Journal Communications, Inc. (NYSE:JRN) today announced results for its first quarter ended March 25, 2012.
“Journal Communications reported a solid first quarter. Broadcast revenue was up 5.4% with the majority of our markets reporting revenue growth. We also had a number of other broadcast highlights in the quarter. First, we are pleased that our Milwaukee 620 AM WTMJ radio station extended its longstanding radio rights agreement with the Milwaukee Brewers. In addition, we reached a long-term agreement to originate the Green Bay Packers preseason television network.
“Publishing revenue was down for the quarter, although we posted positive operating earnings on strong cost controls. We faced tough comparisons to the first quarter 2011, during which incremental advertising and circulation revenue was driven by the Green Bay Packer Super Bowl appearance.
“In March we announced an agreement to purchase two FM radio stations in Tulsa, OK from Renda Broadcasting Corporation for $11.8 million, subject to FCC approval. We believe the addition of these stations to our existing Tulsa radio cluster will create a stronger group that will better serve our listeners, customers and the entire Tulsa community. This transaction is consistent with one of our strategic goals of creating additional scale in existing Journal Broadcast Group markets.”First Quarter 2012 Results Note that unless otherwise indicated, all comparisons are to the first quarter ended March 27, 2011. For the first quarter, revenue of $82.3 million decreased 1.9% compared to $83.9 million. Operating earnings of $5.7 million decreased 4.5% compared to $6.0 million. There were no earnings from discontinued operations in 2012 compared to $0.3 million. Net earnings were $2.9 million compared to $3.4 million. In the first quarter, basic and diluted net earnings per share of class A and B common stock were $0.05. This compares to basic and diluted net earnings per share of $0.05 in 2011. There was no impact on basic and diluted earnings per share of class A and B common stock from discontinued operations in 2012 or 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV