8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

_______________________

Date of Report
(Date of earliest
event reported):	May 11, 2010

Journal Communications, Inc.

(Exact name of registrant as specified in its charter)

Wisconsin	1-31805	20-0020198
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

333 West State Street, Milwaukee, Wisconsin 53203

(Address of principal executive offices, including zip code)

(414) 224-2000

(Registrant’s telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Item 8.01. Other Events.

As previously disclosed, Journal Communications, Inc. (the “Company”) sold certain assets of its direct marketing services business in two separate transactions in February 2010.  The shutdown of the facility in St. Paul, Minnesota of the direct marketing services business was completed at the end of April 2010.

The Company’s direct marketing services business was part of the Company’s “Other” reportable segment and is now reported as discontinued operations.  With the discontinued operations reporting, the previously reported “Other” segment has been changed to “Corporate” and now reflects unallocated costs primarily related to corporate executive management and corporate governance.

Exhibits 99.1, 99.2 and 99.3 to this Current Report on Form 8-K reflect the direct marketing services business as discontinued operations and the change to the “Corporate” segment in the consolidated statements of earnings for each of the Company's quarterly periods in its fiscal year ended December 27, 2009 and for the Company’s fiscal years ended December 27, 2009 and December 28, 2008.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.  The following exhibits are being filed herewith:

(99.1) Consolidated Statements of Earnings (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 29, June 28, September 27 and December 27, 2009 and for the fiscal years ended December 27, 2009 and December 28, 2008.

(99.2) Segment Information (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 29, June 28, September 27 and December 27, 2009 and for the fiscal years ended December 27, 2009 and December 28, 2008.

(99.3) Calculation of Diluted Earnings Per Share – Class A and B (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 29, June 28, September 27 and December 27, 2009 and for the fiscal years ended December 27, 2009 and December 28, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		JOURNAL COMMUNICATIONS, INC.
Date:  May 11, 2010	By:		/s/ Andre J. Fernandez
			Andre J. Fernandez
			Executive Vice President, Finance and Strategy and Chief Financial Officer

JOURNAL COMMUNICATIONS, INC.

EXHIBIT INDEX TO FORM 8-K

Report Dated May 7, 2010

Exhibit No.

(99.1) Consolidated Statements of Earnings (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 29, June 28, September 27 and December 27, 2009 and the fiscal years ended December 27, 2009 and December 28, 2008.

(99.2) Segment Information (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 29, June 28, September 27 and December 27, 2009 and the fiscal years ended December 27, 2009 and December 28, 2008.

(99.3) Calculation of Diluted Earnings Per Share – Class A and B (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 29, June 28, September 27 and December 27, 2009 and the fiscal years ended December 27, 2009 and December 28, 2008.

EX-99.1

Exhibit 99.1

Journal Communications, Inc.

Consolidated  Statements of Earnings  (unaudited)

(dollars in thousands, except for shares and per-share amounts)

	2009															2008
	First Quarter			Second Quaarter			Third Quarter			Fourth Quarter			Fiscal Year			Fiscal Year
Continuing Operations:
Revenue:
Publishing	$	48,124		$	49,433		$	46,479		$	50,160		$	194,196		$	241,972
Broadcasting		39,215			43,742			42,453			46,081			171,491			209,914
Printing services		14,295			11,240			11,086			11,628			48,249			65,201
Coporate eliminations		(112	)		(156	)		(60	)		(101	)		(429	)		(476	)
Total revenue		101,522			104,259			99,958			107,768			413,507			516,611
Operating costs and expenses:
Publishing		34,816			32,060			31,604			30,176			128,656			154,413
Broadcasting		23,501			21,911			25,231			22,256			92,899			104,586
Printing services		12,427			9,832			9,957			9,515			41,731			54,537
Coporate eliminations		(114	)		(168	)		(76	)		(106	)		(464	)		(570	)
Total operating costs and expenses		70,630			63,635			66,716			61,841			262,822			312,966
Selling and administrative expenses		31,298			31,105			29,191			28,230			119,824			150,324
Goodwill and broadcast license impairment		-			18,975			-			1,158			20,133			375,086
Total operating costs and expenses and selling and administrative expenses		101,928			113,715			95,907			91,229			402,779			838,376
Operating earnings (loss)		(406	)		(9,456	)		4,051			16,539			10,728			(321,765	)
Other income and expense:
Interest income and dividends		-			-			-			22			22			2
Interest expense		(812	)		(737	)		(645	)		(632	)		(2,826	)		(8,166	)
Total other income and expense		(812	)		(737	)		(645	)		(610	)		(2,804	)		(8,164	)
Earnings from continuing operations before income taxes		(1,218	)		(10,193	)		3,406			15,929			7,924			(329,929	)
Provision for income taxes		(1,479	)		(5,665	)		1,362			8,096			2,314			(105,688	)
Earnings (loss) from continuing operations		261			(4,528	)		2,044			7,833			5,610			(224,241	)
Discontinued operations		(140	)		(304	)		(219	)		(640	)		(1,303	)		(162	)
Net Earnings (Loss)	$	121		$	(4,832	)	$	1,825		$	7,193		$	4,307		$	(224,403	)
Weighted average number of shares-Class A and B
common stock:
Basic		50,272,054			50,316,845			50,499,814			50,510,197			50,399,727			51,917,175
Diluted		50,272,054			50,316,845			50,499,814			50,510,197			50,399,727			51,917,175
Weighted average number of shares-Class C common stock		3,264,000			3,264,000			3,264,000			3,264,000			3,264,000			3,264,000
Earnings (loss) per share:
Basic - Class A and B common stock:
Continuing operations	$	(0.01	)	$	(0.10	)	$	0.03		$	0.13		$	0.07		$	(4.36	)
Discontinued operations		-			(0.01	)		(0.01	)		(0.01	)		(0.02	)		-
Net earnings (loss)	$	(0.01	)	$	(0.11	)	$	0.02		$	0.12		$	0.05		$	(4.36	)
Diluted - Class A and B common stock:
Continuing operations	$	(0.01	)	$	(0.10	)	$	0.03		$	0.13		$	0.07		$	(4.36	)
Discontinued operations		-			(0.01	)		(0.01	)		(0.01	)		(0.02	)		-
Net earnings (loss)	$	(0.01	)	$	(0.11	)	$	0.02		$	0.12		$	0.05		$	(4.36	)
Basic and diluted - Class C common stock:
Continuing operations	$	0.14		$	0.14		$	0.17		$	0.27		$	0.62		$	0.57
Discontinued operations		-			-			-			(0.01	)		(0.02	)		-
Net earnings	$	0.14		$	0.14		$	0.17		$	0.26		$	0.60		$	0.57

EX-99.2

Exhibit 99.2

Journal Communications, Inc.

Segment Information (unaudited)

(dollars in thousands)

	2009															2008
	First Quarter			Second Quaarter			Third Quarter			Fourth Quarter			Fiscal Year			Fiscal Year
Revenue
Publishing	$	48,124		$	49,433		$	46,479		$	50,160		$	194,196		$	241,972
Broadcasting		39,215			43,742			42,453			46,081			171,491			209,914
Printing services		14,295			11,240			11,086			11,628			48,249			65,201
Corporate eliminations		(112	)		(156	)		(60	)		(101	)		(429	)		(476	)
	$	101,522		$	104,259		$	99,958		$	107,768		$	413,507		$	516,611
Operating earnings (loss)
Publishing	$	(612	)	$	4,367		$	1,589		$	8,452		$	13,796		$	2,322
Broadcasting		1,721			(11,793	)		4,466			8,674			3,068			(319,610	)
Printing services		261			(183	)		(505	)		1,066			639			3,331
Corporate		(1,776	)		(1,847	)		(1,499	)		(1,653	)		(6,775	)		(7,808	)
	$	(406	)	$	(9,456	)	$	4,051		$	16,539		$	10,728		$	(321,765	)
Depreciation and Amortization
Publishing	$	3,052		$	3,026		$	3,016		$	3,069		$	12,163		$	12,859
Broadcasting		3,355			3,347			3,253			3,314			13,269			13,436
Printing services		528			522			531			584			2,165			2,249
Corporate		135			134			131			127			527			399
	$	7,070		$	7,029		$	6,931		$	7,094		$	28,124		$	28,943

EX-99.3

Exhibit 99.3

Journal Communications, Inc.

Calculation of Diluted Earnings Per Share - Class A and B (unaudited)

(dollars in thousands)

		2009															2008
		First Quarter			Second Quaarter			Third Quarter			Fourth Quarter			Fiscal Year			Fiscal Year
Numerator for diluted earnings (loss) per share:
Dividends on class A and B common stock	*	$	1,006		$	-		$	-		$	-		$	1,006		$	16,665
Dividends on class C common stock			464			464			463			463			1,854			1,854
Dividends on non-vested restricted stock			6			(5	)		1			-			2			-
Total undistributed earnings (loss) from continuing operations
Class A and B	*		(1,215	)		(4,987	)		1,457			6,797			2,540			(242,760	)
Class C			-			-			95			439			165			-
Non-vested restricted stock			-			-			28			134			43			-
Earnings (loss) from discontinued operations
Class A and B			(140	)		(304	)		(202	)		(591	)		(1,204	)		(162	)
Class C			-			-			(13	)		(38	)		(78	)		-
Non-vested restricted stock			-			-			(4	)		(12	)		(21	)		-
Net earnings (loss)		$	121		$	(4,832	)	$	1,825		$	7,192		$	4,307		$	(224,403	)
Denominator for diluted earnings (loss) per class A and B share:
Weighted average shares outstanding - Class A and B			50,272			50,317			50,500			50,510			50,400			51,917
Impact of non-vested restricted shares			-			-			-			-			-			-
Conversion of class C shares			-			-			-			-			-			-
Adjusted weighted average shares outstanding for class A and B	*		50,272			50,317			50,500			50,510			50,400			51,917
Diluted earnings (loss) per share of class A and B:
Continuing operations	*	$	(0.01	)	$	(0.10	)	$	0.03		$	0.13		$	0.07		$	(4.36	)
Discontinued operations			-			(0.01	)		(0.01	)		(0.01	)		(0.02	)		-
Net earnings (loss)		$	(0.01	)	$	(0.11	)	$	0.02		$	0.12		$	0.05		$	(4.36	)

* Included in calculation of diluted earnings per share - class A and B