Journal Communications posts $223M fourth quarter loss
Journal Communications Inc., publishers of the Milwaukee Journal-Sentinel, announced today it lost $223 million, or $4.46 per share, during the fourth quarter of 2008, compared with a profit of $9.5 million, or 15 cents per share, in the same quarter in 2007.
For the fourth quarter 2008, the company reported revenue of $134.3 million, a 9% drop over fourth quarter 2007 revenue of $147.6 million.
For the full year 2008, revenue of $544.9 million decreased 6.5% compared to $582.7 million for the fourth quarter of 2007. The net loss was $224.4 million, which included a $253 million after-tax non-cash impairment charge for goodwill and various television and radio broadcast licenses and a $3.2 million after-tax charge for work force reductions, according to a company statement. This compares to net earnings of $110.1 million in 2007.