Journal Communications profits rise 24 percent
the Associated Press
MILWAUKEE (AP) -- Journal Communications Inc. says its profits rose 24 percent in the last quarter, as its broadcasting segment benefited from heavy spending on political and issue advertising.
The Milwaukee-based publisher of Wisconsin's largest newspaper reported net earnings Thursday of $7.6 million, or 13 cents per share. That's up from earnings of $6.1 million, or 10 cents per share, for the second quarter of last year.
The company publishes the Milwaukee Journal Sentinel. It also owns 35 radio stations and 14 television stations in 12 states.
Journal Communications says its broadcasting revenue rose 18 percent to $54.5 million. But publishing revenue fell 7 percent to $41.0 million, reflecting a prolonged slump in retail advertising sales.
Company shares opened Thursday at $5.24. Shares have traded in a 52-week range from $2.69 to $5.72.
Journal Communications operates both Newsradio 620 WTMJ and TODAY'S TMJ4.