Journal Q2 Shows Revenue, Earnings Increases
August 8, 2014 at 3:59 AM (PT)
JOURNAL COMMUNICATIONS, INC. second-quarter 2014 net revenue rose 4.9% to $104.7 million, with the radio segment up 1.6% to $20.2 million. For radio, political advertising was flat at $100,000, with local ad revenue excluding political up 2.3%, credited to the home products and automotive categories. Digital revenue (reported in local revenue) was up 14.1% to $800,000.
National ad revenue, on the other hand, fell 6.3% due to lower automotive and restaurant ad revenues.
Total operating earnings jumped 34.4% in the quarter to $17.4 million, paced by a 52% increase for television; radio was up 6.2% to $4.1 million, while publishing fell 14.1% to $2.6 million. Net earnings rose 57.9% to $10.4 million (21 cents/share).
Chairman/CEO STEVEN J. SMITH said, “Last week, JOURNAL COMMUNICATIONS announced an exciting transaction with THE E.W. SCRIPPS COMPANY, where together we will create two publicly traded media businesses that will continue to serve their communities with a commitment to integrity, excellence, and enterprise journalism. Today, we are focused on the second quarter of 2014 and we are pleased to report that JOURNAL COMMUNICATIONS revenue of $105 million grew nearly 5%, benefiting from the continued growth in television retransmission revenue. Digital revenue growth of 10% and radio revenue growth in the quarter were also encouraging. Increased revenue drove an operating earnings increase of 34% in the quarter. Earnings per share were $0.21 compared to $0.13 last year.”
JOURNAL expects radio to increase in the low-single digits (excluding political) for third quarter.