Journal Comm Revs Down 20.4% For Q1
April 22, 2009 at 6:45 AM (PT)
JOURNAL COMMUNICATIONS reported that for the first quarter, revenue of $106.8 million decreased 20.4% compared to $134.3 million. The operating loss was $0.6 million compared to operating earnings of $12.6 million. The net earnings of $0.1 million compares to net earnings of $6.7 million, which included $0.4 million of earnings from discontinued operations.
"The difficult economic environment and continuation of reduced advertising spending across all of our local markets impacted our revenue in the first quarter," said JOURNAL COMMUNICATIONS Chairman/CEO STEVEN J. SMITH. "Publishing revenue was down 20.7% and broadcasting revenue was down 20.5% in the quarter. We continue to be focused on finding additional efficiencies in our businesses, as well as driving revenue initiatives. We anticipate that the economic challenges we are facing today will persist into the second quarter and throughout 2009; therefore, initiatives like our 6% across-the-board compensation reductions are difficult but necessary measures."