Earnings Reports: Journal Communications Reports $4.8 Million Loss, Sells Two Radio Stations

Milwaukee_Journal_Sentinel_logo.gifJournal Communications Inc., the company that publishes the Milwaukee Journal-Sentinel, reported a $4.8 million loss for Q2 2009, or 11 cents per share.

Revenue was $109.4 million, a 21.9 percent decrease from Q2 2008, and was down across all segments (publishing, broadcasting, and printing). Yet the company’s publishing segment posted a modest profit of $3.3 million—not nearly enough to offset losses elsewhere, including a $19 million writedown for its broadcast licenses.

The company expects revenue to be down next quarter as well, due to “continued challenges across its businesses.”

In a separate release, also from today, the company announced the sale of two of its Idaho-based radio stations, KGEM AM1140 and KCID AM1490 for $950,000.

Salt & Light Radio, the new owners, will convert the stations to Catholic programming.

The one mil or so is a drop in the bucket for Journal Communications, and their radio stations as a whole were earning (though less than they were before), so one has to wonder what’s behind this.