Journal Media’s first-ever quarterly report shows revenue decline
Shares of Journal Media Group, owners of The Milwaukee Journal Sentinel, fell scarcely 3% after the initial quarter report showed timorous promotion sales.
The batch fell 23 cents to $8.27 early Friday afternoon.
In the first-ever gain inform as a publicly traded company, Journal Media pronounced income dipped 7.1% to $91.5 million and attributed it often to declining promotion sales. It posted $3.5 million in net detriment for the three-month period despite cutting losses 6.7%. But the detriment narrowed from a year ago when the allied operation had $3.9 million of loss.
Journal Media, that additionally owns The Commercial Appeal of Memphis and fourteen alternative newspapers, was total as a partnership agreement between E.W. Scripps Co. and Journal Communications. As partial of their agreement, they chose to mix Journal and Scripps’ journal businesses and turn them off as a separate, publicly traded company. Scripps operates their total promote assets.
The due exchange sealed on Apr 1, and Journal Media began trade on the day. And its latest quarterly gain inform was practiced to simulate suitable comparisons with the journal operations from a year ago.
Journal Media also spoken a money division of 4 cents per share, on credit on Jun 5.
The association pronounced it expects second entertain income to be down in “the high-single-digits” from the year-earlier period. But it also anticipates second entertain handling expenses, incompatible passing from one to another and integration-related costs, to fall at “a high-single-digit rate.”