Journal Communications Reports Third Quarter 2011 Results

Journal Communications, Inc. (NYSE:JRN) today announced results for its third quarter ended September 25, 2011.

“Journal Communications remained focused on growing our local market revenue share in a soft economic environment in the third quarter,” said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. “While total Broadcast revenue was down, core revenue, excluding political and issue advertising, was up. On the Publishing side, a challenging advertising revenue environment was offset by improved circulation revenue and a solid increase in commercial print and distribution revenue.

“Effective cost management remains a company-wide priority. We recorded a $1.3 million pre-tax workforce reduction charge to align our expenses in Publishing with lower revenue, while still reducing total company expenses this quarter.

“We continue to position Journal Communications for growth in our markets by expanding our relevant local content, investing in interactive media and providing an enhanced value proposition for our advertising customers.”

Third Quarter 2011 Results

Note that unless otherwise indicated, all comparisons are to the third quarter ended September 26, 2010.

For the third quarter, revenue of $87.8 million decreased 4.4% compared to $91.8 million. Operating earnings of $8.1 million, which included a $1.3 million pre-tax workforce reduction charge, decreased 26.9% compared to $11.1 million. Net earnings were $4.4 million compared to $6.3 million.

In the third quarter, basic and diluted net earnings per share of class A and B common stock were $0.07 compared to $0.11 in 2010. Excluding an after-tax workforce reduction charge of $0.8 million and an after-tax gain on the sale of the remaining Florida operations of $0.2 million, basic and diluted net earnings per share of class A and B common stock were $0.08.

The operating margin was 9.2% for the third quarter compared to 12.1%. 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 $14.0 million compared to $17.2 million, a decrease of 18.7%.

Consolidated and Segment Results

The following table presents our revenue and operating earnings (loss) by segment for the third quarter of 2011 and 2010 (dollars in millions).
  3Q   3Q  
2011 2010 % Change
Revenue:
Broadcasting $ 46.9 $ 48.5 (3.2)
Publishing 40.9 43.4 (5.9)
Corporate eliminations (0.0) (0.1) --
Total Revenue $ 87.8 $ 91.8 (4.4)
 
Operating earnings (loss):
Broadcasting $ 7.0 $ 10.0 (30.0)
Publishing 2.8 3.1 (8.0)
Corporate (1.7) (2.0) 13.0
Total operating earnings $ 8.1 $ 11.1 (26.9)
 

For the third quarter, total expenses of $79.7 million, which included a $1.3 million pre-tax workforce reduction charge, decreased 1.3% compared to $80.7 million.

Broadcasting

For the third quarter, broadcasting revenue decreased 3.2% to $46.9 million compared to $48.5 million. Total broadcast political and issue advertising revenue was $2.2 million compared to $4.7 million. Core broadcast revenue, excluding political and issue advertising revenue, increased 2.2%. Local revenue increased 1.9% due to increases in medical, media and automotive categories. National advertising revenue decreased 4.3% primarily due to a decrease in automotive advertising. Retransmission revenue was $2.2 million compared to $1.7 million. Broadcasting operating earnings of $7.0 million decreased 30.0% compared to $10.0 million, primarily due to reduced political and issue advertising revenue this quarter.

Revenue from television stations for the third quarter decreased 6.8% to $27.9 million compared to $30.0 million. Excluding political and issue advertising revenue of $1.8 million in 2011 and $4.3 million in 2010, revenue from television stations increased 1.6%. Local advertising revenue increased 2.5% primarily due to an increase in retail, restaurants and automotive advertising. National advertising revenue decreased 10.5% primarily due to a decrease in automotive advertising. Operating earnings were $2.9 million compared to $5.5 million, a decrease of 47.4%. Television operating expenses increased 2.3% primarily due to higher employee-related expenses and promotion costs.

For the third quarter, revenue from radio stations increased 2.7% to $19.0 million from $18.5 million. Radio political and issue advertising revenue was $0.4 million in each of 2011 and 2010. Operating earnings from radio stations were $4.1 million compared to $4.5 million, a decrease of 8.6%. Radio operating expenses increased 6.3% primarily due to higher employee-related expenses and promotion costs.

Publishing

For the third quarter, publishing revenue decreased 5.9% to $40.9 million compared to $43.4 million, largely due to continued decreases in the retail and classified advertising categories, partially offset by an increase in other revenue. Operating earnings from publishing were $2.8 million, including a $1.3 million pre-tax workforce reduction charge, compared to $3.1 million, a decrease of 8.0%.

Total newsprint and paper expense in publishing was $4.1 million compared to $4.4 million, a 6.5% decrease, primarily due to a reduction in newsprint consumption.

Revenue at the daily newspaper for the third quarter decreased 3.3% to $34.7 million compared to $35.9 million. Retail advertising revenue decreased 3.8%. Classified advertising revenue decreased 18.2% driven primarily by a decrease in the real estate and other categories. Interactive advertising revenue decreased 4.7% to $2.7 million compared to $2.8 million, primarily due to a decrease in retail sponsorships and classified advertising packages. Circulation revenue of $12.4 million increased 1.5% due to price increases that off-set circulation declines. Other revenue, which primarily consists of commercial printing and delivery, of $4.2 million was up 13.3%. Operating earnings from the daily newspaper were $2.3 million, including a $1.3 million pre-tax workforce reduction charge, compared to $2.4 million, a decrease of 2.4%. Daily newspaper operating expenses decreased 3.4%, primarily due to lower employee-related costs.

In the third quarter in two separate transactions, we sold the remaining interests in our Northern Florida publications. Total combined proceeds were $0.8 million and we recorded a pre-tax gain of $0.3 million.

Community newspapers and shoppers revenue for the third quarter decreased 17.9% to $6.2 million compared to $7.5 million. Excluding Florida operations revenue of $0.5 million in 2011 and $1.3 million in 2010, revenue decreased 9.3%. Retail advertising revenue decreased 21.0% and classified advertising revenue decreased 19.4%. Excluding Florida advertising revenue of $0.5 million in 2011 and $1.2 million in 2010, retail advertising revenue decreased 12.2% and classified revenue decreased 4.8%. Operating earnings from community newspapers and shoppers were $0.5 million, including a $0.3 million pre-tax gain on the sale of the remaining Florida operations, compared to $0.7 million. Operating expenses were down $0.9 million or 13.3%, primarily due to the sale of the remaining Florida operations, cost savings from previous workforce reductions and lower operating costs associated with lower revenue. Excluding Florida operating expenses of $0.5 million in 2011 and $1.1 million in 2010, operating expenses declined 6.4%.

Corporate

The operating loss for the third quarter was $1.7 million compared to $2.0 million. The reduction in the operating loss was due to lower executive incentive compensation costs in 2011 and a reduction in other expenses.

Non-Operating Items

For the third quarter, other expense, which primarily consists of interest expense, was $0.8 million compared to $1.0 million. The decrease in interest expense reflects a decrease in average borrowing levels for the quarter partially offset by an increase in average borrowing rates under our amended and extended credit agreement entered into on August 13, 2010.

The third quarter effective tax rate was 38.8% compared to 37.4%. The increase in the effective tax rate in 2011 is primarily due to recording a benefit for certain amended federal tax returns in 2010.

Notes Payable to Banks and Cash Flows

At the end of the third quarter, our notes payable to banks were $55.0 million, a reduction of $6.0 million from the end of the second quarter. During the first three quarters of 2011, we reduced our notes payable to banks by $19.6 million as compared to the fiscal 2010 year-end. Our consolidated funded debt ratio, as defined in our credit agreement, was 0.75-to-1. Year-to-date cash from operating activities was $26.4 million compared to $45.5 million. Year-to-date cash from operating activities has decreased primarily due to a decrease in cash provided by working capital and the decrease in net earnings. Year-to-date capital expenditures were $8.1 million compared to $7.3 million.

Share Repurchase Authorization

On July 12, 2011, the Board of Directors authorized a share repurchase program of up to $45.0 million of our outstanding class A common stock and/or class B common stock until the end of fiscal 2013. During the third quarter, we repurchased 603,200 class A shares at a total cost to the company of $2.1 million.

Fourth Quarter 2011 Outlook

For the fourth quarter of 2011, broadcast revenues, excluding political and issue advertising, are expected to be up slightly compared to the prior year period. We anticipate that publishing revenues will be down compared to the prior year period reflecting continued challenges with publishing advertising revenue.

Conference Call and Webcast

The company will hold an earnings conference call today at 10:00 a.m. Central Time (11:00 a.m. ET, 8:00 a.m. PT). To access the call, dial (866) 700-0161 (domestic) or (617) 213-8832 (international) at least 10 minutes prior to the scheduled start of the call. The access code for the conference call is 43924780. A live webcast of the third quarter conference call will be accessible through the Journal Communications’ website at www.journalcommunications.com/investors, also beginning at 10:00 a.m. CT this morning. An archive of the webcast will be available on this site today through November 7, 2011. Replays of the conference call will also be available through November 7, 2011. To hear the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international) at least one hour after the completion of the call. The access code for the replay is 80364804.

Forward-looking Statements

This press release contains certain forward-looking statements related to our businesses that are based on our current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Our written policy on forward-looking statements can be found in our most recent Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission.

About Journal Communications

Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was founded in 1882. We are a diversified media company with operations in radio and television broadcasting, publishing and interactive media. We own and operate 33 radio stations and 13 television stations in 12 states and operate an additional television station under a local marketing agreement. We publish the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community newspapers and shoppers in Wisconsin. Our interactive media assets build on our strong publishing and broadcasting brands.

Tables Follow
 
Journal Communications, Inc.
Consolidated Statements of Operations (unaudited)
(dollars in thousands, except for shares and per-share amounts)
           
 
Third Quarter (A) Three Quarters (B)
2011 2010 % Change 2011 2010 % Change
 
 
Revenue:
Broadcasting $ 46,937 $ 48,482 (3.2 ) $ 135,129 $ 138,099 (2.2 )
Publishing 40,888 43,439 (5.9 ) 126,807 135,377 (6.3 )
Corporate eliminations (41 ) (104 ) 60.6 (189 ) (403 ) 53.1
Total revenue 87,784 91,817 (4.4 ) 261,747 273,073 (4.1 )
 
Operating costs and expenses:
Broadcasting 24,383 24,502 (0.5 ) 68,387 68,398 -
Publishing 27,521 28,802 (4.4 ) 82,439 86,670 (4.9 )
Corporate eliminations (41 ) (104 ) 60.6 (189 ) (403 ) 53.1
Total operating costs and expenses 51,863 53,200 (2.5 ) 150,637 154,665 (2.6 )
 
Selling and administrative expenses 27,828   27,541   1.0 85,518   84,197   1.6
Total operating costs and expenses
and selling and administrative
expenses 79,691   80,741   (1.3 ) 236,155   238,862   (1.1 )
 
Operating earnings 8,093 11,076 (26.9 ) 25,592 34,211 (25.2 )
 
Other income and (expense):
Interest income 14 25 52 58
Interest expense (838 ) (996 ) (2,846 ) (2,102 )
Total other income and (expense) (824 ) (971 ) (15.1 ) (2,794 ) (2,044 ) 36.7
 
Earnings from continuing operations before income taxes 7,269 10,105 (28.1 ) 22,798 32,167 (29.1 )
 
Provision for income taxes 2,823   3,782   (25.4 ) 9,177   12,660   (27.5 )
 
Earnings from continuing operations 4,446 6,323 (29.7 ) 13,621 19,507 (30.2 )
 
Earnings (loss) from discontinued operations, net of tax -   (28 ) N/A 341   191   78.5
 
Net earnings $ 4,446   $ 6,295   (29.4 ) $ 13,962   $ 19,698   (29.1 )
 
Weighted average number of shares-Class A and B common stock:
Basic and diluted 51,316,354 50,866,367 51,253,530 50,755,386
 
Weighted average number of shares-Class C common stock 3,264,000 3,264,000 3,264,000 3,264,000
 
Earnings per share:
Basic - Class A and B common stock:
Continuing operations $ 0.07 $ 0.11 $ 0.22 $ 0.33
Discontinued operations --   --   0.01   --  
Net earnings $ 0.07   $ 0.11   $ 0.23   $ 0.33  
 
Diluted - Class A and B common stock:
Continuing operations $ 0.07 $ 0.11 $ 0.22 $ 0.33
Discontinued operations --   --   0.01   --  
Net earnings $ 0.07   $ 0.11   $ 0.23   $ 0.33  
 
Basic and diluted - Class C common stock:
Continuing operations $ 0.21 $ 0.25 $ 0.64 $ 0.76
Discontinued operations --   --   0.01   --  
Net earnings $ 0.21   $ 0.25   $ 0.65   $ 0.76  

 

 

(A)
 

2011 third quarter: June 27, 2011 to September 25, 2011
2010 third quarter: June 28, 2010 to September 26, 2010

(B)

2011 three quarters: December 27, 2010 to September 25, 2011
2010 three quarters: December 28, 2009 to September 26, 2010
 

Journal Communications, Inc.
Segment Information (unaudited)
(dollars in thousands)
 
 
           
Third Quarter (A) Three Quarters (B)
2011 2010 % Change 2011 2010 % Change

Revenue
Broadcasting $ 46,937 $ 48,482 (3.2 ) $ 135,129 $ 138,099 (2.2 )
Publishing 40,888 43,439 (5.9 ) 126,807 135,377 (6.3 )
Corporate eliminations (41 ) (104 ) 60.6 (189 ) (403 ) 53.1
$ 87,784   $ 91,817   (4.4 ) $ 261,747   $ 273,073   (4.1 )
 

Operating earnings (loss)
Broadcasting $ 6,991 $ 9,987 (30.0 ) $ 21,309 $ 27,381 (22.2 )
Publishing 2,822 3,066 (8.0 ) 9,994 13,078 (23.6 )
Corporate (1,720 ) (1,977 ) 13.0 (5,711 ) (6,248 ) 8.6
$ 8,093   $ 11,076   (26.9 ) $ 25,592   $ 34,211   (25.2 )
 

Depreciation and amortization
Broadcasting $ 3,140 $ 3,205 (2.0 ) $ 9,155 $ 9,609 (4.7 )
Publishing 2,616 2,825 (7.4 ) 7,872 8,625 (8.7 )
Corporate 154   123   25.2 455   367   24.0
$ 5,910   $ 6,153   (3.9 ) $ 17,482   $ 18,601   (6.0 )
 

(A)
 

2011 third quarter: June 27, 2011 to September 25, 2011
2010 third quarter: June 28, 2010 to September 26, 2010

(B)

2011 three quarters: December 27, 2010 to September 25, 2011
2010 three quarters: December 28, 2009 to September 26, 2010
 

Journal Communications, Inc.
Publishing and Broadcasting Segment Information (unaudited)
(dollars in thousands)
 
  Third Quarter of 2011 (A)   Third Quarter of 2010 (B)      
       

Broadcasting:
% Change % Change % Change
Television Radio Total Television Radio Total Television Radio Total
 
 
Revenue $ 27,918 $ 19,019 $ 46,937 $ 29,960 $ 18,522 $ 48,482 (6.8 ) 2.7 (3.2 )
 
Operating earnings $ 2,897 $ 4,094 $ 6,991 $ 5,506 $ 4,481 $ 9,987 (47.4 ) (8.6 ) (30.0 )
 
 

Publishing:
Community Community
Daily Newspapers Daily Newspapers % Change % Change % Change
Newspaper & Shoppers Total Newspaper & Shoppers Total Daily CN&S Total
Advertising revenue:
Retail $ 13,011 $ 4,081 $ 17,092 $ 13,518 $ 5,166 $ 18,684 (3.8 ) (21.0 ) (8.5 )
Classified 4,233 907 5,140 5,173 1,126 6,299 (18.2 ) (19.4 ) (18.4 )
National 810 -- 810 1,261 -- 1,261 (35.8 ) N/A (35.8 )
Direct Marketing 36 -- 36 15 -- 15 140.0 N/A 140.0
Total advertising revenue 18,090 4,988 23,078 19,967 6,292 26,259 (9.4 ) (20.7 ) (12.1 )
Circulation revenue 12,389 449 12,838 12,210 520 12,730 1.5 (13.7 ) 0.8
Other revenue 4,232 740 4,972 3,736 714 4,450 13.3 3.6 11.7
Total revenue $ 34,711 $ 6,177 $ 40,888 $ 35,913 $ 7,526 $ 43,439 (3.3 ) (17.9 ) (5.9 )
 
Operating earnings $ 2,308 $ 514 $ 2,822 $ 2,364 $ 702 $ 3,066 (2.4 ) (26.8 ) (8.0 )
 
 
Three Quarters of 2011 (C) Three Quarters of 2010 (D)
 

Broadcasting:
% Change % Change % Change
Television Radio Total Television Radio Total Television Radio Total
 
 
Revenue $ 84,057 $ 51,072 $ 135,129 $ 87,684 $ 50,415 $ 138,099 (4.1 ) 1.3 (2.2 )
 
Operating earnings $ 10,999 $ 10,310 $ 21,309 $ 16,082 $ 11,299 $ 27,381 (31.6 ) (8.8 ) (22.2 )
 
 

Publishing:
Community Community
Daily Newspapers Daily Newspapers % Change % Change % Change
Newspaper & Shoppers Total Newspaper & Shoppers Total Daily CN&S Total
Advertising revenue:
Retail $ 40,462 $ 13,645 $ 54,107 $ 43,156 $ 15,815 $ 58,971 (6.2 ) (13.7 ) (8.2 )
Classified 13,009 2,712 15,721 15,277 3,421 18,698 (14.8 ) (20.7 ) (15.9 )
National 3,184 -- 3,184 3,584 -- 3,584 (11.2 ) N/A (11.2 )
Direct Marketing 99 -- 99 132 -- 132 (25.0 ) N/A (25.0 )
Total advertising revenue 56,754 16,357 73,111 62,149 19,236 81,385 (8.7 ) (15.0 ) (10.2 )
Circulation revenue 37,131 1,327 38,458 37,276 1,447 38,723 (0.4 ) (8.3 ) (0.7 )
Other revenue 12,891 2,347 15,238 13,031 2,238 15,269 (1.1 ) 4.9 (0.2 )
Total revenue $ 106,776 $ 20,031 $ 126,807 $ 112,456 $ 22,921 $ 135,377 (5.1 ) (12.6 ) (6.3 )
 
Operating earnings $ 8,539 $ 1,455 $ 9,994 $ 11,318 $ 1,760 $ 13,078 (24.6 ) (17.3 ) (23.6 )
 

(A)
 

2011 third quarter: June 27, 2011 to September 25, 2011

(B)

2010 third quarter: June 28, 2010 to September 26, 2010

(C)

2011 three quarters: December 27, 2010 to September 25, 2011

(D)

2010 three quarters: December 28, 2009 to September 26, 2010
NOTE:

Broadcasting and publishing segment information is provided to facilitate comparison of our broadcasting and publishing segments results with those of other broadcasting and publishing companies and is not representative of the overall business of Journal Communications or its operating results.

 

Journal Communications, Inc.
Reconciliation of consolidated net earnings to consolidated EBITDA (unaudited)
(dollars in thousands)
 
  Third Quarter (A)   Three Quarters (B)
2011   2010 2011   2010
 
Net earnings $ 4,446 $ 6,295 $ 13,962 $ 19,698
(Earnings) loss from discontinued operations, net - 28 (341 ) (191 )
Provision for income taxes 2,823 3,782 9,177 12,660
Total other expense, net 824 971 2,794 2,044
Depreciation 5,517 5,676 16,305 17,145
Amortization 393 477 1,177   1,456  
EBITDA $ 14,003 $ 17,229 $ 43,074   $ 52,812  
 

(A)
 

2011 third quarter: June 27, 2011 to September 25, 2011
2010 third quarter: June 28, 2010 to September 26, 2010

(B)

2011 three quarters: December 27, 2010 to September 25, 2011
2010 three quarters: December 28, 2009 to September 26, 2010
 

We define EBITDA as net earnings (loss) excluding earnings/loss from discontinued operations, net, provision (benefit) for income taxes, total other expense (which is entirely comprised of interest income and expense), depreciation, amortization and, if any, non-cash impairment charges. Our management uses EBITDA, among other things, to evaluate our operating performance, and to value prospective acquisitions. EBITDA is not a measure of performance calculated in accordance with accounting principles generally accepted in the United States. EBITDA should not be considered in isolation of, or as a substitute for, net earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. EBITDA, as we calculate it, may not be comparable to EBITDA reported by other companies.

 

Journal Communications, Inc.
Calculation of Diluted Earnings Per Share - Class A and B (unaudited)
(dollars and shares in thousands)
 
  Third Quarter (A)   Three Quarters (B)
2011   2010 2011   2010
 
Numerator for diluted earnings per share:
Dividends on class A and B common stock $ - * $ - * $ - * $ - *
Dividends on class C common stock 463 463 1,391 1,391
Dividends on non-vested restricted stock - - - -
Total undistributed earnings from continuing operations
Class A and B 3,697 * 5,416 * 11,347 * 16,736 *
Class C 236 348 723 1,076
Non-vested restricted stock 50 96 160 304
Earnings from discontinued operations
Class A and B - (26 ) 316 177
Class C - (2 ) 20 12
Non-vested restricted stock - -   5 2
Net earnings $ 4,446 $ 6,295   $ 13,962 $ 19,698
 
Denominator for diluted earnings per class A and B share:
Weighted average shares outstanding - Class A and B 51,316 50,866 51,254 50,755
Impact of non-vested restricted shares - - - -
Conversion of class C shares - -   - -
Adjusted weighted average shares outstanding for class A and B 51,316 * 50,866   * 51,254 * 50,755 *
 
Diluted earnings per share of class A and B:
Continuing operations $ 0.07 * $ 0.11 * $ 0.22 * $ 0.33 *
Discontinued operations - -   0.01 -
Net earnings $ 0.07 $ 0.11   $ 0.23 $ 0.33
 
* Included in calculation of diluted earnings per share from continuing operations - class A and B
 

(A)
 

2011 third quarter: June 27, 2011 to September 25, 2011
2010 third quarter: June 28, 2010 to September 26, 2010

(B)

2011 three quarters: December 27, 2010 to September 25, 2011
2010 three quarters: December 28, 2009 to September 26, 2010
 

Journal Communications, Inc.
Consolidated Condensed Balance Sheets
(dollars in thousands)
   
September 25,
2011 December 26,
(unaudited) 2010
ASSETS
Current assets:
Cash and cash equivalents $ 1,686 $ 2,056
Investments of variable interest entity 500 500
Receivables, net 51,427 55,309
Inventories, net 2,007 1,035
Prepaid expenses and other current assets 4,304 3,961
Syndicated programs 3,595 7,361
Deferred income taxes 3,516 4,809
Total current assets 67,035 75,031
Property and equipment, net 171,171 179,725
Syndicated programs 4,877 3,083
Goodwill 8,670 9,098
Broadcast licenses 82,426 82,426
Other intangible assets, net 21,790 22,988
Deferred income taxes 46,128 54,077
Other assets 4,555 5,342
Total assets $ 406,652 $ 431,770
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 18,969 $ 22,895
Accrued compensation 9,104 13,703
Accrued employee benefits 5,345 5,087
Deferred revenue 14,487 13,899
Syndicated programs 5,549 8,685
Accrued income taxes 312 7,332
Other current liabilities 5,866 6,493
Current portion of long-term liabilities 486 561
Total current liabilities 60,118 78,655
Accrued employee benefits 56,205 58,534
Syndicated programs 6,502 5,114
Long-term notes payable to banks 54,999 74,570
Other long-term liabilities 7,325 5,970
Shareholders' equity 220,339 207,763
Noncontrolling interest 1,164 1,164
Total liabilities and equity $ 406,652 $ 431,770
 

Copyright Business Wire 2010

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