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.