Journal Reports Radio Revenues Up 3.5%
November 1, 2013 at 3:57 AM (PT)
JOURNAL COMMUNICATIONS has announced results for its third quarter ended SEPTEMBER 29th, 2013. The company reports revenue of $97.7 million, down 0.1%. Other highlights:
• Broadcast revenue -- excluding political, Olympic and NASHVILLE NewsChannel 5 revenue -- up 5.0%
• Political and Olympic revenue of $0.4 million compared to $11.6 million
• Publishing revenue, excluding northern WI community publications sold in DECEMBER 2012, up 2.3%
• Daily newspaper retail revenue up 7.5% -- total advertising revenue up 4.8%
• Operating earnings of $9.5 million, down 29.7% driven by lower political and Olympic advertising
• Diluted EPS of $0.09; down from $0.14
For the third quarter, revenue from radio stations increased 3.5% to $20.6 million, or 4.9% excluding political revenue. Radio political advertising revenue was $0.1 million compared to $0.3 million. Local advertising revenue increased 4.3%, primarily due to increases in professional services, retail and medical advertising. National advertising revenue decreased 4.9%, mostly due to declines in media, professional services and restaurant advertising. Operating earnings from radio stations were $3.5 million compared to $3.0 million, an increase of 16.3%. Radio operating expenses increased 1.3% driven by higher employee-related costs and higher broadcast rights fees. Excluding a building impairment charge recorded in 2012 and acquisition expenses in both years, operating expenses increased 3.7%.
"JOURNAL COMMUNICATIONS had a solid third quarter, driven by continued improving advertising revenue trends in publishing, as well as revenue gains in our broadcast group. Total revenue of $97.7 million was essentially flat compared to 2012 which had record political and Olympic spending," said Chairman/CEO STEVEN J. SMITH.