|Journal Communications to Include Non-Cash Impairment Charge in 4th Quarter 2008 Financial Statements|
The non-cash impairment charge is expected to primarily affect the book value of the Company's broadcast intangible assets. The charge will have no effect on cash flows, but will reduce reported earnings per share for the fourth quarter and full year 2008.
"The challenging economy and precipitous decline in the stock market is
impacting our stock and the stock of other media companies," said Steven
J. Smith, chairman and chief executive officer. "We believe that the
current stock price understates the value of
"We believe that we are well positioned to weather cyclical advertising weakness as well as longer-term industry evolution. The expected charge will be a non-cash charge to GAAP earnings and will not affect our ability to generate cash. We will continue to position the Company for success beyond the current economic environment," said Andre J. Fernandez, executive vice president and chief financial officer.
As of the end of the third quarter on
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 23 of our most recent Quarterly Report on Form
10-Q, each as filed with the
|"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.|