Earnings: Journal Register Q1 Online Revs Up 22.8 Percent; Company Swings To Loss, Total Revs Drop
This story was written by David Kaplan.
While the Journal Register (NYSE: JRC) Company posted a net loss of $72.2 million ($1.84 per diluted share) for Q1, the publisher's online revenues grew by 22.8 percent year-over-year. All of the Journal Register's regions experienced online growth, with the Greater Cleveland cluster gaining more than 84 percent during the period. Online revenues accounted for 6.4 percent of total advertising revenue in Q1, versus to 4.6 percent in the prior year.
The rest of of the company's Q1 earnings were not quite so stellar. The net loss - compared to income from continuing operations of $1.5 million ($0.04 per diluted share) Q107 - includes a $95.4 million non-cash charge for the "impairment of assets" relating to a write-down of the carrying value of mastheads and goodwill for the Michigan and New York clusters. Total revenues for the publisher of the New Haven Register were down 10.3 percent to $102.4 million from $114.1 million last year.
By David Kaplan