The rebound is driven by a double-digit rise in automotive advertising.
Journal Communications Inc. today announced results for its fourth quarter ended Dec. 25 that included a decrease in television station revenue of 15.4% to $31.6 million compared to $37.4 million in the year-earlier quarter. Television political and issue advertising revenue was $700,000 compared to $8.8 million. Excluding political and issue advertising revenue, television revenue increased 7.9%.
Operating earnings were $4.9 million, including a $900,000 non-cash impairment charge for broadcast licenses in 2011, compared to operating earnings of $13.0 million.
Television operating expenses increased 9.3% primarily due to higher employee-related expenses. Excluding the $0.9 million non-cash impairment charge for broadcast licenses, operating expenses increased by 5.7% to $25.8 million.
Steven Smith, Journal’s chairman-CEO, commented on the TV-radio-newspaper company’s results, saying: “Revenue for the quarter of $95 million decreased 8.3% and operating earnings decreased 24.6% to $14.2 million. Excluding political and issue advertising, broadcast revenue grew 7% driven by the continued rebound in automotive advertising, up 11.3% in the quarter.”
Read the company’s report here.