Journal Q1 Revenue Rises Overall, But Radio Drops
April 30, 2014 at 4:07 AM (PT)
JOURNAL COMMUNICATIONS first quarter 2014 revenue rose 3.7% to $96.6 million, pushing operating earnings up 43.7% to $12 million and net earnings from continuing operations rose 67% to $6.2 million (8 to 12 cents/share).
Radio revenue, on the other hand, fell 4% to $15.2 million, with radio operating earnings also falling 11.9% to $2.1 million; local radio advertising took a 3.2% hit due to decreases in restaurant and financial advertising (digital, included in the local figure, rose 7.8% to $600,000), while national advertising excluding political revenue was off 18% due to decreases in automotive and financial advertising.
Chairman/CEO STEVEN J. SMITH said, “We are pleased to report that JOURNAL COMMUNICATIONS revenue grew nearly 4% in the first quarter benefiting from the WINTER OLYMPICS and growth in television retransmission revenue. In addition, publishing advertising revenue was essentially flat for the quarter ... Earnings per share from continuing operations were $0.12 compared to $0.08 last year. In addition, the sale of our PALM SPRINGS stations added an additional $0.12 per share from discontinued operations in the quarter.”