Magazine article Editor & Publisher

Journal Communications Swings to Loss, Takes Goodwill Charge on Broadcast Properties

Magazine article Editor & Publisher

Journal Communications Swings to Loss, Takes Goodwill Charge on Broadcast Properties

Article excerpt

Milwaukee Journal Sentinel publisher Journal Communications Inc. reported a third-quarter loss Thursday of $17.1 million, or 35 cents a share, including a non-cash impairment charge of $23.5 million for its four television stations and 13 radio outlets.

Revenue for the quarter fell 5.6% to $136.3 million, Journal Communications said. The company in 2007 reported third-quarter earnings of $13.1 million, or 16 cents a share.

Newspaper revenue was down 8.8% to $59.4 million on weakness across all advertising categories. Interactive advertising revenue at the Journal Sentinel increased 14.1% to $3.8 million compared to $3.4 million a year ago.

Operating earnings at newspapers publishing decreased 87.7% to $1.2 million from $9.4 million in Q3 2007. The 2008 quarter included a $3.7 million charge for workforce reduction. Excluding this charge, Journal Communications said, publishing operating earnings decreased by 48.4%.

Journal Sentinel total ad revenue fell 15. …

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