Journal Communications 4Q profit climbs |
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Wed, 14 Feb 2007 13:33
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MILWAUKEE (AP) - Publishing and broadcasting company Journal Communications Inc. said Wednesday that strength in its broadcasting division and an extra week helped push fourth-quarter earnings up 40 percent.Net income climbed to $23.4 million, or 33 cents per share, compared with $16.7 million, or 23 cents per share, in the previous year.Analysts polled by Thomson Financial forecast a profit of 25 cents per share.The company said its current quarter's earnings rose $3.5 million, or 5 cents per share, on the sale of KBBX-FM and a garage property and a curtailment gain related to a retiree medical plan amendment. Earnings fell on a reduction in the estimate of advertising credits to be issued to advertisers in 2007 related to a previous litigation settlement.Quarterly revenue gained 15 percent to $186.6 million from $161.8 million primarily on growth in its broadcasting division. The unit saw sales rise 47 percent to $70.2 million.The company said that an extra week in the period added $11.1 million to its revenue.Consensus estimates put sales at $199.9 million.Full-year 2006 earnings slipped nearly 3 percent to $64.4 million, or 89 cents per share, versus $66.2 million, or 88 cents per share, a year ago.Revenue for the year climbed 7.7 percent to $671.9 million from $624 million.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Journal Communications sells AM station 