Journal's 4Q TV Rev -13%, +9% For Year
Journal Communications today announced results for its fourth quarter and full year ended Dec. 29, 2013, that included gains in core revenue in the broadcast group — television same-station core revenue, excluding political and the extra week in the quarter, was up 11%. (The results were affected by an extra week in 2012 compared to 2013.)
In the fourth quarter, revenue decreased 15.5% to $45.1 million, or 32.5% excluding the extra week on a same-station basis. Television political revenue was $300,000 compared to $19.2 million.
On a same-station basis excluding the extra week and political revenue, total revenue was up 10.6%, local revenue increased 2.1% and national revenue increased 11.4%. Retransmission revenue was $5.9 million compared to $2.9 million.
In the fourth quarter, operating expenses decreased 0.9%. On a same-station basis excluding special items and the extra week, expenses decreased 6.5% driven by lower sales commissions. Operating earnings were $10.9 million.
For the full year, TV revenue increased 9.3% to $166.6 million, though decreased 17.1% on a same-station basis excluding the extra week. Television political and Olympics revenue was $1.3 million compared to $36.3 million. On a same-station basis excluding political, Olympics revenue and the extra week, total revenue increased 9.0%, local revenue increased 4.1% and national revenue increased 5.5%. Retransmission revenue was $21.9 million compared to $10.2 million.
For the full year, operating expenses increased 21.3%. On a same-station basis excluding special items and the extra week, expenses increased 2.9%. Operating earnings were $31.4 million.
Steven J. Smith, chairman-CEO of Journal Communications, said: ““Journal Communications delivered a solid fourth quarter in a non-political year, driven by gains in core revenue in our broadcast group and improving advertising revenue trends in publishing. Revenue from NewsChannel 5 in Nashville, acquired in December 2012, helped us replace some of the record political advertising dollars we recorded in the fourth quarter last year. Consolidated revenue of $107.4 million was up 11% compared to 2012, excluding the extra week and political revenue in 2012.”
Read the company's report here.