Journal Communications, Inc. (NYSE:JRN) today announced results for its fourth quarter and full year ended December 30, 2012. All reported results below were impacted by an extra week in 2012 compared to 2011. Note that the fourth quarter of 2012 included 14 weeks and the full year 2012 included 53 weeks, versus 13 weeks and 52 weeks in the corresponding prior periods.
“Journal Communications posted excellent results in the fourth quarter with consolidated revenue of $124.5 million, up 31%, led by record political spending in the Broadcast group” said Steven J. Smith, Chairman and CEO of Journal Communications. “In addition to the record political advertising revenue in 2012, we saw core advertising growth in television and radio and moderating revenue declines in Publishing. For the full year, consolidated revenue was $400.0 million, up 12% over 2011."
“2012 was an important year strategically as well. We closed on the purchase of NewsChannel 5, an exceptional TV station in Nashville and reached an agreement to purchase WNOX-FM, which will add to our successful Knoxville radio cluster. We also bought WACY-TV in Appleton, Wisconsin, strengthening our duopoly in the Green Bay market. Finally, we successfully repurchased all of our class C common shares and amended and extended our credit facility.”
“Our team should be congratulated on a very productive year as they advanced the Journal brand and prepared our local markets for continued success.”
Fourth Quarter 2012 Results
Note that unless otherwise indicated, all comparisons are to the fourth quarter ended December 25, 2011 (13 weeks). The fourth quarter of 2012 contained 14 weeks. The estimated impact on revenue of the extra week in the fourth quarter is summarized in Table 4.
In the fourth quarter, revenue of $124.5 million increased 31.0% or 24.7% excluding the extra week. Operating earnings of $27.2 million increased 91.9% driven by higher political revenue.