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Journal Communications Earnings Jump

MILWAUKEE ( TheStreet) -- Journal Communications (JRN) saw earnings jump during the third quarter driven by double-digit revenue growth in its broadcast segment.

For the quarter ended Sept. 26, the company saw a triple digit gain in earnings of $6.3 million, or 11 cents per diluted share, compared with earnings of $1.8 million, or 2 cents per share, in the same period a year ago.

Earnings from continuing operations were 11 cents per share, which was on target with analyst estimates.

Revenue rose 1.7% to $101.6 million from $100 million during the quarter.

Publishing revenue was down 6.5% to $43.4 million from $46.5 million. Revenue from its one daily newspaper, the Milwaukee Journal Sentinel, fell 6.4% while its community newspapers and shoppers revenue declined 7.1%.

The weak publishing revenue was offset by a 14.2% boost in the company's broadcast revenue from its 33 radio stations and its 13 television stations.

"The primary drivers of the broadcast revenue increase were political and issue advertising of $4.7 million and a 30.5% increase in automotive advertising," chairman and CEO Steven Smith said.

For the first nine months of the year, Journal Communications swung to a profit of $19.7 million, or 33 cents per share, compared with a loss of $2.9 million, or 8 cents per share, in the same period a year ago.

Revenue rose 0.4% to $304.5 million from $305.7 million.

Management expects the publishing and printing revenues will continue to be weak, while it anticipates that its broadcasting segment will be up on increased advertising.

Journal Communications shares are down about 1% today to $4.72.

-- Written by Theresa McCabe in Boston.



>To contact the writer of this article, click here: Theresa McCabe.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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