Wall Street may not like media stocks, but that isn’t stopping companies from rewarding their patient shareholders by increasing dividends. Journal Communications yesterday announced that its board has boosted the company’s quarterly dividend by 6.7% to eight cents per share. The dividend will be paid March 7th to shareholders of record on February 26th. The board also set the company’s annual shareholders meeting for May 1st.
“We are pleased to once again increase our quarterly dividend, which reflects our Company’s strong cash flow and its commitment to returning value to shareholders,” said CEO Steven Smith.
He’ll get to talk more about that cash flow today as Journal reports its Q4 and full year 2007 financial results. The consensus of Wall Street analysts surveyed by Thomson/First Call is that revenues will be down 19% for the quarter and 12% for the year.
Journal Communications, founded in 1882, publishes the Milwaukee Journal Sentinel and 49 community newspapers and shoppers. It owns 35 radio stations and 11 television stations, plus another TV operated under an LMA. It has 96 online enterprises associated with its traditional media properties.