EX-99.1 2 a5499370ex991.txt EXHIBIT 99.1 Exhibit 99.1
Journal Communications, Inc. Consolidated Statements of Earnings (unaudited) (dollars in thousands, except for shares and per-share amounts) 2006 Quarters 2007 Quarter ---------------------------------------------------------------- ------------ First Second Third Fourth Total First ------------ ------------ ------------ ------------ ------------ ------------ Continuing Operations: Revenue: Publishing $ 69,440 $ 67,910 $ 69,615 $ 77,765 $ 284,730 $ 66,457 Broadcasting 51,638 58,452 58,257 70,189 238,536 51,696 Printing services 16,310 16,686 15,456 18,504 66,956 16,874 Other 9,143 10,979 9,672 8,747 38,541 8,166 ------------ ------------ ------------ ------------ ------------ ------------ Total revenue 146,531 154,027 153,000 175,205 628,763 143,193 Operating costs and expenses: Publishing 36,561 36,430 36,033 40,874 149,898 36,875 Broadcasting 21,819 22,397 24,105 27,424 95,745 22,395 Printing services 13,788 14,007 12,910 15,424 56,129 14,165 Other 7,695 9,399 8,490 7,309 32,893 6,923 ------------ ------------ ------------ ------------ ------------ ------------ Total operating costs and expenses 79,863 82,233 81,538 91,031 334,665 80,358 Selling and administrative expenses 48,070 47,015 46,984 47,429 189,498 46,207 ------------ ------------ ------------ ------------ ------------ ------------ Total operating costs and expenses and selling and administrative expenses 127,933 129,248 128,522 138,460 524,163 126,565 ------------ ------------ ------------ ------------ ------------ ------------ Operating earnings 18,598 24,779 24,478 36,745 104,600 16,628 Other income and expense: Interest income and dividends 18 1 10 8 37 2 Interest expense (3,649) (3,877) (4,025) (4,056) (15,607) (2,998) ------------ ------------ ------------ ------------ ------------ ------------ Total other income and expense (3,631) (3,876) (4,015) (4,048) (15,570) (2,996) Earnings from continuing operations before income taxes 14,967 20,903 20,463 32,697 89,030 13,632 Provision for income taxes 5,914 8,384 8,238 12,711 35,247 5,392 ------------ ------------ ------------ ------------ ------------ ------------ Earnings from continuing operations 9,053 12,519 12,225 19,986 53,783 8,240 Discontinued operations 3,220 2,722 1,276 3,372 10,590 65,091 ------------ ------------ ------------ ------------ ------------ ------------ Net Earnings $ 12,273 $ 15,241 $ 13,501 $ 23,358 $ 64,373 $ 73,331 ============ ============ ============ ============ ============ ============ Weighted average number of shares: Basic 68,364,281 67,836,780 66,974,953 66,780,875 67,475,857 65,256,968 Diluted 72,859,331 72,318,319 71,461,595 71,281,044 71,984,963 69,778,936 Earnings per share: Basic: Continuing operations $ 0.12 $ 0.18 $ 0.17 $ 0.29 $ 0.77 $ 0.12 Discontinued operations 0.05 0.04 0.02 0.05 0.16 1.00 ------------ ------------ ------------ ------------ ------------ ------------ Net earnings $ 0.17 $ 0.22 $ 0.19 $ 0.34 $ 0.93 $ 1.12 ============ ============ ============ ============ ============ ============ Diluted: Continuing operations $ 0.12 $ 0.17 $ 0.17 $ 0.28 $ 0.75 $ 0.12 Discontinued operations 0.05 0.04 0.02 0.05 0.14 0.93 ------------ ------------ ------------ ------------ ------------ ------------ Net earnings $ 0.17 $ 0.21 $ 0.19 $ 0.33 $ 0.89 $ 1.05 ============ ============ ============ ============ ============ ============