Earnings: Journal Communications Q3 Revs Drop 5.6 Percent; Profits Up 2.9 Percent
A soft advertising environment pushed Q3 revenues at Journal Communications down 5.6 percent to $144 million from $153 million. The company specifically cited weak real estate and employment advertising for the decline. Net income actually rose 2.9 percent, to $13.9 million, from $13.5 million, but the company received one-time tax and insurance gains in the quarter worth $1.25 million. Without this, net income would have declined 6 percent to $12.7 million. Income also benefited from $2 million less in interest payments, the result of an asset sale and subsequent debt reduction. -- Interactive revenue at the Milwaukee Journal Sentinel rose 33 percent to $3.4 million, while interactive revenue on the broadcast side hit $800,000. -- Launched Jobnoggin.com in September, employment site co-branded with Monster.com. -- Total broadcast revenue fell 7.9 percent to $53.7 million. Release | Webcast
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