|Journal Communications explores additional permanent capital|
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Milwaukee, Wis. (Oct. 28, 2002) - Journal Communications today announced that its board of directors has directed management and the company's financial adviser, Robert W. Baird & Co., to explore potential sources for additional permanent capital for the company. The company expects that the process could take from six to nine months.
"We intend to seek additional resources that will enable us to take advantage of opportunities to grow our newspaper, broadcast and other businesses," said Steven J. Smith, chairman and chief executive officer. "Our core businesses have shown strength in the face of recent challenges from the economy and are positioned to take advantage of growth opportunities."
David G. Meissner, a director of the company, added, "This step towards enhancing the company's capital structure with additional permanent capital will only be done in the context of a financially strong, independent, family- and employee-controlled business headquartered in Milwaukee, Wisconsin." Meissner is a representative of the family of the late Harry J. Grant, who began the company's employee-ownership plan.
About Journal Communications:
Journal Communications is a media and communications company operating businesses in publishing, broadcasting, telecommunications and specialty printing. With 6,500 employees, the company has more than $800 million in annual revenue.
Journal Communications owns and operates:
For the year ended Dec. 31, 2001, Journal Communications had revenue of $825 million and net earnings of $48 million. As of the end of the third quarter of 2002, Journal Communications had year-to-date revenue of $615 million and net earnings of $44 million. At the end of the third quarter of 2002, the company had $70 million of bank debt, and shareholders equity of $468 million.
Founded in 1882, Journal Communications has been employee-owned since 1937. Journal Communications has the nation's oldest employee ownership plan.
|"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.|