Journal Communications, Inc. (NYSE:JRN) today announced results for its second quarter ended June 26, 2011.
“In the second quarter, Journal Communications saw mixed results in this challenging operating environment,” said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. “Overall publishing and broadcast revenue was down in the second quarter compared to the second quarter of 2010. However, excluding political and issue advertising in both years, we did see a revenue increase at our television stations in the second quarter. In addition, we continue to see an increase in interactive revenue in both our broadcast and publishing businesses. Furthermore, total operating costs and expenses were down 2.4% compared to second quarter 2010.
“As a result of our commitment to delivering shareholder value, our Board of Directors recently authorized a share repurchase program that will allow us to opportunistically buy back class A and/or class B common stock.”
Second Quarter 2011 ResultsNote that unless otherwise indicated, all comparisons are to the second quarter ended June 27, 2010. For the second quarter, revenue of $90.1 million decreased 4.5% compared to $94.3 million. Operating earnings of $11.5 million decreased 16.6% compared to $13.8 million. Net earnings were $6.1 million compared to $8.1 million. In the second quarter, basic and diluted net earnings per share of class A and B common stock were $0.10 compared to $0.14 in 2010. The operating margin was 12.8% for the second quarter compared to 14.6%. EBITDA (net earnings (loss) excluding the earnings/loss from discontinued operations, net; total other expense, net; provision (benefit) for income taxes; depreciation; amortization; and, if any, non-cash impairment charges) was $17.3 million compared to $20.0 million, a decrease of 13.4%. Consolidated and Segment Results The following table presents our revenue and operating earnings (loss) by segment for the second quarter of 2011 and 2010 (dollars in millions).
|Publishing||$ 44.1||$ 47.4||(6.9||)|
|Total Revenue||$ 90.1||$ 94.3||(4.5||)|
|Operating earnings (loss):|
|Publishing||$ 5.4||$ 6.6||(19.3||)|
|Total operating earnings||$ 11.5||$ 13.8||(16.6||)|