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Home > BizTimes Daily > Archives > February 14, 2007
Journal Communications posts stronger quarter
Published February 14, 2007 - BizTimes Daily
Journal Communications Inc. today reported fourth quarter net earnings of $23.4 million, or 33 cents per share, up from $16.7 million, or 23 cents per share, in the same period a year ago.
The parent company of the Milwaukee Journal Sentinel reported quarterly total revenue of $186.6 million, up from $161.8 million a year earlier.
For the full year, the company reported net earnings of $64.4 million, or 89 cents per share, compared with $66.2 million, or 88 cents per share a year ago, and its total revenue grew to $671.9 million from $624.0 million in 2005.
"During 2006 we executed a number of key strategies that sharpened our focus on our core media businesses and position us for the future expansion of our traditional and new revenue platforms and online initiatives," said Steven Smith, chairman and chief executive officer of Journal Communications. "We announced an agreement to sell our Norlight Telecommunications business and executed a very successful integration of three television stations whose assets we acquired in December 2005. The achievements of these stations in their first full year with us exceeded our high expectations, reflecting our strong integration efforts and a focus on driving operational results.
"Overall, Journal Broadcast Group delivered an exceptional financial performance, with every television and radio market posting increases in both operating earnings and margin. Although our publishing group experienced an unprecedented decline in automobile advertising revenue and a revenue reduction for credits to be issued toward 2007 advertising, it successfully introduced numerous Web-based initiatives and grew its distribution and commercial print businesses in 2006. Additionally, at the daily newspaper, interactive revenue increased 34.3 percent to $9.5 million. Throughout the year, we maintained strict cost control across all of our businesses," Smith said.
