By: (AP) Journal Communications Inc. reported Wednesday that its second quarter earnings fell 12.9 percent amid soft demand for television advertising, and the company said its third quarter profits would be below last year's.
The company, which publishes the Milwaukee Journal Sentinel and owns seven television stations and 38 radio stations, reported net earnings of $18.1 million for the three months ending June 26, compared with $20.8 million in the same period last year.
Earnings per share were 24 cents compared to 27 cents for the second quarter of 2004.
Journal Communications expects nets earnings in the third quarter to be between $14 million and $16 million. Last year at that time, it was $20.8 million.
Chief executive Steven J. Smith said in a statement that the second quarter finished well as advertising strengthened at the newspaper and in some radio stations.
However, he also said the company's TV business "continues to be challenged as we face a soft advertising environment and tougher comparisons due to an off-cycle year in political and issue advertising."
Journal Communications, which also operates more than 90 community newspapers and shoppers, said earnings from continuing operations decreased 8.2 percent to $18.1 million during the second quarter compared with $19.8 million in the same period of 2004.
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