Journal Radio Revenues Off For Q3
October 23, 2007 at 6:33 AM (PT)
JOURNAL COMMUNICATIONS third quarter radio revenue fell 2.3% to $22.5 million (same station off 0.5%), with operating earnings off 14.5% (11.7% same station) to $6.3 million. The drop contributed to an overall revenue decrease of 5.6% to $144.4 million, but overall earnings rose 3.1% to $12.6 million (20 cents/share, including a $825,000 tax reserve adjustment and a $430,000 net insurance settlement). The company noted revenue and earnings growth at ts BOISE, KNOXVILLE, SPRINGFIELD, and TULSA radio clusters.
Isolating SEPTEMBER, JOURNAL radio revenue fell 5.1% (same station off 3.2%) to $8.96 million, blamed on the loss of $170,000 on political and issue advertising revenue.