of adverse conditions in certain aspects of the economy affecting our business;
Changes in advertising and subscription demand;
Changes in technology that impact our ability to deliver digital advertising;
Potential changes in newsprint, other commodities and energy costs;
Interest rates;
Labor costs;
Significant cyber security breaches or failure of our information technology systems;
Our ability to achieve planned expense reductions and realize the expected benefit of our acquisitions;
Our ability to maintain employee and customer relationships;
Our ability to manage increased capital costs;
Our ability to maintain our listing status on NASDAQ;
Competition; and
Other risks detailed from time to time in our publicly filed documents.
Any statements that are not statements of historical fact (including statements containing the words “aim”, “may”, “will”, “would”, “could”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “projects”, “considers” and similar expressions) generally should be considered forward-looking statements. Statements regarding our plans, strategies, prospects and expectations regarding our business and industry, including statements regarding the impacts that the COVID-19 pandemic and our responses thereto may have on our future operations, are forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
(70.9
)
1,882
9,716
(80.6
)
Restructuring costs and other
4,552
2,858
59.3
12,673
22,720
(44.2
)
Operating expenses
156,077
198,555
(21.4
)
660,496
761,775
(13.3
)
Equity in earnings of associated companies
2,993
1,446
107.0
6,527
5,657
15.4
Operating income
10,927
(3,472
)
(414.7
)
37,169
24,851
49.6
Non-operating (expense) income:
Interest expense
(10,326
)
(10,292
)
0.3
(41,471
)
(41,770
)
(0.7
)
Curtailment gain
—
—
—
—
1,027
(100.0
)
Pension withdrawal cost
(1,200
)
—
—
(1,200
)
(2,335
)
(48.6
)
Pension and OPEB related benefit (cost) and other, net
162
5,488
(29.9
)
2,420
19,022
(87.3
)
Non-operating expenses, net
(11,364
)
(4,804
)
136.6
(40,251
)
(24,056
)
67.3
Income (loss) before income taxes
(437
)
(8,276
)
NM
(3,082
)
795
(487.7
)
Income tax (benefit) expense
888
(1,666
)
NM
(349
)
698
(150.0
)
Net (loss) income
(1,325
)
(6,610
)
NM
(2,733
)
97
NM
Net income attributable to non-controlling interests
(659
)
(526
)
25.3
(2,534
)
(2,114
)
19.9
Loss attributable to Lee Enterprises, Incorporated
(1,984
)
(7,136
)
NM
(5,267
)
(2,017
)
161.1
Earnings (loss) per common share:
Basic
(0.32
)
(1.23
)
NM
(0.90
)
(0.35
)
NM
Diluted
(0.32
)
(1.23
)
NM
(0.90
)
(0.35
)
NM
DIGITAL / PRINT REVENUE COMPOSITION (UNAUDITED)
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Digital Advertising and Marketing Services Revenue
49,270
49,110
193,173
181,465
Digital Only Subscription Revenue
18,661
11,168
60,700
40,120
Digital Services Revenue
5,020
4,355
19,362
17,955
Total Digital Revenue
72,951
64,633
273,235
239,540
Print Advertising Revenue
23,302
39,931
125,804
184,963
Print Subscription Revenue
58,792
78,541
252,591
313,504
Other Print Revenue
8,966
10,532
39,508
42,962
Total Print Revenue
91,060
129,004
417,903
541,429
Total Operating Revenue
164,011
193,637
691,138
780,969
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
The table below reconciles the non-GAAP financial performance measure of Adjusted EBITDA to net income, its most directly comparable GAAP measure:
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Net (loss) income
(1,325
)
(6,610
)
(2,733
)
97
Adjusted to exclude
Income tax (benefit) expense
888
(1,666
)
(349
)
698
Non-operating expenses, net
11,364
4,804
40,251
24,056
Equity in earnings of TNI and MNI(6)
(2,993
)
(1,446
)
(6,527
)
(5,657
)
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
1,882
9,716
Depreciation and amortization
7,524
9,099
30,621
36,544
Restructuring costs and other
4,552
2,858
12,673
22,720
Stock compensation
421
311
1,806
1,337
Add:
Ownership share of TNI and MNI EBITDA (50%)
3,476
1,676
7,604
6,541
Adjusted EBITDA
30,044
30,081
85,228
96,052
The table below reconciles the non-GAAP financial performance measure of Cash Costs to Operating expenses, the most directly comparable GAAP measure:
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
September 24, 2023
September 25, 2022
Operating expenses
156,077
198,555
660,496
761,775
Adjustments
Depreciation and amortization
7,524
9,099
30,621
36,544
Assets loss (gain) on sales, impairments and other, net
6,137
21,055
1,882
9,716
Restructuring costs and other
4,552
2,858
12,673
22,720
Cash Costs
137,864
165,543
615,320
692,795
The table below reconciles the non-GAAP financial performance measure of Same-Store Revenues to Operating Revenues, its most directly comparable GAAP measure:
Three months ended
Twelve months ended
(Thousands of Dollars)
September 24, 2023
September 25, 2022
Percent Change
September 24, 2023
September 25, 2022
Percent Change
Print Advertising Revenue
23,302
39,931
(41.6
)
125,804
184,963
(32.0
)
Exited operations
(29
)
(6,609
)
NM
(14,595
)
(34,760
)
NM
Same-store, Print Advertising Revenue
23,273
33,322
(30.2
)
111,209
150,203
(26.0
)
Digital Advertising Revenue
49,270
49,110
0.3
193,173
181,465
6.5
Exited operations
(5
)
(370
)
NM
(1,083
)
(964
)
NM
Same-store, Digital Advertising Revenue
49,265
48,740
1.1
192,090
180,501
6.4
Total Advertising Revenue
72,572
89,041
(18.5
)
318,977
366,428
(12.9
)
Exited operations
(34
)
(6,979
)
NM
(15,679
)
(35,724
)
NM
Same-store, Total Advertising Revenue
72,538
82,062
(11.6
)
303,298
330,704
(8.3
)
Print Subscription Revenue
58,792
78,541
(25.1
)
252,591
313,504
(19.4
)
Exited operations
(4
)
(182
)
NM
(382
)
(834
)
NM
Same-store, Print Subscription Revenue
58,788
78,359
(25.0
)
252,209
312,670
(19.3
)
Digital Subscription Revenue
18,661
11,168
67.1
60,700
40,120
51.3
Exited operations
—
—
NM
—
—
NM
Same-store, Digital Subscription Revenue
18,658
11,139
67.5
60,535
39,977
51.4
Total Subscription Revenue
77,453
89,709
(13.7
)
313,291
353,624
(11.4
)
Exited operations
(7
)
(211
)
NM
(547
)
(977
)
NM
Same-store, Total Subscription Revenue
77,446
89,498
(13.5
)
312,744
352,647
(11.3
)
Print Other Revenue
8,966
10,532
(14.9
)
39,508
42,962
(8.0
)
Exited operations
—
(7
)
NM
(10
)
(82
)
NM
Same-store, Print Other Revenue
8,966
10,525
(14.8
)
39,498
42,880
(7.9
)
Digital Other Revenue
5,020
4,355
15.3
19,362
17,955
7.8
Exited operations
—
—
NM
—
—
NM
Same-store, Digital Other Revenue
5,020
4,355
15.3
19,362
17,955
7.8
Total Other Revenue
13,986
14,887
(6.1
)
58,870
60,917
(3.4
)
Exited operations
—
(7
)
NM
(10
)
(82
)
NM
Same-store, Total Other Revenue
13,986
14,880
(6.0
)
58,860
60,835
(3.2
)
Total Operating Revenue
164,011
193,637
(15.3
)
691,138
780,969
(11.5
)
Exited operations
(41
)
(7,197
)
NM
(16,236
)
(36,783
)
NM
Same-store, Total Operating Revenue
163,970
186,440
(12.1
)
674,902
744,186
(9.3
)
NOTES
(1) Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified Digital®), digital-only subscription revenue and digital services revenue.
(2) The following are non-GAAP (Generally Accepted Accounting Principles) financial measures for which reconciliations to relevant GAAP measures are included in tables accompanying this release:
Adjusted EBITDA is a non-GAAP financial performance measure that enhances financial statement users overall understanding of the operating performance of the Company. The measure isolates unusual, infrequent or non-cash transactions from the operating performance of the business. This allows users to easily compare operating performance among various fiscal periods and how management measures the performance of the business. This measure also provides users with a benchmark that can be used when forecasting future operating performance of the Company that excludes unusual, nonrecurring or one-time transactions. Adjusted EBITDA is a component of the calculation used by stockholders and analysts to determine the value of our business when using the market approach, which applies a market multiple to financial metrics. It is also a measure used to calculate the leverage ratio of the Company, which is a key financial ratio monitored and used by the Company and its investors. Adjusted EBITDA is defined as net income (loss), plus non-operating expenses, income tax expense, depreciation and amortization, assets loss (gain) on sales, impairments and other, restructuring costs and other, stock compensation and our 50% share of EBITDA from TNI and MNI, minus equity in earnings of TNI and MNI.
Cash Costs represent a non-GAAP financial performance measure of operating expenses which are measured on an accrual basis and settled in cash. This measure is useful to investors in understanding the components of the Company’s cash-settled operating costs. Periodically, the Company provides forward-looking guidance of Cash Costs, which can be used by financial statement users to assess the Company’s ability to manage and control its operating cost structure. Cash Costs are defined as compensation, newsprint and ink and other operating expenses. Depreciation and amortization, assets loss (gain) on sales, impairments and other, other non-cash operating expenses and other expenses are excluded. Cash Costs also exclude restructuring costs and other, which are typically paid in cash.
(3) This earnings release is a preliminary report of results for the periods included. The reader should refer to the Company’s most recent reports on Form 10-Q and on Form 10-K for definitive information.
(4) Same-store revenues is a non-GAAP performance measure based on GAAP revenues for Lee for the current period, excluding exited operations. In 2023, exited operations include (1) businesses divested and (2) the elimination of stand-alone print products discontinued within our markets.
(5) The Company’s debt is the $576 million term loan under a credit agreement with BH Finance LLC dated January 29, 2020 (the “Credit Agreement”). Excess Cash Flow is defined under the Credit Agreement as any cash greater than $20,000,000 on the balance sheet in accordance with GAAP at the end of each fiscal quarter, beginning with the quarter ending June 28, 2020.
(6) TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI.
