Journal Communications Inc. today reported second quarter net earnings of $14.2 million, or 19 cents per share, which was down from $15.2 million, or 17 cents per share, in the same period a year ago.
The Milwaukee-based company's quarterly total revenue fell to $147.5 million from $154.0 million a year earlier.
The company's broadcasting revenue decreased 4.1 percent to $56.0 million from $58.5 million.
"We experienced a challenging second quarter," said Steven Smith, chairman and chief executive officer of Journal Communications. "We recorded declines in retail advertising and employment and real estate classified advertising in publishing and posted softer-than-expected auto advertising across our broadcast markets. We continue to manage costs carefully in all of our businesses while also investing for growth."
For the third quarter, Journal Communications anticipates that its publishing revenues will be down compared with the prior year, reflecting continued advertising revenue challenges. The company also expects declines in radio and television revenues, but its online revenues are continuing to grow.
"We were encouraged by the Milwaukee Journal Sentinel's continued increase in interactive revenue, which was up almost 47 percent to $3.4 million in the quarter. Journal Sentinel's recently announced strategic agreement with Monster is another example of our commitment to driving online initiatives and pursuing new revenue streams. In the broadcast group, interactive revenue also continues its positive growth trajectory, reaching almost $700,000 in the second quarter."
Journal Communications reports soft quarter
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