Journal Communications, Inc. (NYSE:JRN) announced today that for the
first period ended January 27, 2008, total revenues for its Publishing
and Broadcast groups of $31.92 million decreased 3.1% compared to $32.96
million reported for the first period ended January 28, 2007, due in
large part to continued weakness in classified advertising revenue at
the daily newspaper. For the first period 2008, advertising revenues of
$26.93 million decreased 3.6% compared to $27.94 million for the 2007
first period. Both periods contained 28 days.
Note that unless otherwise indicated, all comparisons are to the first
period ended January 28, 2007.
At the Publishing segment, revenues at the daily newspaper and the
community newspapers and shoppers totaled $18.02 million, down 4.9%
compared to $18.95 million. Advertising revenue was $13.03 million, down
6.5% compared to $13.93 million. Circulation revenue was down 4.4%
compared to $4.11 million. Other revenue of $1.06 million was up 16.8%.
At the daily newspaper, total advertising revenue was $10.72 million,
down 6.4% compared to $11.46 million. Specifically, retail advertising
revenue was up 2.3%, classified advertising revenue was down 18.5%,
national advertising revenue of $0.86 million increased 16.9% and direct
marketing revenue of $0.25 million was down 23.3%. Within classified
advertising, the help wanted, real estate/rentals and auto verticals
were down 23.2%, 29.4% and 6.6%, respectively, and the other vertical
was up 11.8%. Circulation revenue at the daily newspaper was $3.86
million, down 2.4% compared to $3.95 million. Other revenue at the daily
newspaper of $0.85 million was up 11.8% compared to $0.76 million. Total
interactive advertising revenue at the daily newspaper, which is
reflected in the various revenue categories, increased 17.0% to $1.08
million compared to $0.92 million.
At the Company’s community newspapers and
shoppers operations, total advertising revenue was $2.30 million, down
6.9% compared to $2.48 million. This largely reflects declines in retail
advertising revenue (down 3.7%) and classified advertising revenue (down
19.9%). Other advertising revenue was $44,000. Circulation revenue at
the community newspapers and shoppers of $77,000 decreased 52.8%,
largely reflecting the change to a free distribution model of our
Milwaukee-area community newspapers in the second period 2007. Other
revenue at the community newspapers and shoppers of $0.21 million
At the Broadcasting segment, total revenue at the Company’s
radio and television stations of $13.90 million decreased 0.8% compared
to $14.01 million. At the radio group, revenue of $4.92 million was up
1.3% compared to $4.86 million. At the television group, revenue
decreased 1.8% to $8.98 million compared to $9.14 million.
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 on page 1 of our most recent Annual Report on
Form 10-K 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
publishing, radio and television broadcasting, interactive media and
printing services. We publish the Milwaukee Journal Sentinel, which
serves as the only major daily newspaper for the Milwaukee metropolitan
area, and 49 community newspapers and shoppers in Wisconsin and Florida.
We own and operate 35 radio stations and 11 television stations in 12
states and operate an additional television station under a local
marketing agreement. Our interactive media assets include 96 online
enterprises that are associated with our daily and community newspapers
and television and radio stations. We also provide a wide range of
commercial printing services -- including printing of publications,
professional journals and documentation material -- and operate a direct
marketing services business.
Publishing revenue by category:
Broadcasting revenue by radio and