Journal Communications Radio Revs Down In Q4
March 4, 2014 at 6:51 AM (PT)
- Revenue of $107.4 million, down 12.1%; up 11.0% excluding political and the extra week.
- Political of $0.4 million, compared to $19.9 million in 2012.
- Television revenue, down 15.5%; up 10.6% on a same-station basis excluding political and the extra week.
- Radio revenue down 7.2%; up 0.6% on a same-station basis excluding political revenue and the extra week.
- Subsequent to the end of the quarter, sold PALM SPRINGS television stations, approximate gain of $10.2 million in the first quarter of 2014.
- Operating earnings of $19.9 million, down 24.4% on lower political revenue.
- Diluted EPS of $0.22, down from $0.30 in 2012.
- Successfully renegotiated four retransmission consent agreements covering approximately 37% of our subscriber base.
“JOURNAL COMMUNICATIONS delivered a solid fourth quarter in a non-political year, driven by gains in core revenue in our broadcast group and improving advertising revenue trends in publishing. Revenue from NEWSCHANNEL 5 in NASHVILLE, acquired in DECEMBER 2012, helped us replace some of the record political advertising dollars we recorded in the fourth quarter last year. Consolidated revenue of $107.4 million was up 11% compared to 2012, excluding the extra week and political revenue in 2012,” said Chairman/CEO STEVEN J. SMITH.