The Journal Register (NYSE: JRC) reported a 4Q loss of $25.1 million, citing a $35.1 million writedown on the value of its Michigan newspapers and its investment in the online newspaper advertising business PowerOne Media. Net income for the quarter was $10.1 million, as compared to net income of $12.5 million for the same period last year, a 19.2 percent decrease.
Looking ahead, the company is pinning its hopes on its local newspaper-affiliated websites. For the past six months, the Journal Register has been revamping its new media platform for the complete company-wide rollout by the end of 2007. In particular, expectations are high for the co-branded HotJobs career sites, the first of which will be unveiled during 2Q07. Other highlights:
— Total 4Q revenues were $142.2 million, compared to total 4Q05 revenues of $140.9 million, a 0.9 percent increase. Total revenues for the full year 2006 were $545.1 million, versus total revenues of $556.6 million for the full year 2005, down 2.0 percent.
— 4Q ad revenues for the Yardley, PA-based Journal Register were flat at $102.2 million.
— Journal Register
Subscriber content
?
Subscriber content comes from Gigaom Research, bridging the gap between breaking news and long-tail research. Visit any of our reports to learn more and subscribe.
Advertisement
Advertisement
Advertisement
Comments have been disabled for this post