Journal Q4 down 12%; Broadcasting down 13%

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Journal CommunicationsIn Journal’s Q4, revenue of $107.4 million decreased 12.1%, though increased 11.0% excluding political and the extra week in 2013. Operating earnings of $19.9 million decreased 24.4% driven primarily by lower political revenue that was partially offset by the Nashville NewsChannel 5 earnings.


Digital revenue of $5.5 million grew 1.0%.

In the quarter, basic and diluted earnings per share of class A and B common stock were $0.22 compared to $0.30 in 2012, which includes $0.01 from discontinued operations in 2012. The net impact of the special items and the extra week had a $0.01 and a $0.03 negative impact on our diluted earnings per share of class A and B common stock from continuing operations in 2013 and 2012, respectively.

Broadcasting revenue decreased 13.1% to $65.7 million in the fourth quarter and increased 6.4% to $243.4 million for the full year. Excluding the extra week, revenue decreased 9.3% in the fourth quarter, though increased 7.9% for the full year. Total political and Olympics revenue in the fourth quarter was $0.4 million and $1.6 million for the full year compared to $19.9 million and $38.0 million. Expenses decreased 4.7% in the fourth quarter, though increased 14.0% for the full year. Excluding special items and the extra week, same-station expenses decreased 4.8% in the fourth quarter, though increased 3.6% for the full year. Operating earnings of $15.2 million in the fourth quarter and $45.4 million for the year decreased 32.7% and 17.4%, respectively, driven by lower political revenue, partially offset by operating earnings from acquisitions.

For Television, revenue decreased 15.5% to $45.1 million, or 32.5% excluding the extra week on a same-station basis. Television political revenue was $0.3 million compared to $19.2 million. On a same-station basis excluding the extra week and political revenue, total revenue was up 10.6%, local revenue increased 2.1% and national revenue increased 11.4%. Retransmission revenue was $5.9 million compared to $2.9 million.

For the full year, revenue increased 9.3% to $166.6 million, though decreased 17.1% on a same-station basis excluding the extra week. Television political and Olympics revenue was $1.3 million compared to $36.3 million. On a same-station basis excluding political, Olympics revenue and the extra week, total revenue increased 9.0%, local revenue increased 4.1% and national revenue increased 5.5%. Retransmission revenue was $21.9 million compared to $10.2 million.

For the Radio division, revenue decreased 7.2% to $20.5 million or 2.3% excluding the extra week on a same-station basis. Radio political revenue was $0.1 million compared to $0.7 million. On a same-station basis, excluding political and the extra week, total revenue increased 0.6%, local revenue increased 0.1%, though national revenue decreased 22.8%.

For the full year, revenue increased 0.7% to $76.8 million or 1.7% on a same-station basis excluding the extra week. Radio political revenue was $0.4 million compared to $1.7 million. On a same-station basis excluding political and the extra week, total revenue increased 3.7%, local revenue increased 3.5%, though national revenue decreased 8.9%.

For Publishing, revenue of $41.8 million decreased 10.4% for the fourth quarter and decreased 6.3% to $154.6 million for the full year. Excluding the extra week and the northern Wisconsin publications sold in 2012, revenue decreased 0.9% for the quarter, though increased 0.6% for the full year.

Expenses decreased 13.0% in the fourth quarter and decreased 8.2% for the year. Excluding the northern Wisconsin publications, special items and extra week, expenses decreased 2.8% in the fourth quarter and 1.1% for the year. Operating earnings increased 6.5% to $6.6 million in the fourth quarter and 18.6% to $13.8 million for the full year.

 

 


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Carl has been with RBR-TVBR since 1997 and is currently Managing Director/Senior Editor. Residing in Northern Virginia, he covers the business of broadcasting, advertising, programming, new media and engineering. He’s also done a great deal of interviews for the company and handles our ever-growing stable of bylined columnists.