Journal Register Co. Profits Up 1%

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(AP) Newspaper publisher Journal Register Co. reported a 1% increase in second-quarter profits Thursday as advertising gains and lower interest costs offset higher costs in other areas and circulation revenue losses.

For the three months ended June 29, the Trenton-based publisher reported net income of $13.9 million or 34 cents per share, up from $13.8 million and 33 cents per share for the same period last year.

The earnings matched expectations of analysts surveyed by Thomson First Call.

Interest costs fell to $3.7 million this year, compared with $6.4 million in the period in 2002.

Total revenue for the quarter was $104.2 million, down 1.6% from the $105.8 million the company brought in a year earlier.

Advertising revenue rose to $77.2 million, an increase of less than 1%.

For the first half of 2003, the company’s profits were $23.7 million or 57 cents per share, up 2.8% over the $23.1 million or 54 cents per share it brought in during the first half of 2002.

Journal Register publishes 23 daily newspapers in the Connecticut, upstate New York and the Cleveland and Philadelphia areas. The biggest paper is the New Haven Register.

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