Posted on 07/13/2006 10:04:16 AM PDT by abb
Journal Register 2Q Earnings Decline on One-Time Charge, Lower Ad Sales
TRENTON, N.J. (AP) -- Journal Register Co., parent of the New Haven Register and other newspapers, said Thursday second-quarter profit dropped 36.4 percent, weighed down by a one-time charge and weaker advertising sales.
Second-quarter earnings tumbled to $9.8 million, or 25 cents per share, from $15.4 million, or 37 cents per share, in the year-ago period. This year's adjusted net income was $12.3 million, or 31 cents per share, which excludes a special item related to a one-time charge for a non-compete/separation arrangement of $2.5 million after taxes. There were no special items recorded last year.
On average, analysts were expecting second-quarter earnings of 30 cents per share on revenue of $143.1 million, according to a Thomson Financial poll.
Quarterly revenue fell 2.5 percent to $142.2 million compared to $145.9 million during the same period last year. Total ad sales declined 2.7 percent to $111.9 million from $115 million in the prior-year period. National ad revenues, which represent about 5 percent of the company's ad sales, dipped 5.7 percent for the quarter. Classified ad revenue dropped 5.5 percent, while circulation sales sagged 3.2 percent to $25.1 million from $26 million last year. Online sales surged 37.2 percent to $4.1 million.
"Our performance was driven by continued strong results in our online operations, including the results of JobsInTheUS and diligent cost controls," Chairman and Chief Executive Robert M. Jelenic said in a statement.
The company also reported its June advertising sales results, with total ad revenue for the month edging down 3.4 percent to $33.7 million compared to $34.9 million in the year-ago period. Journal Register said its sales were hurt by softness in its Great Lakes clusters, Michigan and greater Cleveland.
National ad sales fell 6 percent to $1.6 million from $1.7 million in the prior-year period on a pro forma basis.
Pro forma online sales jumped 40.7 percent to $1.3 million. Revenue from JobsInTheUS skyrocketed 84.9 percent during the month.
Journal Register shares closed up 17 cents at $8.78 in Wednesday trading on the New York Stock Exchange.
Ping
You are having just too much fun.
Just doing the job the DriveBy Media won't do...
"Just doing the job the DriveBy Media won't do..."
Plus you didn't come across our border as an illegal alien to do this job the Dinosaur DriveBy Mediots won't do.
ping
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