|Journal Sentinel Inc. Announces Results of Voluntary Separation Program|
MILWAUKEE--(BUSINESS WIRE)--Nov. 7, 2007--Journal Sentinel Inc. said today that its recently announced separation program will reduce full-time personnel by approximately 55-60 positions, or 5.5% - 6.0%, across all areas of its business. Journal Sentinel Inc. is a Journal Communications' (NYSE:JRN) company.
The separation program, which includes a cash severance component and a healthcare benefit component, will result in a fourth quarter 2007 buyout charge of approximately $3.0 - $3.3 million and is expected to yield annualized savings of about $3.9 - $4.3 million beginning in 2008.
The program was open to all full-time employees of Journal Sentinel Inc. with ten years of service or more as of October 26, 2007. The separation date is expected to occur on or about November 15, 2007.
"Journal Sentinel accepted most of the voluntary applications that were received from co-workers, and job reductions were spread across all departments within the company, in proportion to that department's size," said Elizabeth (Betsy) Brenner, president and chief operating officer of Journal Communications' publishing group. "We thank our valued colleagues for their many contributions over the years and wish them well in their future endeavors."
This press release may contain 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 filed with the Securities and Exchange Commission.
About Journal Sentinel
Journal Sentinel Inc. publishes the flagship Milwaukee Journal Sentinel newspaper as well as a range of other print and electronic products, primarily serving southeast Wisconsin people and businesses. Journal Sentinel is committed to producing a newspaper that reflects the ever-changing world and fulfills the needs of readers and advertisers. In addition to the daily and Sunday newspaper, Journal Sentinel produces Web products and services through its Journal Interactive division, including JSOnline.com and PackerInsider.com. The company also offers direct mail and database marketing services, and the addition of a new printing facility in 2003 led to Journal Sentinel's recent entry to the business of commercial printing.
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 46 community newspapers and shoppers in Wisconsin and Florida. We own and operate 35 radio stations and ten television stations in 12 states and operate two television stations under local marketing agreements. Our interactive media assets include more than 75 online enterprises that are associated with our daily and community newspapers, 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.
CONTACT: Journal Communications, Inc.
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Journal Communications, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|