Journals Radio Revenues Up 3.1% In Q3
October 21, 2010 at 4:25 AM (PT)
JOURNAL COMMUNICATIONS has announced results for its third quarter ended SEPTEMBER 26th, 2010. Highlights include revenues of $101.6 million, up 1.7% from Q3, 2009 Television revenue up 22.3%, Radio revenue up 3.1% from Q3, 2009 Operating earnings of $11.0 million, up 172.4% from Q3, 2009 Operating margin of 10.9%, up from 4.1% in Q3, 2009 Diluted EPS from continuing operations of $0.11, up from $0.03 in Q3, 2009 Cash provided by operating activities of $47.9 million year-to-date compared to $54.3 million for three quarters of 2009 Notes payable to banks of $112.4 million, down almost $39.0 million from year end 2009
For the third quarter, broadcasting revenue increased 14.2% to $48.5 million compared to $42.5 million. National advertising revenue increased 23.5% primarily due to an increase in automotive advertising. Local advertising revenue, excluding political and issue advertising, was essentially flat. Total broadcast political and issue advertising revenue was $4.7 million compared to $0.6 million. Retransmission revenue was $1.7 million compared to $1.2 million. Broadcasting operating earnings of $10.0 million increased 123.6% compared to $4.5 million primarily due to the increase in revenue.
For the third quarter, revenue from radio stations increased 3.1% to $18.5 million from $18.0 million. Radio political and issue advertising revenue was $0.4 million compared to $0.1 million. Operating earnings from radio stations were $4.5 million compared to $4.0 million. Radio operating expenses increased 0.4%.