By: Newspaper publisher Journal Register Co. said Thursday third-quarter profit jumped on tax gains and lower expenses. But excluding such gains and cost cuts, profit fell as advertising revenue kept eroding.
The company, which also operates a number of newspaper and jobs-related Web sites, said net income rose to $11.2 million, or 28 cents per share, from $7.3 million, or 19 cents per share, in the year-ago period.
The latest quarter included a federal tax benefit of $6.1 million, or 15 cents per share, and a state tax gain of $1.8 million, or 5 cents per share. Excluding those one-time events, the company earned 8 cents per share
Analysts, whose estimates exclude non-recurring benefits and gains, items, expected profit of 12 cents per share, according to Thomson Financial.
Expenses fell 5.9 percent to $95.4 million from $100.5 million.
Revenue declined 7.4 percent to $113 million from $122 million last year, missing Street estimates for $113.7 million. Total advertising revenues decreased 9.4 percent to $85.8 million.
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