Magazine article Editor & Publisher

Journal Communications Plunges 91% in 1Q

Magazine article Editor & Publisher

Journal Communications Plunges 91% in 1Q

Article excerpt

Media company Journal Communications Inc. said Tuesday its first-quarter profit plunged 91 percent, as the year-ago period was boosted by gains from a sale. The company also saw continued publishing and broadcasting revenue declines.

But results from continuing operations met Wall Street's expectations.

For the period ended March 30, net income tumbled to $6.7 million, or 11 cents per share, compared with $73.3 million, or $1.05 per share, in the previous year.

Income from continuing operations fell to $6.3 million, or 10 cents per share, from $8.2 million, or 12 cents per share.

The results met the expectations of analysts polled by Thomson Financial.

Prior-year results included a $65.1 million gain from the sale of Norlight Telecommunications Inc. and some clusters of its community newspapers and shoppers unit.

Quarterly revenue dropped 6 percent to $134.3 million from $143.2 million. Wall Street's estimate was $136.1 million.

Publishing revenue slipped to $60.7 million from $66.5 million, while broadcasting revenue declined to $49. …

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