Exhibit 99.1
Journal Communications, Inc.
Consolidated Statements of Earnings (unaudited)
(dollars in thousands, except for shares and per-share amounts)
2004 Quarters
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First Second Third Fourth Total
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Continuing Operations:
Revenue:
Publishing $ 76,671 $ 83,599 $ 81,502 $ 85,915 $ 327,687
Broadcasting 34,635 42,254 43,958 51,226 172,073
Telecommunications 35,557 36,804 35,766 35,893 144,020
Printing services 21,764 17,427 17,955 19,162 76,308
Other 10,464 11,979 10,206 9,426 42,075
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Total revenue 179,091 192,063 189,387 201,622 762,163
Operating costs and expenses:
Publishing 38,532 40,358 40,152 42,904 161,946
Broadcasting 15,102 16,384 17,912 19,434 68,832
Telecommunications 20,406 20,898 20,880 21,031 83,215
Printing services 18,460 15,459 15,987 16,613 66,519
Other 8,551 9,993 8,552 7,829 34,925
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Total operating costs and expenses 101,051 103,092 103,483 107,811 415,437
Selling and administrative expenses 52,338 55,698 54,635 59,712 222,383
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Total operating costs and expenses
and selling and administrative
expenses 153,389 158,790 158,118 167,523 637,820
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Operating earnings 25,702 33,273 31,269 34,099 124,343
Other income and expense:
Interest income and dividends 67 70 102 96 335
Interest expense (612) (390) (573) (705) (2,280)
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Total other income and expense (545) (320) (471) (609) (1,945)
Earnings from continuing operations before income
taxes 25,157 32,953 30,798 33,490 122,398
Provision for income taxes 10,073 13,203 12,334 13,456 49,066
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Earnings from continuing operations 15,084 19,750 18,464 20,034 73,332
Discontinued operations 615 1,081 757 2,695 5,148
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Net Earnings $ 15,699 $ 20,831 $ 19,221 $ 22,729 $ 78,480
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Weighted average number of shares:
Basic 73,457,383 73,866,381 72,207,434 72,210,561 72,931,102
Diluted 77,909,383 78,319,839 76,661,796 76,665,565 77,386,552
Earnings per share:
Basic:
Continuing operations $ 0.20 $ 0.26 $ 0.25 $ 0.27 $ 0.98
Discontinued operations 0.01 0.02 0.01 0.04 0.07
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Net earnings $ 0.21 $ 0.28 $ 0.26 $ 0.31 $ 1.05
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Diluted:
Continuing operations $ 0.19 $ 0.25 $ 0.24 $ 0.26 $ 0.95
Discontinued operations 0.01 0.02 0.01 0.04 0.06
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Net earnings $ 0.20 $ 0.27 $ 0.25 $ 0.30 $ 1.01
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