KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comJournal Communications earns $1.8M in 3rd quarter
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MILWAUKEE (AP) - Media company Journal Communications Inc. says it returned to profitability in the third quarter as it continued aggressive cost-cutting efforts.
The Milwaukee-based company said Tuesday it earned $1.8 million, or two cents per share, in the quarter. That compares with a loss of $17.1 million, or 35 cents per share, in the same quarter last year.
Excluding one-time items, the company earned 8 cents per share for the quarter. That matches expectations of analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates.
Revenue was $105.1 million, down 22.9 percent from the year-ago quarter.
The company says it expects modest increases in advertising revenue in the fourth quarter.
Shares fell 33 cents, or 7.3 percent, to close Tuesday at $4.22.
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Journal Communications: http://www.journalcommunications.com/
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