Journal Communications profits fall 13.5 percent
MILWAUKEE—Journal Communications Inc. says its profits fell 13.5 percent in the last quarter, due in part to continued declines in advertising revenue.
The Milwaukee-based publisher of Wisconsin's largest newspaper reported net earnings Thursday of $2.9 million, or 5 cents per share. That's down from earnings of $3.4 million, or 5 cents per share, for the first quarter of last year.
The company publishes the Milwaukee Journal Sentinel. It also owns 35 radio stations and 14 television states in 12 states.
Journal Communications says its broadcasting revenue rose 5.4 percent to $44.4 million, on the strength of political ads. But its publishing revenue fell 9 percent to $38.0 million, part of a prolonged slump in retail advertising sales.
Company shares rose 21 cents, or 4.9 percent, to close at $4.48.
Journal Communications: http://www.journalcommunications.com