The most interesting thing that came out of last Friday's conference call was that the Green Bay television station, which was acquired late last year, produced $850,000 in revenues and no earnings during the first quarter of 2005. JRN JUST PAID $43 MILLION FOR THAT STATION.The poster on this site who has written several times that JRN paid too much for the Green Bay TV station is obviously correct. The interest rate on JRN's line of credit is now about 4 1/2%, according to information on page 62 of the most recent Form 10-K. That means the company paid $483,750 in interest on its line of credit during the first quarter to own the Green Bay TV station. I sure hope somebody on the Board of Directors figures this out and challenges management on the company's totally failed acquisition strategy. During the conference call, I thought I heard one of the executives say there were 43.5 million Class B shares still outstanding at the end of the first quarter. Of that total, 38.8 million Class B shares were owned by retirees. If I heard those numbers right, it's clear that employee ownership at Journal Communications is dead. The Journal/Sentinel editorial staff deserves alot of credit for putting the 16.7% decline in continuing earnings in the headline and lead of the story about JRN's first quarter results. The press release that came out of the executive suite led with the earnings increasing because of the gain on the sale of Northstar Printing. The writer, Rick Rommel, has alot of integrity.
Angel,Thank you,Like I stated a few times.A TV Station????????????????????? Its not that there buying its What there buying.Donnelly bought another printing company today.They said it would add to there profits right away.They bought Perry and was a instant success.Anyone check with their Banks on those Sept rates?That quote from last week seems a little high.Prime + 4.