Earnings: Journal Comm Posts $223M Net Loss; Online Revs Tank In Q4, Decemeber
This story was written by David Kaplan.
Impairment charges on licensing fees and severance swung Journal Communications (NYSE: JRN) to a net loss of $223 million in Q4 versus the $9.5 million in profits the year before. Revenues for the Milwaukee newspaper and broadcast owner fell 9 percent to $134.3 million. The publisher of the Milwaukee Journal Sentinelits only daily, as Journal Comm owns a few weekly community paperssaid that interactive ad revs at its daily paper slipped 3.4 percent to $3.6 million compared to $3.7 million, a further sign that online advertising is no longer the bright spot it used to be. Overall, publishing revenue dropped 10.4 percent to $60 million.
December revs: In its last monthly revenue report many, if not most newspaper publishers have decided to curtail the practice since results continue to look poorJournal Comm said online revs at the Journal Sentinel decreased 7.4 percent to $1.15 million compared to $1.24 million. Total advertising revenues of $32.41 million decreased 14.9 percent.
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By David Kaplan
