Print
Email
/ 04.20.2010 12:00AM
Journal Broadcast Revenues Rise
MILWAUKEE: Shares of Journal Communications rose today on
the media company’s first-quarter results. Shares climbed 13 percent to more
than $6 by mid-afternoon.
Journal’s publishing, printing and broadcast operations yielded consolidated
revenues of $98.5 million, down 3 percent from $101.5 million last year. Net
earnings were $5.3 million compared to $121,000 last year. Earnings per share
were 9 cents compared to analyst expectations of 7 cents.
Journal’s 13 TV stations (plus one under local marketing agreement) generated
$28.4 million compared to $26 million in 1Q09. Operating profit was $5.1
million compared to $600,000 a year ago.
The TV stations are part of Journal’s broadcast division that includes 33 radio
stations. The full division posted $7.7 million in operating profit on $42.6
million in revenues, up from $1.7 million on $39.2 million.
Local ad revenues were up less than 1 percent; national feel by 2.3 percent.
Olympics generated $2.2 million for the division. Total political was $700,000
versus $100,000 last year. Retransmission consent contributed $1.6 million
versus $1.3 million a year ago.
Journal (NYSE: JRN) reduced its debt by $16.7 million in the quarter, after
paying it down by $63 million in 2009. Cash and equivalents as of March 28
totaled $2.6 million. Long-term bank debt was $134.6 million.
--
Deborah D. McAdams
February 11, 2010: “Journal Communications
Swings to Profit”
Shares of Journal Communications posted a 13 percent gain today as the company
swung to a fourth-quarter profit on lower revenues.
Print
Email
Thursday 12:00AM
Broadcasters File Suit Against FCC’s Political File Rules
“The FCC decision to put the political files online will bring broadcasters into the 21st century, and will make already public information more easily accessible to everyone.” Free Press Senior Policy Counsel Corie Wright.