Journal Communications, Inc. (NYSE:JRN) today announced results for its fourth quarter and full year ended December 29, 2013. All reported results below were impacted by an extra week in 2012 compared to 2013. Note that the fourth quarter of 2013 included 13 weeks and the full year 2013 included 52 weeks, versus 14 weeks and 53 weeks in the corresponding prior periods. Our Palm Springs television stations have been reported as discontinued operations in the fourth quarter and full year in 2013 and 2012, respectively.
“Journal Communications delivered a solid fourth quarter in a non-political year, driven by gains in core revenue in our broadcast group and improving advertising revenue trends in publishing. Revenue from NewsChannel 5 in Nashville, acquired in December 2012, helped us replace some of the record political advertising dollars we recorded in the fourth quarter last year. Consolidated revenue of $107.4 million was up 11% compared to 2012, excluding the extra week and political revenue in 2012,” said Steven J. Smith, Chairman and CEO of Journal Communications.
“Within the broadcast group, same-station core revenue, excluding political and the extra week, was up 7%, with television up 11% and radio up 1%. Television retransmission revenue more than doubled to $5.9 million. The daily newspaper continues to benefit from an improved advertising environment. Advertising revenue, excluding the extra week, was flat. Focused sales efforts, along with ongoing expense controls, contributed to a 2% increase in operating earnings for the daily newspaper.”
“Overall, in addition to growing core revenue, we enhanced our digital offerings and content in both broadcast and publishing, and continued to deliver on our financial commitments and strategic plans.”
Fourth Quarter 2013 Results (Continuing Operations)
Note that unless otherwise indicated, all comparisons are to the fourth quarter ended December 30, 2012 (14 weeks). The fourth quarter of 2013 contained 13 weeks. The estimated impact on revenue of the extra week in the fourth quarter of 2012 is summarized in Table 4. Same-station results exclude the results of Nashville NewsChannel 5 which was acquired in December 2012.