Journal Radio Revenue Up For Second Quarter
August 1, 2013 at 4:03 AM (PT)
JOURNAL COMMUNICATIONS, INC. second quarter revenue increased 6% to $101.2 million, with broadcasting revenue (television and radio) up 15.3% to $62.9 million, or 6.1% on a same-station basis, excluding political.
Revenue from radio stations increased 2.3% to $19.9 million, or 4.7% excluding political revenue. Operating earnings from radio stations fell 13.8% to $3.8 million (off 19% excluding acquisition costs). Overall operating earnings fell 2.6% to $13.1 million. Net earnings per share were flat at 13 cants.
"JOURNAL COMMUNICATIONS had a solid second quarter, driven by revenue gains in our broadcast group, as well as improving advertising revenue trends in publishing. Total revenue of $101.2 million was up 6% year over year," said STEVEN J. SMITH, Chairman and CEO. "Operating earnings decreased 2.6% as lower political revenue offset operating earnings increases in broadcast, driven by NEWSCHANNEL 5 in NASHVILLE, as well as higher earnings at our daily newspaper.
"Within the Broadcast group, we continue to see core revenue growth. On a same-station basis and excluding political advertising, revenue was up 6%, with television up 7% and radio up 5%.
"On the publishing side of the business, we continue to align costs with revenue. An emphasis on cost savings, coupled with improved revenue, drove second quarter operating earnings for the MILWAUKEE JOURNAL SENTINEL of $2.7 million, up nearly 36% year over year."