In its initial earnings report after being spun out of Newcastle Investment (NCT), New Media (NEWM) shows Q4 revenue of $160.4M and adjusted EBITDA of $34.1M, an increase of 11.3% on a same-store basis. Digital revenue of $13.4M up 11.9%, with Propel Marketing contributing $2.1M to digital.
Operating expenses of $9.9M fell 7.3% on a same-store basis.
Distributable cash flow per share for Q4 of $0.90; full year of $2.17.
CEO Michael Reed notes $26.2M of operating expense savings for the full year. "We hope to continue to acquire strategic media assets. Most recently, on March 3, we announced the acquisition of a community newspaper group in Victorville, CA. We believe there will be many similar compelling acquisition opportunities in the future."
CC at 10 ET