|Steven J. Smith|
“In the first quarter, Journal Communications’ total revenue was $97 million, driving an operating earnings increase of 44% in the quarter.”
First Quarter 2014 Highlights and Changes from First Quarter 2013:
- Revenue of $96.6 million, up 3.7%.
- Television revenue of $46.0 million, up 12.6%.
- Retransmission revenue of $9.8 million, up 85.6%.
- Operating earnings of $12.0 million, up 43.7%.
- After-tax gain on the sale of Palm Springs television stations of $6.0 million - EPS of $0.12 from discontinued operations.
- Diluted EPS of $0.12 from continuing operations, compared to $0.08.
Operating earnings from radio were $2.1 million compared to $2.4 million, a decrease of 11.9%. Radio operating expenses decreased 2.6%, or 0.8% excluding a $0.2 million non-cash building impairment charge recorded in 2013, primarily due to lower programming rights fees.