Journal Radio Revs Up 6% In Q4, 4.8% In 2010
Chairman/CEO Now Thinking Station Acquisition
February 15, 2011 at 10:59 AM (PT)
JOURNAL COMMUNICATIONS had good news to report, revenue-wise as Q4 TV station revenue jumped 32.1% to $37.4 million, while radio revenue increased 6.2%. Combined, broadcast operations rose a 22.1%.
For the entire 2010, JOURNAL brought in $376.8 million, up 3.1%; as revenue from its 33 radio stations rose 4.8% and income from its 11 TV station increased 18.7%
"Overall for the quarter, revenue of $103.7 million increased 7.8% and operating earnings increased 22.6% to $18.8 million," Chairman/CEO STEVEN SMITH said. "Broadcast political and issue advertising of $9.4 million contributed to our strong fourth quarter results. Excluding political and issue advertising, broadcast revenue grew 5.0% driven by the continued rebound in automotive advertising, up 16% in the quarter. While publishing revenue was down for the year, the rate of decline slowed as the year progressed with the fourth quarter down 5.5% from the fourth quarter last year. We continue to see declines in key advertising categories including classifieds. However, we saw a 10.5% increase in digital revenue at the daily newspaper.
"Looking ahead to 2011, in broadcast, our top priority is to grow our share of revenue in each market," he continued. "Our priority in publishing is to continue to provide a relevant, high-impact daily newspaper while enhancing and building our digital business. We will continue to seek in-market growth opportunities in traditional or digital media, make capital investments that drive growth and look for new market broadcast acquisitions."