Journal sees brutal fourth quarterDon Day | February 15, 2009
Journal Communications saw revenue fall in the fourth quarter of 08 — down 9%. The company lost a stunning $223 million – which compares with a profit of $9.5 in the same quarter of 2007.
Publishing – down 10% (to $60 million)
Radio – down 7.7% (to $19.7 million)
TV – down 5.5% (to $33.4 million, despite an extra $6 million in political revenue)
“The overall economic environment and continued deterioration of advertising expenditures in Journal markets impacted our business in the fourth quarter causing lower revenue across all segments,” said CEO Steven Smith. “Fourth quarter total publishing revenue was off just over 10% and total broadcast revenue was off just over 6%. Overall Journal Communications revenue decreased 9.0% in the quarter and 6.5% in 2008. To date in the first quarter, we continue to see revenue declines across all of our businesses,” he added.