Journal Communications Reports Positive Q2
| RADIO ONLINE | Thursday, July 26, 2012 | 8:11am CT |
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Journal Communications, Inc. today announced results for its second quarter ended June 24, 2012. "Journal Communications had a strong second quarter with operating earnings up 17% driven by political and issue advertising and a continuing recovery in many of our local broadcast markets," said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. "We continued to pursue our JS Everywhere strategy, launching a new Milwaukee Journal Sentinel iPad app in May. We were pleased to close on the purchase of our two new radio stations at the beginning of the third quarter for $11.7 million, creating a strong cluster in Tulsa Oklahoma. While we expect to continue to actively pursue growth opportunities in broadcast, we also expect to use our cash to pay debt and repurchase shares."
For the second quarter, revenue of $95.5 million increased 6.0% compared to $90.1 million. Operating earnings of $13.5 million increased 17.1% compared to $11.5 million. Net earnings were $7.6 million compared to $6.1 million.
Second Quarter 2012 compared to Second Quarter 2011
Revenue of $95.5 million, up 6.0% Broadcast revenue up 18.4% or 16.5% excluding revenue from the new Tulsa station local marketing agreement Broadcast TV revenue up 22.5% or 7.1% excluding political and issue advertising revenue Operating earnings of $13.5 million, up 17.1% Diluted EPS of $0.13 or $0.14 excluding a $1.0 million pre-tax publishing workforce reduction charge, up from $0.10 Notes payable to banks of $21.4 million, a reduction of $19.9 million from year end 2011 Repurchased 132,589 class A shares for $0.6 million Milwaukee Journal Sentinel launched new iPad app
In the second quarter, basic and diluted net earnings per share of class A and B common stock were $0.13, or $0.14 excluding a $1.0 million pre-tax publishing workforce reduction charge, compared to $0.10.
The operating margin was 14.1% for the second quarter compared to 12.8%. EBITDA (net earnings (loss) excluding the earnings/loss from discontinued operations, net; total other expense, net; provision (benefit) for income taxes; depreciation; amortization; and, if any, non-cash impairment charges) was $19.4 million compared to $17.3 million, an increase of 11.7%.
