3-7-13
In the fourth quarter of 2012, total revenue in Journal's radio division increased 14.6% to $22.1 million. There was one extra week in the quarter, so when you back out that week the increase was 8.8%. Radio political revenue was $700K for the quarter. On a same-station basis, excluding political and the extra week, total radio revenue increased 1.5%, local revenue increased 4.4%, and national revenue decreased 8.4%.
For the full year, revenue in Journal's radio division increased 8.4% to $76.3 million. Excluding the extra week, the increase was 6.8%. Political revenue for the year was $1.7 million. On a same-station basis, excluding political and the extra week, total revenue increased 2.1%. Local revenue increased 2.9%, and national revenue increased 1.3%.
CEO Steven Smith said, ?Journal Communications posted excellent results in the fourth quarter with consolidated revenue of $124.5 million, up 31%, led by record political spending in the Broadcast group. In addition to the record political advertising revenue in 2012, we saw core advertising growth in television and radio and moderating revenue declines in Publishing. For the full year, consolidated revenue was $400.0 million, up 12% over 2011. Our team should be congratulated on a very productive year as they advanced the Journal brand and prepared our local markets for continued success.?
In the first quarter of 2013, on a same-station basis excluding political, Journal expects total Broadcast revenue to be up in the mid-single digits over the first quarter 2012. Journal owns and operates 15 television stations and 34 radio stations in 12 states.
