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Daily Journal Corporation Announces Financial Results For The Six Months Ended March 31, 2011

Stocks in this article: DJCO

During the six months ended March 31, 2011, consolidated pretax income of Daily Journal Corporation (NASDAQ:DJCO) increased by $130,000 to $6,296,000 from $6,166,000 in the prior year period. The Company’s traditional business segment pretax profit increased by $397,000 to $6,908,000 from $6,511,000. Consolidated revenues declined by $1,099,000, and costs and expenses decreased by $1,129,000. Total personnel costs decreased by $1,173,000 to $7,005,000 primarily due to savings from departmental reorganizations and a reduction in the long-term accrual for the Company’s Management Incentive Plan of $170,000 due to reduced consolidated pretax profits before this accrual versus an increase of $540,000 in the prior comparable period, partially offset by annual salary adjustments. Sustain’s business segment had a pretax loss of $612,000 compared to $345,000 in the prior year period primarily because of a decrease in consulting revenues from governmental agencies.

Consolidated revenues were $17,869,000 and $18,968,000 for the six months ended March 31, 2011 and 2010, respectively. This decrease of $1,099,000 was primarily from decreases in public notice advertising revenues of $275,000, classified advertising revenues of $96,000, display advertising revenues of $65,000, Sustain consulting revenues of $98,000 and circulation revenues of $239,000. Although public notice advertising revenues were down compared to the prior year period, the Company still continued to benefit from the large number of foreclosures in California and Arizona for which public notice advertising is required by law.

At March 31, 2011, the Company held marketable securities valued at $72,474,000, including unrealized gains of $41,682,000. It accrued a liability of $16,604,000 for income taxes due only upon the sales of the appreciated securities. The marketable securities consist of common stocks of two Fortune 200 companies and two foreign companies and certain bonds of a fifth, and almost all of the unrealized gains were in the common stocks.

Consolidated net income was $4,026,000 and $3,816,000 for the six months ended March 31, 2011 and 2010, respectively. Net income per share increased to $2.92 from $2.76.

  Reportable Segments   Total Results
Traditional Business  


for both Segments
Six months ended March 31, 2011
Revenues $   16,257,000 $   1,612,000 $   17,869,000
Pretax income (loss) 6,908,000 (612,000 ) 6,296,000
Income tax benefit (expense) (2,490,000 ) 220,000 (2,270,000 )
Net income (loss) 4,418,000 (392,000 ) 4,026,000
Six months ended March 31, 2010
Revenues $ 17,192,000 $ 1,776,000 $ 18,968,000
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

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.

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