Journal Comm Revs Down 21.9% In Q2
July 21, 2009 at 5:55 AM (PT)
JOURNAL COMMUNICATIONS, INC. has released results for its second quarter ended JUNE 28th, 2009.
For the second quarter, revenue of $109.4 million decreased 21.9% compared to $140.1 million. The operating loss of $10.0 million included a $19.0 million non-cash impairment charge for their broadcast licenses and a $1.7 million gain related to insurance proceeds from their WICHITA tower replacement. Excluding these items, operating earnings of $7.3 million compared to $16.6 million, a decrease of 56.0%. The net loss of $4.8 million compares to net earnings of $9.0 million.
"While the advertising environment remains challenged, we recorded positive operating earnings in the second quarter excluding the $19.0 million non-cash impairment charge. We were also able to reduce debt by $22 million in the second quarter to bring our total debt down to $178 million," said Chairman/CEO STEVEN J. SMITH. "We have been able to trim our debt by $37 million in the first two quarters of 2009. We continue to aggressively cut expenses in the face of reduced revenue."