Journal Register Company Announces $500,000 of Additional Cost Savings from Production Consolidation in Connecticut
06 Julio 2007 - 6:30AM
Business Wire
Journal Register Company (NYSE:JRC) today announced the Company�s
consolidation of the printing and mailroom operations of New
Britain, CT to its facility in New Haven, CT effective July 9,
2007. This consolidation project is estimated to reduce production
expenses for the combined operations by approximately $500,000 due
to permanent reductions in salary and wages, newsprint and related
facilities expenses. As a result of this change, the readers of and
advertisers in The Herald, Middletown Press and Sunday Herald Press
will benefit from improved print quality, increased color capacity,
high speed inserting and more compact page size. The Herald�s now
redundant equipment will be either relocated to other JRC
production facilities or decommissioned and sold. James W. Hall,
Acting Chairman and Chief Executive Officer said, �This move is an
ongoing part of Journal Register Company�s cluster strategy and
another example of the options available to Journal Register to
support cash flow during this period of transformation from
traditional to new media.� On June 19, 2007, Senior Vice President
and Chief Financial Officer Julie A Beck, presenting at the NAA Mid
Year Media review, identified over $11 million of annual cost
savings initiatives. �This consolidation project increases the
annual savings to over $11.5 million annually,� she said. About
Journal Register Company Journal Register Company is a leading U.S.
media company. Journal Register Company owns 22 daily newspapers
and 346 non-daily publications. Journal Register Company currently
operates 226 individual Web sites that are affiliated with the
Company's daily newspapers, non-daily publications and its network
of employment Web sites. These Web sites can be accessed at
www.JournalRegister.com. All of the Company�s operations are
strategically clustered in six geographic areas: Greater
Philadelphia; Michigan; Connecticut; Greater Cleveland; and the
Capital-Saratoga and Mid-Hudson regions of New York. The Company
owns JobsInTheUS, a network of 19 premier employment Web sites.
Safe-Harbor This release contains forward-looking information about
Journal Register Company that is intended to be covered by the safe
harbor for forward-looking statements provided by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as �believe,� �expect,� �may,� �will,� �should,�
�project,� �plan,� �seek,� �intend,� or �anticipate� or the
negative thereof or comparable terminology, and include discussions
of strategy, financial projections and estimates and their
underlying assumptions, the extent or timing of cost savings,
charges, the extent of employees impacted, and statements about the
future performance, operations, products and services of the
Company. These forward-looking statements involve a number of risks
and uncertainties, which could cause actual results to differ
materially. These risks and uncertainties include, but are not
limited to, the success of the Company's acquisition strategy,
dispositions, the ability of the Company to achieve cost reductions
and integrate acquisitions, competitive pressures including
competition from non-newspaper forms of media , general or regional
economic conditions and advertising trends, the unavailability or a
material increase in the price of newsprint and increases in
interest rates, changes in performance that affect financial
covenant compliance or funds available for borrowing, technological
changes, the adoption of new accounting standards or changes in
accounting standards. These and additional risk factors are
outlined in the Company's most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
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