Attached files
| file | filename |
|---|---|
| 8-K - JOURNAL COMMUNICATIONS 8-K 5-7-2010 - JOURNAL COMMUNICATIONS INC | form8k.htm |
| EX-99.3 - EXHIBIT 99.3 - JOURNAL COMMUNICATIONS INC | ex99_3.htm |
| EX-99.2 - EXHIBIT 99.2 - JOURNAL COMMUNICATIONS INC | ex99_2.htm |
Exhibit 99.1
Journal Communications, Inc.
Consolidated Statements of Earnings (unaudited)
(dollars in thousands, except for shares and per-share amounts)
|
2009
|
2008
|
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|
First Quarter
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Second Quaarter
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Third Quarter
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Fourth Quarter
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Fiscal Year
|
Fiscal Year
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Continuing Operations:
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Revenue:
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Publishing
|
$ | 48,124 | $ | 49,433 | $ | 46,479 | $ | 50,160 | $ | 194,196 | $ | 241,972 | ||||||||||||
|
Broadcasting
|
39,215 | 43,742 | 42,453 | 46,081 | 171,491 | 209,914 | ||||||||||||||||||
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Printing services
|
14,295 | 11,240 | 11,086 | 11,628 | 48,249 | 65,201 | ||||||||||||||||||
|
Coporate eliminations
|
(112 | ) | (156 | ) | (60 | ) | (101 | ) | (429 | ) | (476 | ) | ||||||||||||
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Total revenue
|
101,522 | 104,259 | 99,958 | 107,768 | 413,507 | 516,611 | ||||||||||||||||||
|
Operating costs and expenses:
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Publishing
|
34,816 | 32,060 | 31,604 | 30,176 | 128,656 | 154,413 | ||||||||||||||||||
|
Broadcasting
|
23,501 | 21,911 | 25,231 | 22,256 | 92,899 | 104,586 | ||||||||||||||||||
|
Printing services
|
12,427 | 9,832 | 9,957 | 9,515 | 41,731 | 54,537 | ||||||||||||||||||
|
Coporate eliminations
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(114 | ) | (168 | ) | (76 | ) | (106 | ) | (464 | ) | (570 | ) | ||||||||||||
|
Total operating costs and expenses
|
70,630 | 63,635 | 66,716 | 61,841 | 262,822 | 312,966 | ||||||||||||||||||
|
Selling and administrative expenses
|
31,298 | 31,105 | 29,191 | 28,230 | 119,824 | 150,324 | ||||||||||||||||||
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Goodwill and broadcast license impairment
|
- | 18,975 | - | 1,158 | 20,133 | 375,086 | ||||||||||||||||||
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Total operating costs and expenses and selling and administrative expenses
|
101,928 | 113,715 | 95,907 | 91,229 | 402,779 | 838,376 | ||||||||||||||||||
|
Operating earnings (loss)
|
(406 | ) | (9,456 | ) | 4,051 | 16,539 | 10,728 | (321,765 | ) | |||||||||||||||
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Other income and expense:
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Interest income and dividends
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- | - | - | 22 | 22 | 2 | ||||||||||||||||||
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Interest expense
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(812 | ) | (737 | ) | (645 | ) | (632 | ) | (2,826 | ) | (8,166 | ) | ||||||||||||
|
Total other income and expense
|
(812 | ) | (737 | ) | (645 | ) | (610 | ) | (2,804 | ) | (8,164 | ) | ||||||||||||
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Earnings from continuing operations before income taxes
|
(1,218 | ) | (10,193 | ) | 3,406 | 15,929 | 7,924 | (329,929 | ) | |||||||||||||||
|
Provision for income taxes
|
(1,479 | ) | (5,665 | ) | 1,362 | 8,096 | 2,314 | (105,688 | ) | |||||||||||||||
|
Earnings (loss) from continuing operations
|
261 | (4,528 | ) | 2,044 | 7,833 | 5,610 | (224,241 | ) | ||||||||||||||||
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Discontinued operations
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(140 | ) | (304 | ) | (219 | ) | (640 | ) | (1,303 | ) | (162 | ) | ||||||||||||
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Net Earnings (Loss)
|
$ | 121 | $ | (4,832 | ) | $ | 1,825 | $ | 7,193 | $ | 4,307 | $ | (224,403 | ) | ||||||||||
|
Weighted average number of shares-Class A and B
|
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common stock:
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Basic
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50,272,054 | 50,316,845 | 50,499,814 | 50,510,197 | 50,399,727 | 51,917,175 | ||||||||||||||||||
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Diluted
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50,272,054 | 50,316,845 | 50,499,814 | 50,510,197 | 50,399,727 | 51,917,175 | ||||||||||||||||||
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Weighted average number of shares-Class C common stock
|
3,264,000 | 3,264,000 | 3,264,000 | 3,264,000 | 3,264,000 | 3,264,000 | ||||||||||||||||||
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Earnings (loss) per share:
|
||||||||||||||||||||||||
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Basic - Class A and B common stock:
|
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Continuing operations
|
$ | (0.01 | ) | $ | (0.10 | ) | $ | 0.03 | $ | 0.13 | $ | 0.07 | $ | (4.36 | ) | |||||||||
|
Discontinued operations
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- | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | - | ||||||||||||||
|
Net earnings (loss)
|
$ | (0.01 | ) | $ | (0.11 | ) | $ | 0.02 | $ | 0.12 | $ | 0.05 | $ | (4.36 | ) | |||||||||
|
Diluted - Class A and B common stock:
|
||||||||||||||||||||||||
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Continuing operations
|
$ | (0.01 | ) | $ | (0.10 | ) | $ | 0.03 | $ | 0.13 | $ | 0.07 | $ | (4.36 | ) | |||||||||
|
Discontinued operations
|
- | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | - | ||||||||||||||
|
Net earnings (loss)
|
$ | (0.01 | ) | $ | (0.11 | ) | $ | 0.02 | $ | 0.12 | $ | 0.05 | $ | (4.36 | ) | |||||||||
|
Basic and diluted - Class C common stock:
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Continuing operations
|
$ | 0.14 | $ | 0.14 | $ | 0.17 | $ | 0.27 | $ | 0.62 | $ | 0.57 | ||||||||||||
|
Discontinued operations
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- | - | - | (0.01 | ) | (0.02 | ) | - | ||||||||||||||||
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Net earnings
|
$ | 0.14 | $ | 0.14 | $ | 0.17 | $ | 0.26 | $ | 0.60 | $ | 0.57 | ||||||||||||