Journal Communications Reports Third-Quarter Results
October 25, 2012 at 7:11 AM (PT)
JOURNAL COMMUNICATIONS has announced results for its third quarter ended SEPTEMBER 23th, 2012. The highlights:
* Revenue of $97.8 million, up 11.4%; television revenue up 39.5%
* Core broadcast revenue -- excluding political, issue and Olympic advertising revenue -- up 5.5%
* Operating earnings of $13.6 million, up 67.7%
* Diluted EPS of $0.14 or $0.16 excluding publishing workforce reduction charges, building impairment and acquisition and integration-related costs; up from $0.07
* Agreement to purchase NASHVILLE CBS affiliate NewsChannel 5 - WTVF-TV, from LANDMARK MEDIA ENTERPRISES, LLC, pending FCC approval
* Closed purchase of TULSA radio stations KHTT and KBEZ from RENDA BROADCASTING CORPORATION for $11.7 million in cash
* Repurchased all outstanding class C shares for $6.2 million in cash and issuance of $25.6 million of unsecured subordinated debt
* Total debt outstanding of $54.6 million compared to $41.3 million at year-end 2011.
"JOURNAL COMMUNICATIONS had a strong third quarter with consolidated revenue up more than 11% driven largely by political and issue advertising in our television business," said Chairman/CEO STEVEN J. SMITH. "Broadcast revenue was up 25% primarily driven by political and issue advertising, but also due to the successful SUMMER OLYMPICS on our NBC stations and core revenue growth. While our publishing business saw revenue decline just over 4%, we reported positive growth in key categories including retail ROP advertising, circulation, and commercial print. These revenue increases drove a 68% increase in consolidated operating earnings."