Journal Communications Inc. today announced third quarter net earnings of $1.8 million, or 2 cents per shares, which was significantly improved over a net loss of $17.0 million, or 35 cents per share, in the same period a year ago.
The parent company of the Milwaukee Journal Sentinel, WTMJ-AM 620 and WTMJ-Channel 4 said its quarterly revenue of $105.1 million was down 22.9 from the same quarter a year earlier.
"In the third quarter, we remained diligent about reducing costs and generating cash while operating in an ongoing difficult advertising environment," said Steven Smith, chairman and chief executive officer of Journal Communications. "We made additional progress on debt reduction by paying down another $6 million in the quarter. Year-to-date, Journal Communications has reduced its debt by almost $43 million. Journal Sentinel continues its restructuring initiative to align employee costs with revenue. In spite of a significant workforce reduction charge, Journal Sentinel was profitable in the quarter.
"Although the advertising environment remains challenged, we did see some improvements in broadcast revenues as the quarter progressed. We also signed two significant long term printing contracts with publishing customers, as we continue to capitalize on our Journal Sentinel production facility. We expect to see modest improvement in advertising expenditures as we enter the fourth quarter, yet our focus on expense and debt reduction will continue," Smith said.
Cost cuts help Journal Communications post positive quarter
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