Journal Communications, Inc. (NYSE:JRN) today announced results for its second quarter ended June 24, 2012.
“Journal Communications had a strong second quarter with operating earnings up 17% driven by political and issue advertising and a continuing recovery in many of our local broadcast markets,” said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. “We continued to pursue our JS Everywhere strategy, launching a new Milwaukee Journal Sentinel iPad app in May. We were pleased to close on the purchase of our two new radio stations at the beginning of the third quarter for $11.7 million, creating a strong cluster in Tulsa Oklahoma. While we expect to continue to actively pursue growth opportunities in broadcast, we also expect to use our cash to pay debt and repurchase shares.”
Second Quarter 2012 Results
Note that unless otherwise indicated, all comparisons are to the second quarter ended June 26, 2011.For the second quarter, revenue of $95.5 million increased 6.0% compared to $90.1 million. Operating earnings of $13.5 million increased 17.1% compared to $11.5 million. Net earnings were $7.6 million compared to $6.1 million. In the second quarter, basic and diluted net earnings per share of class A and B common stock were $0.13, or $0.14 excluding a $1.0 million pre-tax publishing workforce reduction charge, compared to $0.10. The operating margin was 14.1% for the second quarter compared to 12.8%. 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 $19.4 million compared to $17.3 million, an increase of 11.7%. Consolidated and Segment Results The following table presents revenue and operating earnings (loss) by segment for the second quarter of 2012 and 2011 (dollars in millions).
|Broadcasting||$ 54.5||$ 46.1||18.4|
|Total Revenue||$ 95.5||$ 90.1||6.0|
|Operating earnings (loss):|
|Broadcasting||$ 13.1||$ 8.3||57.4|
|Total operating earnings||$ 13.5||$ 11.5||17.1|