Journal Register Company Reports Period Six Revenues
20 Julio 2007 - 7:06AM
Business Wire
Journal Register Company (NYSE:JRC) today reported total revenues
from continuing operations for Period Six, the four weeks ended
July 1, 2007, were $36.6 million, a decrease of 8.7 percent, as
compared to $40.0 million for the four weeks ended June 25, 2006.
Excluding results from the Michigan cluster, total revenues
decreased 7.9 percent as compared to the prior year period. Total
advertising revenues for Period Six in 2007, from continuing
operations, were $27.9 million, a decrease of 10.9 percent, as
compared to $31.3 million for the four weeks ended June 25, 2006,
reflecting ongoing softness particularly in the Company�s Michigan
cluster. Senior Vice President and Chief Financial Officer Julie A.
Beck said, �While this period�s advertising revenues are not
unexpected given the trends we have seen thus far in 2007, we still
believe that the case for improvement in the latter part of the
year for advertising revenue growth remains compelling.
Accordingly, and based on our projections and tracking for the
third and fourth quarters, we expect to see an uplift in
advertising revenue activity.� Revenue Performance by Category:
Online The Company�s positive trend in online revenues continued
for Period Six, posting revenues of $1.5 million, an increase of
21.7 percent as compared to Period Six of 2006. The Company�s Web
sites had 3.6 million unique visitors generating 30.4 million page
views in Period Six. James W. Hall, Acting Chief Executive Officer,
said, �Although we are some distance from where we need to be in
our online operations, we are encouraged by the positive momentum
we�re seeing in our online initiatives. The platform is beginning
to work well in Philadelphia and we expect all our clusters to be
online by the end of 2007. �Regarding revenues overall, we expected
to see a decline, driven in large part by the industry-wide print
advertising slump. We continue to forecast an improvement and
expect modest revenue growth in the fourth quarter of 2007. In
addition, we have clearly made progress lowering our operating cost
structure,� continued Mr. Hall, �and are evaluating other
opportunities to improve efficiency provided that product quality
and service for our customers are not compromised.� Retail Retail
advertising revenues were down 11.3 percent in Period Six, as
compared to the prior year period. Excluding the results of the
Company�s Michigan cluster, retail advertising revenues were down
9.1 percent. Retail advertising revenue was hit particularly hard
in the financial/insurance and building/hardware/garden store
sectors. The services sector was up slightly. Classified Classified
advertising revenues for Period Six decreased 9.2 percent, as
compared to the prior year period. Excluding the results from the
Michigan cluster, total classified advertising revenues decreased
6.9 percent for the period. Classified other advertising revenues
decreased 3.0 percent in Period Six, as compared to the prior year
period. Excluding the results from the Company�s Michigan cluster,
classified other advertising revenues decreased 1.0 percent in
Period Six. Classified employment advertising revenues decreased
3.9 percent in Period Six, as compared to Period Six of 2006.
Excluding the Michigan cluster, classified employment revenues were
down 4.2 percent in period six compared to the prior year.
Classified auto advertising revenues were down 11.8 percent, as
compared to Period Six of 2006. Excluding results from the
Company�s Michigan cluster, classified auto advertising revenues
were down 4.6 percent for the period. Classified real estate
advertising revenues was the Company�s most challenging category
with a decrease of 18.8 percent. The Company�s classified real
estate advertising revenues were down 16.4 percent excluding the
results of the Company�s Michigan cluster. National National
advertising revenues, which represent approximately four percent of
the Company�s total advertising revenues, decreased 20.2 percent in
Period Six, as compared to the prior year period with continued
softness in the telecommunications advertising revenue category.
Circulation Revenues Circulation revenues were up 0.9 percent as
compared to the prior year period. 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. Financial Summary follows. JOURNAL REGISTER COMPANY
PERIOD SIX AND YEAR-TO-DATE REVENUE REPORT (Dollars in thousands,
unaudited) � Period Six Year-To-Date Four weeks ended Twenty-Six
weeks ended Revenues: 7/1/2007 6/25/2006 % Change � 7/1/2007
6/25/2006 % Change � Advertising: Local $15,048 $16,970 (11.3 )
$97,678 $105,836 (7.7 ) Classified 11,652 12,837 (9.2 ) 73,973
80,722 (8.4 ) National 1,199 1,502 (20.2 ) 7,361 9,774 (24.7 )
Total Advertising 27,899 31,309 (10.9 ) 179,012 196,332 (8.8 ) �
Circulation 7,197 7,132 0.9 45,911 46,184 (0.6 ) Other revenue
1,455 1,594 (8.7 ) 9,888 9,612 2.9 � Total Revenue Continuing Ops.
36,551 40,035 (8.7 ) 234,811 252,128 (6.9 ) � Discontinued
Operations 0 3,057 3,309 19,627 � Total Company $36,551 $43,092
$238,120 $271,755 � Notes: (1) The revenues of the Company's
acquisitions are included from the date of acquisition in each
period presented above. (2) Other revenue is primarily Commercial
Printing revenue (3) Discontinued operations represent the
divestiture of the Company's New England newspapers
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