Journal Profits Down Nearly 30% In Q1
April 25, 2006 at 2:37 PM (PT)
JOURNAL COMMUNICATIONS today reported that Q1 net income dropped nearly 30% to $12.3 million (17 cents per share) -- down from $17.4 million (23 cents) a year ago -- on a revenue increase of 2.6% to $189.1 million.
In other JOURNAL news, the company said today that it plans to spin off its telecommunications subsidiary, NORLIGHT TELECOMMUNICATIONS INC., to its shareholders. In a statement, JOURNAL said the spin-off, aimed at setting up two independent companies focused on their core businesses, will be completed in up to 6 months through a pro-rata distribution of NORLIGHT's shares to JOURNAL shareholders. NORLIGHT is expected to apply for a listing on the Nasdaq Global Market.
Lastly, the company has announced the authorization of a repurchase of up to 5 million additional shares of its stock over the next 19 months. JOURNAL bought back more than 836,000 shares in Q1.