Buoyed by a barrage of paid political campaign television commercials, Milwaukee-based Journal Communications Inc. reported third quarter net earnings of $7.7 million, or 14 cents per share, up from $4.4 million, or 7 cents per share, in the same period a year ago.
The company’s quarterly revenue grew to $97.8 million from $87.8 million a year earlier.
“Journal Communications had a strong third quarter with consolidated revenue up more than 11 percent driven largely by political and issue advertising in our television business,” said Steven Smith, chairman and chief executive officer of the firm.
“Broadcast revenue was up 25 percent primarily driven by political and issue advertising, but also due to the successful summer Olympics on our NBC stations and core revenue growth. While our publishing business saw revenue decline just over 4 percent, we reported positive growth in key categories including retail ROP advertising, circulation and commercial print. These revenue increases drove a 68 percent increase in consolidated operating earnings. This quarter we clearly advanced our strategy of adding broadcast assets to the business as we completed the agreement to purchase NewsChannel 5 – WTVF, an exceptional television station in Nashville and one of the top CBS affiliates in the country. We also simplified our capital structure by repurchasing all of the outstanding class C shares.”