|Journal Communications has record revenue of $810.3 Million|
Journal Communications on Tuesday reported record revenue for 2000 of $810.3 million, up 7.2% over 1999. Net earnings were $66.4 million, down 4.4% from 1999.
"We grew our total revenue, but our financial objectives were not achieved," said Steven J. Smith, chairman and chief executive officer.
There were several unusual expenses, including incentives for voluntary workforce reductions at the Milwaukee Journal Sentinel, that resulted in lower earnings, the company reported. The manpower cutbacks were primarily in production areas in preparation for the move to a new facility that is on schedule to be fully operational early in 2003.
"The businesses are strong and vibrant," Smith said. "Our balance sheet remains strong, and our companies once again have posted solid cash flows."
Norlight Telecommunications Inc. for the first time led the seven Journal Communications companies in pretax earnings with $40.1 million. That is more than four times the pretax earnings of $9 million in 1996, just four years earlier, and up 23.5% from 1999. Revenue in 2000 was $126.6 million, up 24.8%.
Pretax earnings for the Journal Broadcast Group reached $30.4 million, up 9.4% from a year earlier. Revenue was $149.9 million. Journal Broadcast Group owns and operates 4 television stations and 36 radio stations across the U.S.
Pretax earnings at Journal Sentinel slipped 10.9% to $38.4 million. The company reported a decline in classified advertising, particularly in the employment category, and retail advertising cutbacks by a group of large stores. Revenue for 2000 was essentially flat at $235.9 million.
IPC Communication Services showed pretax earnings growth of 10.3% to $4.8 million in 2000. Revenue was $117 million, up 5.7% from the previous year.
Add Inc. had a pretax loss of $729,000 in 2000, after pretax earnings of $4.1 million in 1999. Revenue in 2000 was $112.2 million, up slightly from a year earlier.
Sales were up 1.1% to $58 million at NorthStar Print Group, but the pretax loss for the year was $889,000. In 1999, pretax earnings were $650,000.
With an expanded sales force, PrimeNet Marketing Services grew revenue 23.8% to
$14.7 million, and the company turned a modest pretax profit, $106,000, after a 1999 pretax loss of $2.6 million.
The Journal Communications companies have approximately 7,000 employees across the country and in Europe. It has the nation's oldest employee-ownership plan (1937-2001).
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