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Risks Associated with Coronavirus (COVID-19) Pandemic
−Removed: The Company’s business is likely to be materially and adversely affected by an epidemic or pandemic such as COVID-19, or by a similar event or the fear of such an event, and the measures that governmental authorities implement to address it.
+Added: The Company ’
+Added: s business is likely to be materially and adversely affected by an epidemic or pandemic such as COVID-19, or by a similar event or the fear of such an event, and the measures that governmental authorities implement to address it.
As COVID-19 began to spread in March and April 2020, and again more recently, governmental authorities and health officials implemented numerous unprecedented measures to contain the virus, including “stay at home”
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In addition, the Company relies on its portfolio of marketable securities for dividend income and balance sheet support, and the value of the portfolio can be materially affected by declines in stock prices, particularly among the common stocks of the three U.S.
−Removed: financial institutions that make up a substantial portion of the portfolio.
+Added: financial institutions and one foreign manufacturer that make up a substantial portion of the portfolio.
Due to the uncertainties associated with the duration and severity of an event like COVID-19, the efforts to contain it, and the changes in business operations and personal behaviors that are likely to follow from it, it is difficult to estimate the magnitude of its impact on the Company’s business in future periods, but it could materially affect the Company’s operations, staffing levels, financial condition, liquidity and cash flows going forward.
−Removed: Also, while the vast majority of the Company’s employees are currently working from home effectively, a resurgence in serious COVID-19 infections could cause the Company to experience a lack of availability of employees to perform key job functions at particular points in time. 
−Removed: Risks Associated with t he Traditional Business
−Removed: A continuing reduction in the number of residential foreclosures in California and Arizona will result in fewer trustee sale notices being published in the Company’s newspapers.
−Removed: For several years, the revenues of The Traditional Business were driven by the large number of foreclosures in California and Arizona, for which public notice advertising is required by law.
−Removed: With improvements in the economy, the number of foreclosures continued to decline in 2020.
−Removed: We expect this trend to continue, and it will significantly and adversely impact the earnings of The Traditional Business because it will be impractical for the Company to offset the expected revenue loss with expense reductions.
+Added: Also, while the vast majority of the Company’s employees are currently working from home effectively, a resurgence in serious COVID-19 infections could cause the Company to experience a lack of availability of employees to perform key job functions at particular points in time.
+Added: Risks Associated with the Traditional Business
Changes in the legal requirement to publish public notice advertising or in the legal ability of our newspapers to publish those notices would have a significant adverse impact on The Traditional Business.
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These trends are expected to continue and would adversely affect The Traditional Business.
+Added: The Company has contracted with a third-party agency to sell display advertising for the Company.
Circulation revenues have continued to decline as more and more information has become available online.
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The Company currently does not have a contract with any paper supplier, and in the past, shortages of newsprint have sometimes resulted in higher prices.
−Removed: The price of newsprint did not increase in fiscal 2020, but we anticipate future increases.
+Added: Recently, there have been consolidations of newsprint suppliers, and paper prices may fluctuate substantially in the future.
The Traditional Business uses the U.S.
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Risks Associated with Our Holdings of Marketable Securities
−Removed: A large portion of the Company’s assets is held in publicly traded securities, and the prices of those securities may decline.
+Added: A large portion of the Company ’
+Added: s assets is held in publicly traded securities, and the prices of those securities may decline.
As of September 30, 2021, the Company held marketable securities worth approximately $347,573,000, with an unrealized gain for financial statement purposes of $244,093,000.
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The value of these securities could decline, which would adversely affect net income and shareholders’
−Removed: Also, as of September 30, 2020, the Company’s holdings of marketable securities were concentrated in just five companies and included one based in foreign currency.
−Removed: Accordingly, a significant decline in the market value and unfavorable changes in the foreign exchange rates of one or more of the Company’s holdings may not be offset by hypothetically better performance of other holdings.
+Added: Also, as of September 30, 2021, the Company’s holdings of marketable securities were concentrated in just seven companies.
+Added: Accordingly, a significant decline in the market value of one or more of the Company’s holdings may not be offset by hypothetically better performance of other holdings.
This concentration of risk may result in a more pronounced effect on net income and shareholders’
The Company is required to recognize losses in a particular security for financial statement purposes even though the Company has not actually sold the security.
−Removed: Under new accounting rules that became effective in fiscal 2019, changes in the unrealized gains and losses on investments are now included in the Company’s reported net income (loss), even though the Company has not actually realized any gain or loss by selling such investments.
+Added: Under accounting rules that became effective in fiscal 2019, changes in the unrealized gains and losses on marketable securities are included in the Company’s reported net income (loss), even though the Company has not actually realized any gain or loss by selling such marketable securities.
Accordingly, changes in the market prices of the Company’s marketable securities can have a significant impact on the Company’s reported results for a particular period, even though those changes do not bear on the performance of the Company’s operating businesses.
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When it does, the Company may be at risk for significant fluctuations in the applicable foreign currency exchange rates, which would affect the profitability of such marketable securities.
+Added: The Company currently owns one such investment that is denominated in Hong Kong Dollar.
General Corporate Risks
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He is also the president, chief executive officer, chief financial officer and secretary of Journal Technologies.
−Removed: Salzman has started delegating certain of his duties to other managers, it is unlikely that the Company could find a single replacement to perform the rest of the duties now handled by him, and it could have a significant adverse effect on the Company’s business.
−Removed: The Company does not carry key man life insurance, nor has it entered into an employment agreement with Mr.
−Removed: Changes in accounting guidance could have a significant effect on the Company’s reported financial results.
+Added: Salzman has started transitioning and delegating certain of his duties to other managers, a sudden loss of Mr.
+Added: Salzman’s services would be challenging for the Company given the number of roles he fills for both The Traditional Business and Journal Technologies.
+Added: Changes in accounting guidance could have a significant effect on the Company ’
+Added: s reported financial results.
Preparing consolidated financial statements requires the Company’s management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses.
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A change in the accounting guidance with respect to one or more of these areas could materially affect the Company’s reported financial results.
−Removed: As noted above, beginning in fiscal 2019, changes in unrealized gains (losses) on investments are included in the Company’s net income (loss) and thus may have a significant impact on the Company’s reported results depending on the fluctuations of the prices of the marketable securities owned by the Company.
−Removed: We cannot be sure that customer information and systems are fully protected against security breaches. 
+Added: As noted above, beginning in fiscal 2019, changes in unrealized gains (losses) on marketable securities are included in the Company’s net income (loss) and thus may have a significant impact on the Company’s reported results depending on the fluctuations of the prices of the marketable securities owned by the Company.
+Added: We cannot be sure that customer information and systems are fully protected against security breaches.
Journal Technologies’
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.