0001157523-11-001393.txt : 20110304 0001157523-11-001393.hdr.sgml : 20110304 20110304142051 ACCESSION NUMBER: 0001157523-11-001393 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110304 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110304 DATE AS OF CHANGE: 20110304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JOURNAL COMMUNICATIONS INC CENTRAL INDEX KEY: 0001232241 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 200020198 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31805 FILM NUMBER: 11663849 BUSINESS ADDRESS: STREET 1: 333 WEST STATE STREET CITY: MILWAUKEE STATE: WI ZIP: 83203 FORMER COMPANY: FORMER CONFORMED NAME: JOURNAL CO DATE OF NAME CHANGE: 20030512 8-K 1 a6634552.htm JOURNAL COMMUNICATIONS, INC. 8-K a6634552.htm
 
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):
March 4, 2011


                        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:
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] 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 substantially all of the assets and certain liabilities of IPC Print Services, Inc., the Company’s printing services business, on December 13, 2010.  The Company’s printing services business was part of the Company’s “Printing Services” reportable segment and is now reported as discontinued operations.
 
Exhibits 99.1, 99.2 and 99.3 to this Current Report on Form 8-K reflect the Company’s printing services business as discontinued operations in the consolidated statements of earnings for each of the Company's quarterly periods in its fiscal year ended December 26, 2010 and for the Company’s fiscal year ended December 26, 2010.

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 28, June 27, September 26 and December 26, 2010 and for the fiscal year ended December 26, 2010.
       
   
(99.2)
Segment Information (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 28, June 27, September 26 and December 26, 2010 and for the fiscal year ended December 26, 2010.
       
   
(99.3)
Calculation of Diluted Earnings Per Share – Class A and B (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 28, June 27, September 26 and December 26, 2010 and for the fiscal year ended December 26, 2010.
 
 
 
 
 
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: March 4, 2011
 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 March 4, 2011


Exhibit No.

(99.1)
 
Consolidated Statements of Earnings (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 28, June 27, September 26 and December 26, 2010 and for the fiscal year ended December 26, 2010.
   
(99.2)
Segment Information (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 28, June 27, September 26 and December 26, 2010 and for the fiscal years ended December 26, 2010.
   
(99.3)
Calculation of Diluted Earnings Per Share – Class A and B (unaudited) of Journal Communications, Inc. for the quarterly periods ended March 28, June 27, September 26 and December 26, 2010 and for the fiscal year ended December 26, 2010.
 
 
 
 EX-99.1 2 a6634552ex99-1.htm EXHIBIT 99.1 a6634552ex99-1.htm
Exhibit 99.1
 
Journal Communications, Inc.
Consolidated  Statements of Earnings (unaudited)
(dollars in thousands, except for shares and per-share amounts)
                               
                               
   
2010 Quarters
    
2010
  
   
First
    
Second
    
Third
    
Fourth
    
Fiscal Year
  
                               
Revenue:
                              
    Publishing
   $ 44,552     $ 47,386     $ 43,439     $ 47,422     $ 182,799  
    Broadcasting
     42,605       47,012       48,482       56,266       194,365  
    Coporate eliminations
     (220 )     (79 )     (104 )     (2 )     (405 )
Total revenue
     86,937       94,319       91,817       103,686       376,759  
                                         
Operating costs and expenses:
                                        
    Publishing
     29,134       28,734       28,802       30,404       117,074  
    Broadcasting
     21,596       22,300       24,502       22,620       91,018  
    Coporate eliminations
     (220 )     (79 )     (104 )     (2 )     (405 )
Total operating costs and expenses
     50,510       50,955       53,200       53,022       207,687  
                                         
Selling and administrative expenses
     27,067       29,589       27,541       31,851       116,048  
Total operating costs and expenses
                                        
    and selling and administrative
                                        
    expenses
     77,577       80,544       80,741       84,873       323,735  
                                         
Operating earnings
     9,360       13,775       11,076       18,813       53,024  
                                         
Other income and (expense):
                                        
    Interest income and dividends
     8       25       25       23       81  
    Interest expense
     (562 )     (544 )     (996 )     (1,260 )     (3,362 )
Total other income and (expense)
     (554 )     (519 )     (971 )     (1,237 )     (3,281 )
                                         
Earnings from continuing operations before income taxes
     8,806       13,256       10,105       17,576       49,743  
                                         
Provision for income taxes
     3,546       5,332       3,782       6,405       19,065  
                                         
                                         
Earnings from continuing operations
     5,260       7,924       6,323       11,171       30,678  
                                         
Gain (loss) from discontinued operations, net of tax
     43       176       (28 )     3,512       3,703  
                                         
Net Earnings
   $ 5,303     $ 8,100     $ 6,295     $ 14,683     $ 34,381  
                                         
Weighted average number of shares-Class A
                                       
    and B common stock:
                                        
    Basic and diluted
     50,533,055       50,784,350       50,866,367       50,889,957       50,789,029  
                                         
Weighted average number of shares-Class C
                                        
    common stock
     3,264,000       3,264,000       3,264,000       3,264,000       3,264,000  
                                         
Earnings per share:
                                        
    Basic - Class A and B common stock:
                                        
        Continuing operations
   $ 0.09     $ 0.14     $ 0.11     $ 0.20     $ 0.52  
        Discontinued operations
     --       --       --       0.06       0.07  
        Net earnings
   $ 0.09     $ 0.14     $ 0.11     $ 0.26     $ 0.59  
                                         
    Diluted - Class A and B common stock:
                                        
        Continuing operations
   $ 0.09     $ 0.14     $ 0.11     $ 0.20     $ 0.52  
        Discontinued operations
     --       --       --       0.06       0.07  
        Net earnings
   $ 0.09     $ 0.14     $ 0.11     $ 0.26     $ 0.59  
                                         
    Basic and diluted - Class C common stock:
                                        
        Continuing operations
   $ 0.23     $ 0.28     $ 0.25     $ 0.34     $ 1.09  
        Discontinued operations
     --       --       --       0.06       0.07  
        Net earnings
   $ 0.23     $ 0.28     $ 0.25     $ 0.40     $ 1.16  
EX-99.2 3 a6634552ex99-2.htm EXHIBIT 99.2 a6634552ex99-2.htm
Exhibit 99.2
 
Journal Communications, Inc.
Segment Information (unaudited)
(dollars in thousands)
                               
                               
                               
                               
   
2010 Quarters
    
2010
  
   
First
    
Second
    
Third
    
Fourth
    
Fiscal Year
  
Revenue
                              
Publishing
   $ 44,552     $ 47,386     $ 43,439     $ 47,422     $ 182,799  
Broadcasting
     42,605       47,012       48,482       56,266       194,365  
Corporate eliminations
     (220 )     (79 )     (104 )     (2 )     (405 )
    $ 86,937     $ 94,319     $ 91,817     $ 103,686     $ 376,759  
                                         
Operating earnings (loss)
                                        
Publishing
   $ 3,389     $ 6,623     $ 3,066     $ 5,144     $ 18,222  
Broadcasting
     7,719       9,675       9,987       16,178       43,559  
Corporate
     (1,748 )     (2,523 )     (1,977 )     (2,509 )     (8,757 )
    $ 9,360     $ 13,775     $ 11,076     $ 18,813     $ 53,024  
                                         
Depreciation and Amortization
                                        
Publishing
   $ 2,898     $ 2,902     $ 2,825     $ 2,757     $ 11,382  
Broadcasting
     3,204       3,200       3,205       3,138       12,747  
Corporate
     122       122       123       133       500  
    $ 6,224     $ 6,224     $ 6,153     $ 6,028     $ 24,629  
EX-99.3 4 a6634552ex99-3.htm EXHIBIT 99.3 a6634552ex99-3.htm
Exhibit 99.3
 
Journal Communications, Inc.
Calculation of Diluted Earnings Per Share - Class A and B (unaudited)
(dollars in thousands)
                               
                               
                               
   
2010 Quarters
    
2010
  
   
First
    
Second
    
Third
    
Fourth
    
Fiscal Year
  
                               
Numerator for diluted earnings per share:
                              
   Dividends on class A and B common stock
   $ - *   $ - *   $ - *   $ - *   $ - *
   Dividends on class C common stock
     464       464       463       464       1,854  
   Dividends on non-vested restricted stock
     -       -       -       -       -  
   Total undistributed earnings from continuing operations
                                        
       Class A and B
     4,428 *     6,892 *     5,416 *     9,901 *     26,634 *
       Class C
     286       443       348       635       1,712  
       Non-vested restricted stock
     82       125       96       171       478  
   Gain (loss) from discontinued operations
                                     -  
       Class A and B
     40       162       (26 )     3,247       3,422  
       Class C
     3       10       (2 )     208       220  
       Non-vested restricted stock
     -       4       -       57       61  
Net earnings
   $ 5,303     $ 8,100     $ 6,295     $ 14,683     $ 34,381  
                                         
Denominator for diluted earnings per class A and B share:
                                        
   Weighted average shares outstanding - Class A and B
     50,533       50,784       50,866       50,890       50,789  
   Impact of non-vested restricted shares
     -       -       -       -       -  
   Conversion of class C shares
     -       -       -       -       -  
Adjusted weighted average shares outstanding for class A and B
     50,533 *     50,784 *     50,866 *     50,890 *     50,789 *
                                         
Diluted earnings per share of class A and B:
                                        
   Continuing operations
   $ 0.09 *   $ 0.14 *   $ 0.11 *   $ 0.20 *   $ 0.52 *
   Discontinued operations
     --       --       --       0.06       0.07  
   Net earnings
   $ 0.09     $ 0.14     $ 0.11     $ 0.26     $ 0.59  
 
 
 
 
* Included in calculation of diluted earnings per share - class A and B