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Daily Journal Corporation Announces Financial Results For The Nine Months Ended June 30, 2010

Consolidated revenues of Daily Journal Corporation (NASDAQ:DJCO) were $28,437,000 and $30,315,000 for the nine months ended June 30, 2010 and 2009, respectively. This decrease of $1,878,000 was primarily from declines in display advertising revenues of $528,000, classified advertising revenues of $269,000 and circulation revenues of $592,000, partially offset by an increase in public notice advertising revenues of $772,000. 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 nine months ended June 30, 2010, consolidated pretax income decreased by $253,000 (3%) to $9,130,000 from $9,383,000 in the nine months ended June 30, 2009. The Company’s traditional business segment pretax profit increased by $509,000 to $9,860,000 from $9,351,000 primarily because of an increase in the number of trustee foreclosure notices that were published in the Company’s newspapers and a decrease in costs and expenses. Sustain’s business segment pretax loss increased to $730,000 from a pretax profit of $32,000 primarily because of a decrease in consulting revenues from governmental agencies.

At June 30, 2010, the Company held marketable securities valued at $50,833,000, including unrealized gains of $30,406,000. It accrued a liability of $11,555,000 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 $5,660,000 and $5,773,000 for the nine months ended June 30, 2010 and 2009, respectively. Net income per share increased to $4.10 from $4.08.

           

Reportable Segments

      Total Results

Traditional

     

for both

Business

Sustain

Segments

 

Nine months ended June 30, 2010

Revenues $ 25,942,000 $ 2,495,000 $ 28,437,000
Pretax income (loss) 9,860,000 (730,000 ) 9,130,000
Income tax benefit (expense) (3,750,000 ) 280,000 (3,470,000 )
Net income (loss) 6,110,000 (450,000 ) 5,660,000
 

Nine months ended June 30, 2009

Revenues $ 26,548,000 $ 3,767,000 $ 30,315,000
Pretax income 9,351,000 32,000 9,383,000
Income tax expense (3,600,000 ) (10,000 ) (3,610,000 )
Net income 5,751,000 22,000 5,773,000
 

Daily Journal Corporation publishes newspapers and web sites covering California and Arizona, as well as the California Lawyer magazine, and produces several specialized information services. Sustain Technologies, Inc., a wholly owned subsidiary, supplies case management software systems and related products to courts and other justice agencies, including district attorney offices and administrative law organizations.

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