Journal Communications Reports Second Quarter 2011 Results

By: Business Wire

MILWAUKEE, Jul 26, 2011 (BUSINESS WIRE) — –Revenue of $90.1 million, down 4.5%

–Broadcast revenue down 2.0%; Core broadcast revenue, excluding political and issue advertising revenue, was essentially flat

–Operating earnings of $11.5 million, down 16.6%

–Diluted EPS of $0.10, down from $0.14

–Notes payable to banks of $61.0 million, a reduction of $13.6 million from year end 2010

–Funded debt ratio of 0.80-to-1

Journal Communications, Inc. today announced results for its second quarter ended June 26, 2011.

“In the second quarter, Journal Communications saw mixed results in this challenging operating environment,” said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. “Overall publishing and broadcast revenue was down in the second quarter compared to the second quarter of 2010. However, excluding political and issue advertising in both years, we did see a revenue increase at our television stations in the second quarter. In addition, we continue to see an increase in interactive revenue in both our broadcast and publishing businesses. Furthermore, total operating costs and expenses were down 2.4% compared to second quarter 2010.

“As a result of our commitment to delivering shareholder value, our Board of Directors recently authorized a share repurchase program that will allow us to opportunistically buy back class A and/or class B common stock.”

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