Milwaukee-based Journal Media Group today reported second quarter net income of $3.3 million, or 13 cents per share, compared with a net loss of $10.5 million, or 72 cents lost per share, in the second quarter of 2014.
This is the first full quarter reported by the company, which was formed by the April 1 merger of the publishing arms of Milwaukee-based Journal Communications Inc. and The E.W. Scripps Co.
The combined firm reported $3.7 million in operating income in the second quarter, compared with a net operating loss of $10.1 million in the same period a year ago.
And second quarter revenue totaled $115.8 million, up 25.6 percent from $92.2 million in the second quarter of 2014.
The company attributed the increased revenue to the acquisition of the Journal newspapers, partially offset by declines at the former Scripps newspapers. The acquisition also increased expenses by 10 percent, which was partially offset by decreases in payroll, benefits and variable costs at the former Scripps papers.
“As we completed our first full quarter of operations under the Journal Media Group umbrella, we are committed to enhancing shareholder value,” said Tim Stautberg, president and chief executive officer of Journal Media Group. “While the revenue picture has been challenging throughout the newspaper industry, our team has been focused on completing the remaining integration tasks and driving the value of our local brands and the unique connection that we have with readers and advertisers in the communities we serve.”
