Magazine article Editor & Publisher

Journal Register Swings to Q3 Loss, Debt Forbearance Extended

Magazine article Editor & Publisher

Journal Register Swings to Q3 Loss, Debt Forbearance Extended

Article excerpt

Debt-laden Journal Register Co. Monday reported a net loss of $8.7 million, or 22 cents a share, for the third quarter. In Q3 2007, the newspaper publisher reported net income of $11.2 million, or 28 cents, a share.

Journal Register also reported certain lenders agreed to extend the forbearance agreement reached last July until Jan. 16, 2009 as it works its way out of big debts taken on chiefly to fund the acquisition of a cluster of Michigan dailies.

Yardley, Pa.-based Journal Register said its bank debt has increased. It was $646.3 million as of Sept. 28, compared to $624.8 million on Dec. 30, 2007.

Journal Register said its current assets were $85.6 million -- and it current liabilities $729.7 million, the result of classifying all its bank debt as current debt. Last December, it t assets of $71.2 million and liabilities of $80.3 million.

For more details on Journal Register's debt situation go to the Fitz & Jen blog

Except for its well above-average debt, Journal Register's Q3 report resembled those of its peers in the newspaper industry, with revenue down, advertising down even farther -- and classified down even more.

Total revenue for the quarter was $102. …

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