By: E&P Staff
The Journal Register Co. Thursday reported net income of $16.4 million in the fourth quarter of 2003, a 15.2% rise from the comparable period in 2002. For the year, the company posted net income of $72 million, a whopping 47.9% jump from 2002’s $49.2 million.
Total revenues for the quarter and the full year ended Dec. 28, 2003, were $104.4 million and $406.0 million, respectively, the Trenton, N.J.-based company announced. On a “same-store” basis — which excludes acquisitions and sales from the current and previous years — total revenues for the fourth quarter of 2003 were $102.8 million, down slightly from the $103.3 million in the fourth quarter of 2002. For the full year, total revenues on a same-store basis were $399.7 million compared to $403.7 million in 2002.
Advertising revenues for the fourth quarter were $78 million, slightly ahead of the $77.6 million for the fourth quarter of 2002. For the full year, total advertising revenues were $299 million, compared to $297.1 for 2002.
“We are optimistic that the improvement in advertising revenue trends will continue to build momentum in 2004,” Chairman, President and CEO Robert M. Jelenic said in a statement. “We expect classified employment revenues, which turned around in the second half of the year and were positive during each period of the fourth quarter, as well as continued improvement in retail advertising revenues and the overall economic environment, to help drive our 2004 results.”
On the circulation front, revenues were $22.2 million for the fourth quarter, a 1.8% dip from $22.6 million in the year-ago period. Circulation revenues decreased 1.4% for the full year.
The Journal Register publishes 23 daily newspapers, including the New Haven Register, Connecticut’s second largest daily and Sunday newspaper, and 237 non-daily publications.