Journal Q2 Revenues Off, Same-Station Radio Revenues Up
July 23, 2007 at 5:32 AM (PT)
JOURNAL COMMUNICATIONS second quarter revenue from continuing operations decreased 4.3% to $147.5 million. Net earnings fell from $15.2 million to $14.2 million (22 cents/share), which included a $1.4 million net gain in 2007 related to the sale of discontinued operations. Second quarter radio revenue fell 0.5% to $22 million, but on a same-station basis (excluding two stations sold in the interim), radio revenue increased 1.6%. Operating earnings from radio stations of $5.3 million decreased 22.7% (same-station basisoff 19.8%).
JUNE radio revenue fell 3.9% to $8.73 million, dropping 2.1% on a same-station basis. The company's overall JUNE revenue from continuing operations rose 1.8% to $39.39 million, with newspaper revenue increases offsetting radio and TV declines.
The company anticipates third quarter revenue to fall slightly based on the loss of political advertising and the sale of two stations.