Journal Register swings to a 4Q loss |
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Tue, 06 Feb 2007 15:29
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YARDLEY, Pa. (AFX) - Journal Register Co. said Tuesday that it swung to a fourth-quarter loss, primarily due to an asset writedown.The company reported a loss of $25.1 million, or 64 cents per share, compared with a profit of $12.5 million, or 31 cents per share, in the previous year.Adjusted earnings were $10.1 million, or 26 cents per share, versus $12.5 million, or 31 cents per share. The results for the current quarter exclude a $35.1 million charge for an asset adjustment related to its Michigan cluster and its investment in PowerOne Media LLC.Analysts polled by Thomson Financial forecast a fourth-quarter profit of 24 cents per share.'The non-cash goodwill adjustment that we took in the fourth quarter was the result of continued softness in the overall Michigan economy. However, we are expecting to post improvements in 2007 and are committed to the longer term strategy which includes the opening of our new production facility, strong cost controls and belief in the future of the Michigan economy,' Chairman and Chief Executive Robert M. Jelenic said in a statement.Quarterly revenue rose 1 percent to $131.9 million from $130.5 million, missing Wall Street's estimate of $135.3 million. The results benefited from an extra week in the period compared with a year ago as well as slight increases in advertising, circulation, and newspaper sales.Journal Register reported a full-year 2006 loss of $6.2 million, or 16 cents per share, compared with a profit of $46.9 million, or $1.12 per share, in 2005.Adjusted earnings were down 26 percent to $34.8 million, or 88 cents per share, from $46.9 million, or $1.12 per share, in the previous year.Revenue for the year slipped 2 percent to $506.1 million from $516.6 million, despite the extra week. Results were hurt by lower advertising, circulation and newspaper sales.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Journal Register closes R.I. paper sale 