By: E&P Staff
Journal Register Co. said poor weather and continuing problems at its cluster of Michigan newspapers drove revenues down 7.6% to $46.5 million in its Period Four, the five weeks ended May 6, compared to $50.4 million for the five weeks ended April 30, 2006.
Excluding the Michigan cluster results, the company said, total revenues fell 5.4% compared to the year-ago period.
Total advertising revenues from continuing operations fell 9.4% to $35.8 million from $39.5 million a year ago.
“The company’s Period Four advertising revenues were impacted by the unfavorable weather conditions experienced in the Northeast during April,” Chairman and CEO Robert M. Jelenic said. “Results from the company’s Michigan cluster were weak as they continued to be impacted by the poor economic conditions in the state related to the domestic automobile industry.”
Jelenic said Journal Register was encouraged by the results of its online operations, which reported record revenues of $1.8 million, an increase of 16.1% over the 2006 period. Online revenues from JobsInTheUS were up 11.1 percent compared to the year-ago period increase of 63.5%.
Retail advertising revenues in the period were down 7.9%, or 5.2% excluding Michigan, chiefly on softness in grocery and drug store categories partly offset by strength in the building, hardware, and garden stores category.
Classified ad revenues fell 9.8%, or 7.3% excluding Michigan.
Help-wanted classified fell 5.9%, and real estate 15.2%. Classified auto revenues dropped by 15.9%.
National advertising revenues, which amount to about 4% of total ad revenues, plummeted 26% on softness in telecom advertising.
Circulation revenues for the period dropped 1.2%.