Retransmission consent money was the big driver, climbing 66% in the fourth quarter and 78% for full-year 2014.
Journal Communications today announced results for its fourth quarter and full-year 2014 that included an increase in 4Q television revenue of 32.9% to $60 million.
Steven J. Smith, Chairman and CEO, said: “Journal Communications delivered a solid fourth quarter. Results were driven by political and issue advertising, gains in retransmission revenue and local revenue growth in radio. Consolidated revenue of $122.0 million was up 13.6% compared to 2013, though up 11.1% excluding the change in our fiscal year in 2014.
“Within the television group, revenue was up 33%, or 30% excluding the fiscal year change, and radio revenue was up almost 8%, or more than 5% excluding the fiscal year change. Television retransmission revenue grew to $9.8 million in the quarter.”
4Q TV segment revenue broken down:
- Retransmission revenue was up to $9.8 million from $5.9 million in the year-ago period.
- Political advertising revenue was $11.2 million compared to $300,000.
- Local advertising revenue decreased 0.5%, partially due to political displacement.
- National advertising revenue was flat.
- Total revenue, excluding political and retransmission revenue was up 8.7%.
Operating earnings from television were $23.4 million. Television operating expenses increased 6.7%.
Full-Year 2014 TV segment revenue broken down:
- Revenue increased 20.5% to $200.8 million.
- Retransmission revenue was up 78% to $39 million.
- Political advertising and Olympics revenue was $19.8 million compared to $1.3 million in 2013.
- Local advertising revenue decreased 0.6%, partially due to political displacement.
- National advertising revenue was down 2.8%.
Operating earnings for 2014 from television were $59.5 million. Television operating expenses increased 4.6%.
Read the company’s report here.