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Journal Communications Reports Second Quarter 2014 Results

Stocks in this article: JRN

Journal Communications, Inc. (NYSE:JRN) today announced results for its second quarter ended June 29, 2014.

“Last week, Journal Communications announced an exciting transaction with The E.W. Scripps Company, where together we will create two publicly traded media businesses that will continue to serve their communities with a commitment to integrity, excellence, and enterprise journalism,” said Steven J. Smith, Chairman and CEO of Journal Communications.

“Today, we are focused on the second quarter of 2014 and we are pleased to report that Journal Communications revenue of $105 million grew nearly 5%, benefiting from the continued growth in television retransmission revenue.

“Digital revenue growth of 10% and radio revenue growth in the quarter were also encouraging.

“Increased revenue drove an operating earnings increase of 34% in the quarter. Earnings per share were $0.21 compared to $0.13 last year.”

Second Quarter 2014 Results

Note that unless otherwise indicated, all comparisons are to the second quarter ended June 30, 2013.

For the second quarter, revenue of $104.7 million increased 4.9%. Digital revenue of $5.4 million grew 10.0%. Operating earnings of $17.4 million increased 34.4%. Total expenses of $87.3 million were up 0.5%.

The operating margin was 16.7% for the second quarter compared to 13.0%. Adjusted EBITDA, as defined in Table 4, was $23.8 million, an increase of 18.2%.

Net earnings of $10.4 million increased 57.9%. In the second quarter, basic and diluted net earnings per share of class A and B common stock were $0.21 compared to $0.13.

Consolidated and Segment Results

The following table presents our revenue and operating earnings (loss) by segment for the second quarters of 2014 and 2013 (dollars in millions).

                   
      Q2

2014

    Q2

2013

    % Change
Revenue:                  
Television     $ 46.9       $ 41.6       12.8  
Radio     20.2       19.9       1.6  
Publishing     37.6       38.4       (2.0 )
Corporate eliminations     (0.0 )     (0.1 )     30.8  
Total Revenue     $ 104.7       $ 99.8       4.9  
                   
Operating earnings (loss):                  
Television     $ 12.7       $ 8.4       52.0  
Radio     4.1       3.8       6.2  
Publishing     2.6       3.1       (14.1 )
Corporate     (2.0 )     (2.3 )     13.7  
Total operating earnings     $ 17.4       $ 13.0       34.4  
           

Television

Revenue from television for the second quarter increased 12.8% to $46.9 million. Retransmission revenue of $9.8 million grew 80.7%. Television political advertising revenue was $1.5 million compared to $0.2 million. Local advertising revenue, excluding political, decreased 0.7%. Digital revenue, which is reported in local revenue, was $1.1 million, up 24.9%. National advertising revenue, excluding political, decreased 2.0%, primarily due to a decrease in the media advertising category. Total revenue, excluding political and retransmission revenue was $35.6 million, down 0.9%.

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