Journal Communications Reports First Quarter 2014 Results
April 29, 2014
Journal Communications, Inc. today announced results for its first quarter ended March 30, 2014.
“We are pleased to report that Journal Communications revenue grew nearly 4% in the first quarter benefiting from the Winter Olympics and growth in television retransmission revenue. In addition, publishing advertising revenue was essentially flat for the quarter,” said Steven J. Smith, Chairman and CEO of Journal Communications.
“In the first quarter, Journal Communications’ total revenue was $97 million, driving an operating earnings increase of 44% in the quarter.”
“Earnings per share from continuing operations were $0.12 compared to $0.08 last year. In addition, the sale of our Palm Springs stations added an additional $0.12 per share from discontinued operations in the quarter.”
First Quarter 2014 Highlights and Changes from First Quarter 2013:
* Revenue of $96.6 million, up 3.7%.
* Television revenue of $46.0 million, up 12.6%.
* Retransmission revenue of $9.8 million, up 85.6%.
* Operating earnings of $12.0 million, up 43.7%.
* After-tax gain on the sale of Palm Springs television stations of $6.0 million - EPS of $0.12 from discontinued operations.
* Diluted EPS of $0.12 from continuing operations, compared to $0.08.