Daily Journal Corporation Announces Financial Results For The Six Months Ended March 31, 2010
Consolidated revenues of Daily Journal Corporation (NASDAQ:DJCO) were $18,968,000 and $19,463,000 for the six months ended March 31, 2010 and 2009, respectively. This decrease of $495,000 was primarily from declines in display advertising revenues of $409,000, classified advertising revenues of $238,000 and circulation revenues of $238,000, partially offset by an increase in public notice advertising revenues of $1,086,000. The Company continued to benefit from the large number of foreclosures in California and Arizona, for which public notice advertising is required by law.
During the six months ended March 31, 2010, consolidated pretax income increased by $568,000 (10%) to $6,166,000 from $5,598,000 in the six months ended March 31, 2009. The Company’s traditional business segment pretax profit increased by $930,000 to $6,511,000 from $5,581,000 primarily because of the increase in trustee foreclosure notices. Sustain’s business segment pretax loss increased to $345,000 from a pretax profit of $17,000 because of a decrease in consulting revenues from governmental agencies.
At March 31, 2010, the Company held marketable securities valued at $59,862,000, including unrealized gains of $39,436,000. It accrued a liability of $14,986,000 for income taxes due only upon the sales of the appreciated securities. All the marketable securities are common stocks of two Fortune 200 companies and certain bonds of a third, and almost all of the unrealized gains were in the common stocks.
Consolidated net income was $3,816,000 and $3,443,000 for the six months ended March 31, 2010 and 2009, respectively. Net income per share increased to $2.76 from $2.42.
|Reportable Segments||Total Resultsfor both Segments|
|Six months ended March 31, 2010|
|Pretax income (loss)||6,511,000||(345,000||)||6,166,000|
|Income tax benefit (expense)||(2,480,000||)||130,000||(2,350,000||)|
|Net income (loss)||4,031,000||(215,000||)||3,816,000|
|Six months ended March 31, 2009|
|Income tax expense||(2,150,000||)||(5,000||)||(2,155,000||)|
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