Journal Communications revenue up on television retransmission

Milwaukee-based Journal Communications Inc. today reported second quarter net earnings of $10.4 million, or 21 cents per share, up from $6.6 million, or 13 cents per share, in the second quarter of 2013.

Total revenue was $104.7 million, up 4.9 percent from $99.8 million in the same period a year ago.

Television revenue was up 12.8 percent, to $46.9 million. Television retransmission revenue was up 80.7 percent, to $9.8 million. Digital revenue was up 10 percent to $5.4 million. Radio revenue was up 1.6 percent to $20.2 million.

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Publishing revenue, however, was down 2 percent to $37.6 million. Operating earnings from publishing were down 14.1 percent, to $2.6 million.

The company last week announced its merger with The E.W. Scripps Co., which will form two publicly traded media companies, one focused on publishing and the other on broadcast and digital media.

“We are pleased to report that Journal Communications revenue of $105 million grew nearly 5 percent, benefiting from the continued growth in television retransmission revenue,” said Steven Smith, chairman and chief executive officer of Journal Communications. “Digital revenue growth of 10 percent and radio revenue growth in the quarter were also encouraging. Increased revenue drove an operating earnings increase of 34 percent in the quarter.”

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