Journal Revenues Up In Fourth Quarter
March 8, 2013 at 4:13 AM (PT)
With a boost from political revenue, JOURNAL COMMUNICATIONS fourth-quarter 2012 revenue rose 31% to $124.5 million, with a 91.9% jump in operating earnings to $27.2 million and net earnings up 83.6% to $15.1 million (basic and diluted earnings per share of 30 cents). A caveat is that fourth quarter 2012 included an extra week and the company added CBS affiliate WTVF (TV) (NEWSCHANNEL 5)/NASHVILLE to its portfolio and added two TULSA radio stations in JUNE.
Broadcasting division revenue increased 52.9% to $77.9 million. Radio revenue increased 14.6% to $22.1 million, with same-station revenue up 1.5%, local revenue up 4.4% and national revenue down 8.4%.
“JOURNAL COMMUNICATIONS posted excellent results in the fourth quarter with consolidated revenue of $124.5 million, up 31%, led by record political spending in the Broadcast group” said Chairman/CEO STEVEN J. SMITH. “In addition to the record political advertising revenue in 2012, we saw core advertising growth in television and radio and moderating revenue declines in Publishing. For the full year, consolidated revenue was $400.0 million, up 12% over 2011.
“2012 was an important year strategically as well. We closed on the purchase of NEWSCHANNEL 5, an exceptional TV station in NASHVILLE and reached an agreement to purchase WNOX, which will add to our successful KNOXVILLE radio cluster. We also bought WACY-TV in APPLETON, WI, strengthening our duopoly in the GREEN BAY market. Finally, we successfully repurchased all of our class C common shares and amended and extended our credit facility.
“Our team should be congratulated on a very productive year as they advanced the JOURNAL brand and prepared our local markets for continued success.”
The company is projecting first quarter 2013 same station revenue excluding political to rise in the mid-single digits year-to-year.