Journal 1Q TV Revenue Up 12.6% To $46M
Journal Communications today announced results for its first quarter that were powered by a 12.6% increase in television revenue, to $46 million, up from $40.8 million in the same period of 2013.
Olympics revenue was $2.6 million.
Retransmission revenue of $9.8 million grew 85.6%.
Television political advertising revenue was $0.5 million compared to $0.4 million.
Local advertising revenue, excluding political and Olympics revenue, decreased 2.9%, primarily due to a decrease in professional services and media advertising.
Digital revenue, which is reported in local revenue, was $1.0 million, up 17.9%.
National advertising revenue, excluding political and Olympics revenue, decreased 13.7%, primarily due to decreases in automotive and restaurant advertising.
Total revenue, excluding political, Olympics and retransmission revenue was $33.1 million, down 5.6%.
Operating earnings from television were $11.2 million, an increase of 60.3%. Television operating expenses increased 2.8%, or 5.2% excluding $0.8 million in acquisition costs in 2013, primarily due to increases in network fees.
Publishing revenue decreased 2.7% to $35.6 million. Retail advertising revenue increased 1.3% driven by a large advertiser added in 2013. Classified advertising revenue decreased 4.6% driven by a decrease in employment advertising. Circulation revenue of $11.7 million was down 5.7%.
The company as a whole reported revenue of $96.6 million, up 3.7%; digital revenue was $4.6 million, up 5.8%; and operating earnings were $12.0 million, up 43.7%.,
Steven J. Smith, chairman-CEO, said: “We are pleased to report that Journal Communications revenue grew nearly 4% in the first quarter benefiting from the Winter Olympics and growth in television retransmission revenue.”
Read the company’s report here.