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| Journal Communications Reports August Revenue for Its Publishing and Broadcast Groups |
Printer Friendly Version (PDF) News Release Printer Friendly Version (PDF) Financial Tables MILWAUKEE--(BUSINESS WIRE)--Sept. 22, 2008--Journal Communications, Inc. (NYSE:JRN) announced today that for the eighth period ended August 24, 2008, total revenues for its Publishing and Broadcast groups of $36.52 million decreased 1.2% compared to $36.96 million reported for the eighth period ended August 26, 2007. For the eighth period 2008, advertising revenues of $30.97 million decreased 2.6% compared to $31.80 million for the 2007 eighth period. Both periods contained 28 days. Note that unless otherwise indicated, all comparisons are to the eighth period ended August 26, 2007. At the Publishing segment, revenues at the daily newspaper and the community newspapers and shoppers totaled $18.91 million, down 7.1% compared to $20.35 million. Advertising revenue was $13.37 million, down 12.0% compared to $15.19 million. Circulation revenue of $4.13 million was up 1.3%. Other revenue of $1.41 million was up 30.2%. At the daily newspaper, total advertising revenue was $10.78 million, down 13.8% compared to $12.51 million. Specifically, retail advertising revenue was down 4.0%, classified advertising revenue was down 27.2%, national advertising revenue of $0.63 million decreased 21.3% and direct marketing revenue of $0.18 million was up 4.7%. Within classified advertising, the help wanted, real estate/rentals, auto verticals and the other classified verticals were down 28.0%, 35.9%, 26.0% and 9.3%, respectively. Circulation revenue at the daily newspaper was $4.04 million. Other revenue at the daily newspaper of $1.10 million was up 50.0% compared to $0.73 million primarily due to new commercial printing customers in 2008. Total interactive advertising revenue at the daily newspaper, which is reflected in the various revenue categories, increased 5.7% to $1.21 million compared to $1.15 million. At the Company's community newspapers and shoppers operations, total advertising revenue was $2.58 million, down 3.4% compared to $2.67 million. This largely reflects declines in retail advertising revenue (down 3.0%) and classified advertising revenue (down 10.0%), primarily due to the challenging economy. Other advertising revenue was $42,000. Circulation revenue at the community newspapers and shoppers of $86,000 increased 10.3%. Other revenue at the community newspapers and shoppers of $0.31 million decreased 11.4%. At the Broadcasting segment, total revenue at the Company's radio and television stations of $17.61 million increased 6.0% compared to $16.61 million. At the television group, revenue increased 13.1% to $10.62 million compared to $9.39 million, primarily due to Summer Olympics advertising revenue on our NBC stations and a $0.75 million increase in political and issue advertising, partially offset by softness in the Ft. Myers and Las Vegas markets. At the radio group, revenue of $6.99 million was down 3.2% compared to $7.22 million. Revenue increases in Milwaukee, Omaha and Springfield were more than offset by decreases in all other markets. Forward-looking Statements 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 and on page 20 of our most recent Quarterly Report on Form 10-Q, each 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 52 community newspapers and shoppers in Wisconsin and Florida. We own and operate 35 radio stations and 12 television stations in 12 states and operate an additional television station under a local marketing agreement. Our interactive media assets include more than 121 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. Tables Follow
Journal Communications, Inc.
Publishing Segment Information (unaudited)
(dollars in thousands)
Publishing revenue by category:
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Eighth period of 2008 (A)
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Community
Daily Newspapers
Newspaper & Shoppers Total
--------- ---------- -------
Advertising revenue:
Retail $6,512 $2,056 $8,568
Classified 3,462 484 3,946
National 633 -- 633
Direct Marketing 177 -- 177
Other -- 42 42
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Total advertising revenue 10,784 2,582 13,366
Circulation revenue 4,044 86 4,130
Other revenue 1,101 310 1,411
--------- ---------- -------
Total revenue $15,929 $2,978 $18,907
========= ========== =======
Eighth period of 2007 (A)
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Community
Daily Newspapers
Newspaper & Shoppers Total
--------- ---------- -------
Advertising revenue:
Retail $6,786 $2,119 $8,905
Classified 4,755 538 5,293
National 804 -- 804
Direct Marketing 169 -- 169
Other -- 17 17
--------- ---------- -------
Total advertising revenue 12,514 2,674 15,188
Circulation revenue 4,000 78 4,078
Other revenue 734 350 1,084
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Total revenue $17,248 $3,102 $20,350
========= ========== =======
% Change % Change % Change
Daily CN&S Total
--------- --------- ---------
Advertising revenue:
Retail (4.0) (3.0) (3.8)
Classified (27.2) (10.0) (25.4)
National (21.3) N/A (21.3)
Direct Marketing 4.7 N/A 4.7
Other N/A 147.1 147.1
Total advertising revenue (13.8) (3.4) (12.0)
Circulation revenue 1.1 10.3 1.3
Other revenue 50.0 (11.4) 30.2
Total revenue (7.6) (4.0) (7.1)
Eight periods of 2008 (B)
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Community
Daily Newspapers
Newspaper & Shoppers Total
--------- ---------- --------
Advertising revenue:
Retail $53,334 $18,084 $71,418
Classified 31,246 3,686 34,932
National 4,555 -- 4,555
Direct Marketing 1,999 -- 1,999
Other -- 256 256
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Total advertising revenue 91,134 22,026 113,160
Circulation revenue 32,750 711 33,461
Other revenue 9,834 2,200 12,034
--------- ---------- --------
Total revenue $133,718 $24,937 $158,655
========= ========== ========
Eight periods of 2007 (B)
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Community
Daily Newspapers
Newspaper & Shoppers Total
--------- ---------- --------
Advertising revenue:
Retail $56,187 $19,223 $75,410
Classified 40,421 4,104 44,525
National 5,785 -- 5,785
Direct Marketing 2,516 -- 2,516
Other -- 288 288
--------- ---------- --------
Total advertising revenue 104,909 23,615 128,524
Circulation revenue 33,430 733 34,163
Other revenue 7,963 2,726 10,689
--------- ---------- --------
Total revenue $146,302 $27,074 $173,376
========= ========== ========
% Change % Change % Change
Daily CN&S Total
--------- --------- ---------
Advertising revenue:
Retail (5.1) (5.9) (5.3)
Classified (22.7) (10.2) (21.5)
National (21.3) N/A (21.3)
Direct Marketing (20.5) N/A (20.5)
Other N/A (11.1) (11.1)
Total advertising revenue (13.1) (6.7) (12.0)
Circulation revenue (2.0) (3.0) (2.1)
Other revenue 23.5 (19.3) 12.6
Total revenue (8.6) (7.9) (8.5)
(A) 2008 eighth period: July 28, 2008 to August 24, 2008.
2007 eighth period: July 30, 2007 to August 26, 2007.
(B) Eight periods of 2008: December 31, 2007 to August 24, 2008.
Eight periods of 2007: January 1, 2007 to August 26, 2007.
NOTE:
Publishing segment information is provided to facilitate comparison of
our publishing segment results with those of other publishing
companies and is not representative of the overall business of
Journal Communications or its operating results. The revenues for the
period are not necessarily indicative of the results that may be
expected for the fiscal year ending December 28, 2008.
Journal Communications, Inc.
Broadcasting Segment Information (unaudited)
(dollars in thousands)
Broadcasting revenue by radio and television:
---------------------------------------------
Eighth period of 2008 (A) Eighth period of 2007 (A)
------------------------- -------------------------
Television Radio Total Television Radio Total
---------- ------ ------- ---------- ------ -------
Revenue $10,617 $6,991 $17,608 $9,390 $7,219 $16,609
========== ====== ======= ========== ====== =======
% Change % Change % Change
Television Radio Total
---------- --------- ---------
Revenue 13.1 (3.2) 6.0
Eight periods of 2008 (B) Eight periods of 2007 (B)
--------------------------- ---------------------------
Television Radio Total Television Radio Total
---------- ------- -------- ---------- ------- --------
Revenue $84,027 $50,936 $134,963 $85,664 $53,688 $139,352
========== ======= ======== ========== ======= ========
% Change % Change % Change
Television Radio Total
---------- --------- ---------
Revenue (1.9) (5.1) (3.1)
(A) 2008 eighth period: July 28, 2008 to August 24, 2008.
2007 eighth period: July 30, 2007 to August 26, 2007.
(B) Eight periods of 2008: December 31, 2007 to August 24, 2008.
Eight periods of 2007: January 1, 2007 to August 26, 2007.
NOTE: Broadcasting segment information is provided to facilitate
comparison of our broadcasting segment results with those of other
broadcasting companies and is not representative of the overall
business of Journal Communications or its operating results. The
revenues for the period are not necessarily indicative of the results
that may be expected for the fiscal year ending December 28, 2008.
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