Journal Communications Q4 Radio Revenue Off 10%
February 11, 2010 at 4:32 PM (PT)
JOURNAL COMMUNICATIONS fourth-quarter radio revenue fell 10% year-to-year to $17.8 million, with adjusted operating earnings off 8.3% to $3.9 million. Overall revenue, including the company's newspaper and TV operations, dropped 16.4% to $112.2 million. Excluding one-time charges, net earnings per share rose from 12 to 14 cents. EBITDA increased 26.4% to $23.8 million.
"In a year where revenue has been challenged, we closed 2009 with our strongest quarter. We showed sequential improvements in revenue comparisons throughout the quarter, including an improving automotive category," said Chairman/CEO STEVEN J. SMITH. "This revenue performance, together with significant, and in many cases permanent reductions in our cost structure, resulted in increased operating margins and net earnings for the quarter.
"Our focused financial discipline allowed us to generate nearly $77 million in cash from operations for the year. We reduced debt by more than $20 million in the quarter and $63 million for the year, enhancing our financial flexibility.
"As we move into the first quarter of 2010, we expect revenue comparisons to continue to improve, helped by Olympic and political advertising. We will remain diligent on cost controls and will continue to execute our local market business strategy in order to position Journal for a return to topline growth."