Excluding political and Olympics revenue, same-station core revenue increased 5% in the quarler. Same-station local was up 2%, while same-station national grew 0.7%.
QUARTERLY REPORT
Journal’s Same-Station 3Q TV Rev Up 2.2%
Journal Communications today announced that in the third quarter of 2013 its television station revenue of increased 2.2% to $39.8 million. Excluding political and Olympic revenue of $11.3 million in 2012, revenue from television stations increased 42.8%, or 5% on a same-station basis.
Local advertising revenue increased 40.9%, or 2% on a same-station basis, largely due to increases in automotive and supermarket advertising. National advertising revenue increased 35.1%, or 0.7% on a same-station basis, primarily due to an increase in automotive and medical advertising. Operating earnings of $4.6 million decreased 53.8%, or 98.8% on a same station basis primarily due to lower political and Olympic advertising and the impact of the Time Warner Cable dispute.
Television operating expenses increased 21.5% driven by the acquisition of WTVF Nashville. On a same-station basis and excluding acquisition, divestiture and integration costs, operating expenses increased 2.4%.
Steven J. Smith, chairman-CEO of Journal Communications, commented: “Journal Communications had a solid third quarter, driven by continued improving advertising revenue trends in publishing, as well as revenue gains in our broadcast group. Total revenue of $97.7 million was essentially flat compared to 2012 which had record political and Olympic spending,” said.
“Within the broadcast group, revenue was up 3%, with television up 2% and radio up nearly 4%. Revenue from NewsChannel 5 in Nashville [WTVF] helped us replace the political and Olympic advertising dollars we saw during the third quarter of last year.”
“Although we were challenged by a protracted retransmission consent agreement negotiation with Time Warner Cable, which took our television stations off of their system in four of our markets for eight weeks, we are pleased with the result of the negotiation.”
BRAND CONNECTIONS
The company as a whole reported total revenue of $97.7 million, which was essentially flat compared to 2012 which had record political and Olympic spending.
Read the company’s report here.
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