Journal earnings up on Olympics revenue

Milwaukee-based Journal Communications, Inc. today reported first quarter net earnings of $12.1 million, or 24 cents per share, up from $3.7 million, or 8 cents per share, in the first quarter of 2013.

Revenue was $96.6 million, up 3.7 percent from $93.2 million in the same period a year ago.

Television revenue was up 12.6 percent, to $46 million, driven by increased retransmission revenue and Winter Olympics television revenue.

The media company owns and operates or provides services to 14 television stations and 35 radio stations in 11 states and publishes several publications in Wisconsin.

“We are pleased to report that Journal Communications revenue grew nearly 4 percent in the first quarter, benefiting from the Winter Olympics and growth in television retransmission revenue. In addition, publishing advertising revenue was essentially flat for the quarter,” said Steven Smith, chairman and chief executive officer of Journal Communications.

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