Journal Communications Q3 Revenue Up
October 31, 2014 at 3:56 AM (PT)
JOURNAL COMMUNICATIONS, INC. third quarter 2014 radio revenue rose 5.1% to $21.6 million, contributing to an 8.5% boost in overall revenue to $105.1 million. Television revenue jumped 22.8% to $47.9 million, and digital revenue rose 9.9% to $5 million. Net earnings grew 54.5$ to $7 million (14 cents/basic and diluted share).
In the radio sector, local ad revenue (minus political) rose 3.3% to $18.5 million, led by automotive and medical advertising. National was off 1.6%. Political revenue rose 400% to $400,000.
Chairman/CEO STEVEN J. SMITH said, "We are pleased to report that JOURNAL COMMUNICATIONS third quarter revenue of $105 million grew more than 8%, driving an operating earnings increase of 40%. Earnings per share in the quarter were $0.14 compared to $0.09 last year. JOURNAL benefitted from continued growth in television retransmission revenue along with significant political and issue advertising spending in a number of our markets. Our focused broadcast sales efforts grew both television and radio revenue, excluding retransmission and political, by approximately 3% and drove television and radio digital revenue up 22% and 31%, respectively.
"Publishing experienced a soft quarter due to lower retail and classified spending and circulation volume declines. A publishing expense reduction initiative in the fourth quarter will create a lower expense base in the business going forward.
"JOURNAL COMMUNICATIONS continues to work with THE E.W. SCRIPPS COMPANY to complete our previously announced transaction. We expect to close the transaction in the first half of 2015."
The company's fourth quarter guidance is for radio (excluding political) to increase revenue in the low-single digits.