Journal Communications, Inc. (NYSE:JRN) today announced results for its first quarter ended March 30, 2014.
“We are pleased to report that Journal Communications revenue grew nearly 4% in the first quarter benefiting from the Winter Olympics and growth in television retransmission revenue. In addition, publishing advertising revenue was essentially flat for the quarter,” said Steven J. Smith, Chairman and CEO of Journal Communications.
“In the first quarter, Journal Communications’ total revenue was $97 million, driving an operating earnings increase of 44% in the quarter.”
“Earnings per share from continuing operations were $0.12 compared to $0.08 last year. In addition, the sale of our Palm Springs stations added an additional $0.12 per share from discontinued operations in the quarter.”
First Quarter 2014 Results
Note that unless otherwise indicated, all comparisons are to the first quarter ended March 31, 2013.
For the first quarter, revenue of $96.6 million increased 3.7%. Digital revenue of $4.6 million grew 5.8%. Operating earnings of $12.0 million increased 43.7%. Included in operating earnings for 2013 were $0.8 million in broadcast acquisition-related expenses and $0.2 million in non-cash building impairment charges. Excluding these special items, operating earnings increased 28.0%. Total expenses of $84.6 million decreased 0.3%. Excluding the special items, total expenses increased 0.9%.
The operating margin was 12.4% for the first quarter compared to 8.9%. Adjusted EBITDA, as defined in Table 4, was $17.6 million, an increase of 16.6%.
Net earnings were $12.2 million compared to $3.8 million. Net earnings from continuing operations of $6.2 million increased 67.0%. In the first quarter, basic and diluted net earnings per share of class A and B common stock were $0.24 compared to $0.08. Net earnings per share of class A and B common stock from continuing operations were $0.12 compared to $0.08. Net earnings per share of class A and B common stock from discontinued operations were $0.12 in 2014 and there were no net earnings per share from discontinued operations in 2013.