By: E&P Staff
Helped by one-time events, Milwaukee Journal Sentinel publisher Journal Communications reported Monday its second quarter earnings from continuing operations increased 1.5% from the year-ago period to $12.5 million, or 19 cents per share, on revenues that slumped 4.3% to $147.5 million.
Net earnings were $14.2 million, up from $15.2 million a year ago. In the second quarter of 2007, Journal Communications recorded a $1.4 million gain, net of tax, from discontinued operations related to the previously announced divestitures of its Ohio, New England and Louisiana community publishing clusters.
Second-quarter 2007 results were impacted by a number of one-time events, Journal Communications said.
Without those one-time events, revenue from continuing operations would be down 7.3% to $147.5 million, and earnings from continuing operations would have dropped 11.2%.
“We experienced a challenging second quarter,” Chairman and CEO Steven J. Smith said in a statement. ” “We recorded declines in retail advertising and employment and real estate classified advertising in publishing and posted softer-than-expected auto advertising across our broadcast markets. We continue to manage costs carefully in all of our businesses while also investing for growth.”
Journal Communication’s publishing revenue from continuing operations decreased 0.5% to $67.6 million.
Total interactive advertising revenue at the Journal Sentinel increased 46.9% to $3.4 million compared to $2.3 million.