Journal’s Same-Station 1Q TV Rev Up 7.6%

Journal Communications today announced that in the first quarter of 2013 its television station revenue increased 43.4% to $42.3 million, or 7.6% on a same-station basis.

Television political advertising revenue was $0.4 million compared to $1.2 million.

Local advertising revenue, excluding political, increased 36.7%, or 3.2% on a same-station basis, primarily due to an increase in automotive advertising.

National advertising revenue, excluding political, increased 50.1% or 9.5% on a same-station basis, primarily due to increases in media and restaurant advertising.

Operating earnings from television stations were $7.1 million, an increase of 84.3%.

Television operating expenses increased 37.2%, or 10.4% on a same-station basis, excluding acquisition costs, primarily due to increases in network fees and employee-related costs.

“We are very pleased to report that Journal Communications experienced revenue growth in the first quarter at both our television and radio stations and improving trends at the Journal Sentinel daily newspaper,” said Steven J. Smith, chairman-CEO of Journal Communications.

“Television revenue increased over 43%, driven by a solid quarter at the newly acquired NewsChannel 5 [WTVF] in Nashville. On a same-station basis, television revenue increased almost 8%, driven, in part, by increased retransmission revenue. In radio, revenue grew nearly 7% with same-station up almost 3%, with revenue increases seen in most markets. Same-station revenue was up more than 6% across the broadcast group.”

For the company as a whole, first quarter revenue of $94.7 million increased 15.1% and operating earnings of $8.5 million increased 47.3%. Net earnings were $3.8 million, an increase of 29.9%.

Read the company’s report here.