Political-issue ads and a rebounding auto market helped boost revenue from its television stations to $37.4 million.
Journal 4Q TV Revenue Posts 32% Gain
Journal Communications today announced results for its fourth quarter ended Dec. 26, 2010, that included an increase in revenue from television stations of 32.1% to $37.4 million compared to $28.3 million in the earlier-year quarter.
Television political and issue advertising revenue was $8.7 million compared to $1.4 million. Excluding political and issue advertising revenue, television revenue increased 6.4%. Television automotive advertising increased $800,000.
Operating earnings were $13.0 million compared to operating earnings of $4.1 million, which included a $1.2 million charge for noncash impairment for broadcast licenses in 2009. Television operating expenses increased 0.7%. Excluding the noncash impairment charge in 2009, television operating expenses increased 5.8% primarily due to the increase in revenue.
The publishing/broadcasting company as a whole reported quarterly revenue of $103.7 million, up 7.8%, and operating earnings of $18.8 million, up 22.6%.
Read the company’s report here.