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The company posted a small gain of two cents per share of class A and B common stock. That compares with a loss of $17.1 million and a loss per share of 35 cents in the third quarter of 2008.
Not including the impact of a $2.6 million after-tax charge for workforce reductions and a $500,000 after-tax impact in a sales and use tax reserve, earnings per share of class A and B common stock were 8 cents for both.
"In the third quarter we remained diligent about reducing costs and generating cash while operating in an ongoing difficult advertising environment," said Steven J. Smith, chairman and CEO of Journal Communications."
Smith added that the company also reduced debt by an additional $6 million in the third quarter. Year-to-date, the company has reduced its debt by nearly $42 million.
Smith said the company saw some improvement in broadcast revenues as the quarter progressed. The company signed two long-tem printing contracts with publishers, but added that it expects to see modest improvement in advertising spending in the fourth quarter.
Revenue was down in the third quarter. Total revenue was $105.1 million, down 22.9% compared with $136.3 million in the third quarter of last year.
Publishing revenue was down 21.8%, broadcast revenue was down 21.4% and printing services were off 31.1%.
In the publishing category, the company said the decrease was "largely due to continued weakness in all advertising categories." Revenue at the Milwaukee Journal Sentinel was down 23.4% to $38.4 million compared with $50 million in the comparable quarter.
Classified advertising revenue dropped 48.7%, largely due to decreases in the employment, automotive and real estate advertising categories while retail advertising revenue decreased 22.3%.
Interactive advertising revenue decreased 36.8% to $2.4 million compared with $3.8 million, largely due to a decline in automotive and employment online classified advertising.
Journal Communications is the publisher of the Milwaukee Journal Sentinel and JSOnline.com.
To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com. Copyright (c) 2009, Milwaukee Journal Sentinel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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