Journal Communications Radio Revenue Up 11.5% In Q2 - FMQB

Journal Communications Radio Revenue Up 11.5% In Q2 July 26, 2012 Journal Communications reports its Q2 financial results for 2012, with the company's overall revenue up six percent and radio revenue increased by 11.5 percent.? Journal's overall second quarter revenue was up to $95.5 million compared to $90.1 million a year ago. Operating earnings grew 17.1 percent to $13.5 million and net earnings increased to $7.6 million. In Q2, Journal radio revenue increased 11.5 percent from $17.4 million a year ago to $19.4 million (or 6.7 percent excluding $0.8 million of revenue from the LMA for two Tulsa radio stations acquired early in Q3). Excluding political and issue advertising revenue of $0.5 million in 2012 and $0.2 million in 2011, revenue from radio stations on a same-station basis increased 4.8 percent. Core local revenue increased 9.5 percent primarily due to an increase in automotive advertising. Core national revenue increased 12.8 percent?primarily due to an increase in media and other services advertising. Operating earnings from radio stations were $4.4 million?and radio operating expenses increased 11.8 percent. Journal's overall Broadcasting division saw its revenue grow by 18.4 percent in Q2 to $54.5 million, greatly driven by political and issue advertising.? "Journal Communications had a strong second quarter with operating earnings up 17% driven by political and issue advertising and a continuing recovery in many of our local broadcast markets," said Steven Smith, Journal Chairman of the Board and?CEO. "We continued to pursue our JS Everywhere strategy, launching a new Milwaukee Journal Sentinel iPad app in May. We were pleased to close on the purchase of our two new radio stations at the beginning of the third quarter for $11.7 million, creating a strong cluster in Tulsa Oklahoma. While we expect to continue to actively pursue growth opportunities in broadcast, we also expect to use our cash to pay debt and repurchase shares."

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Source: http://www.fmqb.com/article.asp?id=2501374&spid=1314

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