Journal Communications earnings drops 44 percent

Earnings of Milwaukee-based Journal Communications Inc. drops 44 percent in 4th quarter

Associated Press

MILWAUKEE (AP) -- Journal Communications Inc. saw its earnings drop 44 percent in the most recent quarter compared the same period last year.

The Milwaukee-based company said Thursday that it had a net income of $8.2 million in the fourth quarter, compared with $14.7 million in the same quarter of 2010.

The 2010 fourth quarter included a $3.5 million gain from the sale of discontinued operations.

Revenue decreased 8.3 percent, to $95 million from $103.7 million, in the fourth quarter. Broadcasting revenue decreased 9.4 percent and publishing revenue was down 6.9 percent.

In a statement, chairman and chief executive Steve Smith noted excluding political and issue advertising, broadcast revenue grew 7 percent due to the continued rebound in automotive advertising.

Journal Communications Inc. is the publisher of the Milwaukee Journal Sentinel, Wisconsin's largest newspaper.

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