Exhibit 99
Journal Communications Reports Third Quarter Results
MILWAUKEE--(BUSINESS WIRE)--Oct. 23, 2007--Journal Communications
(NYSE:JRN) today announced results for its third quarter ended
September 30, 2007. Note that unless otherwise indicated, all
comparisons are to the third quarter ended September 24, 2006. Both
quarters contained 91 days.
For the third quarter 2007, revenue from continuing operations of
$144.4 million decreased 5.6% compared to $153.0 million. Earnings
from continuing operations increased 3.1% to $12.6 million compared to
$12.2 million. Note that in the third quarter 2007, earnings from
continuing operations were favorably impacted by an $825,000 tax
reserve adjustment and an insurance settlement of $430,000, net of
tax, related to prior legal expenses.
Net earnings were $13.9 million compared to net earnings of $13.5
million.
Basic and diluted earnings per share from continuing operations
were $0.20 and $0.19, respectively, compared to $0.17 for both. Basic
and diluted earnings per share from discontinued operations were $0.02
for both the third quarters 2007 and 2006. Basic and diluted net
earnings per share were $0.22 and $0.21, respectively, compared to
$0.19 for both.
Note that in the third quarter 2007, Journal Communications' basic
and diluted earnings per share from continuing operations were
impacted favorably by $0.02 from the above-mentioned tax reserve
adjustment and insurance settlement.
"The weak advertising environment persisted in the third quarter
of 2007," said Steven J. Smith, chairman and chief executive officer
of Journal Communications. "Publishing continued to face softness in
employment and real estate classified advertising as well as in retail
advertising. Our television business was also challenged, reflecting
tougher comparisons due to an off-cycle year in political and issue
advertising and a significant decline in national advertising. We are
benefiting from new revenue opportunities in online, developmental
programs and targeted products as well as from production efficiencies
and will continue to focus on cost containment initiatives that will
have an ongoing impact on the operation of our businesses.
"Journal Sentinel's continued focus on expense control resulted in
total operating expenses decreasing about 6%, excluding the insurance
proceeds. Recently, the daily newspaper announced a voluntary employee
separation program to better align the size of its business with the
changing dynamics of the newspaper industry. Journal Sentinel
continues to pursue high-quality commercial printing opportunities and
in late September, won a three-year contract to print the Chicago
Reader. Each issue of the tabloid newspaper averages between 140-160
pages and is distributed at more than 1,400 locations in the greater
Chicago area. We were able to offer the Chicago Reader competitive
pricing, exceptional print quality and proximity to its readership
base.
"Our online initiatives are forging ahead. Third quarter
interactive revenue at the Milwaukee Journal Sentinel increased almost
33% to $3.4 million and at the broadcast group surpassed $800,000.
Additionally, in late September, Journal Communications and Monster(R)
launched the co-branded employment site, JobNoggin.com
(www.jobnoggin.com/monster), which combines the local audience
strength of our daily newspaper, JSOnline.com and our Milwaukee
television and radio properties with Monster's best-in-class product
and brand.
"In television, our Ft. Myers station premiered its locally
produced hour-long lifestyle show, "The Morning Blend," and our
similar show in Milwaukee celebrated its first anniversary. Our Boise
television station grew revenue and posted a solid increase in
operating earnings and in the radio group, we saw revenue and
operating earnings growth at our Boise, Knoxville, Springfield and
Tulsa clusters.
"We are pleased to note that IPC, our printing services business,
recorded a significant increase in operating earnings -- surpassing
$2.4 million -- and achieved its best quarterly performance since our
initial public offering four years ago."
Consolidated
For the third quarter, revenue from continuing operations of
$144.4 million decreased 5.6% compared to $153.0 million. Operating
earnings decreased 12.3% to $21.5 million. Operating earnings margin
was 14.9% compared to 16.0%. EBITDA (net earnings excluding the gain
from discontinued operations, net; total other expense, net; provision
for income taxes; depreciation; and amortization) of $28.7 million
decreased 8.6% compared to $31.4 million.
Publishing
For the third quarter, publishing revenue from continuing
operations decreased 6.4% to $65.2 million compared to $69.6 million.
In part, this reflected continued weakness in classified and retail
advertising at both the daily newspaper and the community newspapers
and shoppers, partially offset by gains in commercial printing at
both. Revenue declines at our community newspapers and shoppers
division also reflect certain revenue previously reported within the
division that is now reported under the daily newspaper, as well as
the change to a free distribution model of our Milwaukee-area
community newspapers. Total interactive advertising revenue at the
daily newspaper increased 32.8% to $3.4 million compared to $2.5
million.
Publishing operating earnings increased 4.0% to $9.4 million from
$9.0 million, reflecting a decrease in newsprint costs, the impact of
the aforementioned insurance settlement and tight cost controls,
partially offset by the reduction in revenue.
Broadcasting
For the third quarter, broadcasting revenue decreased 7.9% to
$53.7 million compared to $58.3 million. For the third quarter 2007
compared to the third quarter 2006, political and issue advertising
revenue was $0.4 million versus $4.2 million and national advertising
revenue was down $0.9 million, or 7.9%. Broadcasting operating
earnings of $9.7 million were down 35.4% compared to $15.1 million,
largely reflecting the declines in revenue.
For the third quarter, revenue from television stations decreased
11.6% to $31.2 million compared to $35.3 million. Operating earnings
from television stations decreased 55.8% to $3.4 million compared to
$7.7 million.
For the third quarter, revenue from radio stations of $22.5
million was down 2.3% compared to $23.0 million. On a same-station
basis (excluding revenue generated by KBBX-FM, which was sold in
September 2006 and KOMJ-AM, which was sold earlier this year), radio
revenue decreased 0.5%. Operating earnings from radio stations of $6.3
million decreased 14.5%. On a same-station basis, radio operating
earnings decreased 11.7%.
Printing Services
For the third quarter, revenue from printing services was up 18.6%
to $18.3 million from $15.5 million due to increased business from a
large computer customer as well as from new accounts. Operating
earnings from printing services increased almost fivefold to $2.4
million compared to $0.4 million due to increased revenues, production
efficiencies and the change in business mix.
Other
For the third quarter, revenue for "Other" of $7.2 million
decreased 25.1% compared to $9.7 million reflecting softness in the
mailing services part of our direct marketing business. "Other"
operating earnings were flat.
Discontinued Operations
The operating results of our former New England, Ohio and
Louisiana community publishing and printing clusters (which were sold
during the summer of 2007) and Norlight Telecommunications, Inc. (our
former telecommunications subsidiary which was sold in February 2007)
are classified as discontinued operations, net of tax. In the third
quarter 2007, the gain on the sales of the New England and Louisiana
publishing operations was $1.3 million. This compares to operating
results from discontinued operations of $1.3 million in last year's
third quarter.
Non-Operating Items
For the third quarter, other expense, which primarily consists of
interest expense, decreased $2.1 million to $1.9 million compared to
$4.0 million. The decrease is attributable in large part to a decrease
in debt outstanding, which was reduced with the proceeds from the sale
of Norlight and several community newspaper and shopper clusters,
partially offset by shares of the Company's common stock repurchased
during the year.
Stock Repurchase Program
During the third quarter 2007, the Company repurchased 4,342,200
of its class A and class B common stock, including 3,200,000 class B
shares purchased from Matex, Inc. Through September 30, 2007, the
Company had repurchased a total of 13,291,300 shares of its common
stock, of which 10,091,300 were class A shares.
Fourth Quarter 2007 Outlook
The fourth quarter of 2007 contains thirteen weeks compared to
fourteen weeks for the fourth quarter 2006. Due to the impact of this
unfavorable comparison, the challenging advertising environment and
the expected decline in political and issue advertising revenue --
which totaled $1.0 million in radio and $9.1 million in television in
the fourth quarter of 2006 -- the Company expects reduced revenues
across all of its businesses for the fourth quarter 2007.
Webcast of Conference Call
A live webcast of the second quarter conference call will be
accessible through www.journalcommunications.com/investors beginning
at 10:30 a.m. CT this morning. An archive of the webcast will be
available on this site today through November 6. To access the call,
dial (866) 510-0704 (domestic) or (617) 597-5362 (international) at
least 10 minutes prior to the scheduled 10:30 a.m. CT start. The
access code for the conference call is 46974915. Replays of the
conference call will be available October 23 through October 25. To
hear the replay, dial (888) 286-8010 (domestic) or (617) 801-6888
(international) at least one hour after the completion of the call.
The access code for the replay is 39946601.
Forward-looking Statements
This press release contains certain forward-looking statements
related to our businesses that are based on our current expectations.
Forward-looking statements are subject to certain risks, trends and
uncertainties, including changes in advertising demand and other
economic conditions that could cause actual results to differ
materially from the expectations expressed in forward-looking
statements. All forward-looking statements should be evaluated with
the understanding of their inherent uncertainty. Our written policy on
forward-looking statements can be found on page 1 of our most recent
Annual Report on Form 10-K as filed with the Securities and Exchange
Commission.
About Journal Communications
Journal Communications, Inc., headquartered in Milwaukee,
Wisconsin, was founded in 1882. We are a diversified media company
with operations in publishing, radio and television broadcasting,
interactive media and printing services. We publish the Milwaukee
Journal Sentinel, which serves as the only major daily newspaper for
the Milwaukee metropolitan area, and 45 community newspapers and
shoppers in Wisconsin and Florida. We own and operate 35 radio
stations and ten television stations in 12 states and operate two
television stations under local marketing agreements. Our interactive
media assets include more than 75 online enterprises that are
associated with our daily and community newspapers, television and
radio stations. We also provide a wide range of commercial printing
services -- including printing of publications, professional journals
and documentation material -- and operate a direct marketing services
business.
Tables Follow
Journal Communications, Inc.
Consolidated Statements of Earnings (unaudited)
(dollars in thousands, except for shares and per-share amounts)
Third Quarter (A)
-----------------------
2007 2006 % Change
----------- ----------- ----------
Continuing Operations:
Revenue:
Publishing $65,155 $69,615 (6.4)
Broadcasting 53,654 58,257 (7.9)
Printing services 18,328 15,456 18.6
Other 7,242 9,672 (25.1)
----------- -----------
Total revenue 144,379 153,000 (5.6)
Operating costs and expenses:
Publishing 34,172 36,033 (5.2)
Broadcasting 25,462 24,105 5.6
Printing services 13,758 12,910 6.6
Other 6,155 8,490 (27.5)
----------- -----------
Total operating costs and expenses 79,547 81,538 (2.4)
Selling and administrative expenses 43,368 46,984 (7.7)
----------- -----------
Total operating costs and expenses
and selling and administrative
expenses 122,915 128,522 (4.4)
----------- -----------
Operating earnings 21,464 24,478 (12.3)
Other income and (expense):
Interest income 23 10
Interest expense (1,937) (4,025)
----------- -----------
Total other income and (expense) (1,914) (4,015) (52.3)
Earnings from continuing operations
before income taxes 19,550 20,463 (4.5)
Provision for income taxes 6,944 8,238 (15.7)
----------- -----------
Earnings from continuing operations 12,606 12,225 3.1
Gain from discontinued operations,
net of tax 1,293 1,276 1.3
----------- -----------
Net earnings $13,899 $13,501 2.9
=========== ===========
Weighted average number of shares:
Basic 62,054,166 66,974,953
Diluted 66,577,673 71,461,595
Earnings per share:
Basic:
Continuing operations $0.20 $0.17
Discontinued operations 0.02 0.02
----------- -----------
Net earnings $0.22 $0.19
=========== ===========
Diluted:
Continuing operations $0.19 $0.17
Discontinued operations 0.02 0.02
----------- -----------
Net earnings $0.21 $0.19
=========== ===========
Three Quarters (B)
-----------------------
2007 2006 % Change
----------- ----------- ----------
Continuing Operations:
Revenue:
Publishing $199,168 $206,965 (3.8)
Broadcasting 161,379 168,347 (4.1)
Printing services 51,730 48,452 6.8
Other 22,760 29,794 (23.6)
----------- -----------
Total revenue 435,037 453,558 (4.1)
Operating costs and expenses:
Publishing 106,523 109,024 (2.3)
Broadcasting 71,592 68,321 4.8
Printing services 41,331 40,705 1.5
Other 19,231 25,584 (24.8)
----------- -----------
Total operating costs and expenses 238,677 243,634 (2.0)
Selling and administrative expenses 135,523 142,069 (4.6)
----------- -----------
Total operating costs and expenses
and selling and administrative
expenses 374,200 385,703 (3.0)
----------- -----------
Operating earnings 60,837 67,855 (10.3)
Other income and (expense):
Interest income 26 29
Interest expense (6,919) (11,551)
----------- -----------
Total other income and (expense) (6,893) (11,522) (40.2)
Earnings from continuing operations
before income taxes 53,944 56,333 (4.2)
Provision for income taxes 20,396 22,536 (9.5)
----------- -----------
Earnings from continuing operations 33,548 33,797 (0.7)
Gain from discontinued operations,
net of tax 67,832 7,218 839.8
----------- -----------
Net earnings $101,380 $41,015 147.2
=========== ===========
Weighted average number of shares:
Basic 63,654,908 67,725,338
Diluted 68,189,528 72,234,372
Earnings per share:
Basic:
Continuing operations $0.50 $0.48
Discontinued operations 1.07 0.11
----------- -----------
Net earnings $1.57 $0.59
=========== ===========
Diluted:
Continuing operations $0.49 $0.47
Discontinued operations 1.00 0.10
----------- -----------
Net earnings $1.49 $0.57
=========== ===========
(A) 2007 third quarter: July 2, 2007 to September 30, 2007.
2006 third quarter: June 26, 2006 to September 24, 2006.
(B) 2007 three quarters: January 1, 2007 to September 30, 2007.
2006 three quarters: December 26, 2005 to September 24, 2006.
Journal Communications, Inc.
Segment Information (unaudited)
(dollars in thousands)
Third Quarter (A) Three Quarters (B)
------------------- ------------------
2007 2006 % Change 2007 2006 % Change
--------- --------- --------- --------- -------- --------
Revenue
- -------------
Publishing $65,155 $69,615 (6.4) $199,168 $206,965 (3.8)
Broadcasting 53,654 58,257 (7.9) 161,379 168,347 (4.1)
Printing
services 18,328 15,456 18.6 51,730 48,452 6.8
Other 7,242 9,672 (25.1) 22,760 29,794 (23.6)
--------- --------- --------- --------
$144,379 $153,000 (5.6) $435,037 $453,558 (4.1)
========= ========= ========= ========
Operating
earnings
- -------------
Publishing $9,378 $9,013 4.0 $24,611 $23,415 5.1
Broadcasting 9,717 15,052 (35.4) 31,015 42,797 (27.5)
Printing
services 2,375 421 464.1 4,422 1,443 206.4
Other (6) (8) 25.0 789 200 294.5
--------- --------- --------- --------
$21,464 $24,478 (12.3) $60,837 $67,855 (10.3)
========= ========= ========= ========
Depreciation
and
amortization
- -------------
Publishing $3,228 $3,089 4.5 $10,041 $9,430 6.5
Broadcasting 3,229 3,140 2.8 9,624 9,365 2.8
Printing
services 537 491 9.4 1,562 1,441 8.4
Other 262 226 15.9 785 655 19.8
--------- --------- --------- --------
$7,256 $6,946 4.5 $22,012 $20,891 5.4
========= ========= ========= ========
(A) 2007 third quarter: July 2, 2007 to September 30, 2007.
2006 third quarter: June 26, 2006 to September 24, 2006.
(B) 2007 three quarters: January 1, 2007 to September 30, 2007.
2006 three quarters: December 26, 2005 to September 24, 2006.
Journal Communications, Inc.
Publishing Segment Information (unaudited)
(dollars in thousands)
Publishing revenue by category:
- -------------------------------
Third Quarter of 2007 (A)
--------------------------------
Community
Daily Newspapers
Newspaper & Shoppers Total
---------- ---------- ----------
Advertising revenue:
Retail $21,513 $7,057 $28,570
Classified 14,908 1,661 16,569
National 2,446 -- 2,446
Direct Marketing 791 -- 791
Other -- 67 67
---------- ---------- ----------
Total advertising revenue 39,658 8,785 48,443
Circulation revenue 12,890 236 13,126
Other revenue 2,531 1,055 3,586
---------- ---------- ----------
Total revenue $55,079 $10,076 $65,155
========== ========== ==========
Third Quarter of 2006 (B)
--------------------------------
Community
Daily Newspapers
Newspaper & Shoppers Total
---------- ---------- ----------
Advertising revenue:
Retail $21,875 $8,404 $30,279
Classified 16,705 2,141 18,846
National 2,637 -- 2,637
Direct Marketing 1,258 -- 1,258
Other -- 82 82
---------- ---------- ----------
Total advertising revenue 42,475 10,627 53,102
Circulation revenue 13,124 542 13,666
Other revenue 2,108 739 2,847
---------- ---------- ----------
Total revenue $57,707 $11,908 $69,615
========== ========== ==========
% Change % Change % Change
Daily CN&S Total
---------- ---------- ----------
Advertising revenue:
Retail (1.7) (16.0) (5.6)
Classified (10.8) (22.4) (12.1)
National (7.2) N/A (7.2)
Direct Marketing (37.1) N/A (37.1)
Other N/A (18.3) (18.3)
Total advertising revenue (6.6) (17.3) (8.8)
Circulation revenue (1.8) (56.5) (4.0)
Other revenue 20.1 42.8 26.0
Total revenue (4.6) (15.4) (6.4)
Three Quarters of 2007 (C)
--------------------------------
Community
Daily Newspapers
Newspaper & Shoppers Total
---------- ---------- ----------
Advertising revenue:
Retail $65,024 $21,991 $87,015
Classified 46,040 4,728 50,768
National 6,766 -- 6,766
Direct Marketing 2,959 -- 2,959
Other -- 318 318
---------- ---------- ----------
Total advertising revenue 120,789 27,037 147,826
Circulation revenue 38,415 820 39,235
Other revenue 8,992 3,115 12,107
---------- ---------- ----------
Total revenue $168,196 $30,972 $199,168
========== ========== ==========
Three Quarters of 2006 (D)
--------------------------------
Community
Daily Newspapers
Newspaper & Shoppers Total
---------- ---------- ----------
Advertising revenue:
Retail $61,771 $26,063 $87,834
Classified 49,916 6,201 56,117
National 7,778 -- 7,778
Direct Marketing 4,128 -- 4,128
Other -- 526 526
---------- ---------- ----------
Total advertising revenue 123,593 32,790 156,383
Circulation revenue 38,872 1,675 40,547
Other revenue 7,640 2,395 10,035
---------- ---------- ----------
Total revenue $170,105 $36,860 $206,965
========== ========== ==========
% Change % Change % Change
Daily CN&S Total
---------- ---------- ----------
Advertising revenue:
Retail 5.3 (15.6) (0.9)
Classified (7.8) (23.8) (9.5)
National (13.0) N/A (13.0)
Direct Marketing (28.3) N/A (28.3)
Other N/A (39.5) (39.5)
Total advertising revenue (2.3) (17.5) (5.5)
Circulation revenue (1.2) (51.0) (3.2)
Other revenue 17.7 30.1 20.6
Total revenue (1.1) (16.0) (3.8)
(A) 2007 third quarter: July 2, 2007 to September 30, 2007.
(B) 2006 third quarter: June 26, 2006 to September 24, 2006.
(C) 2007 three quarters: January 1, 2007 to September 30, 2007.
(D) 2006 three quarters: December 26, 2005 to September 30, 2006.
NOTE:
Publishing segment information is provided to facilitate comparison of
our publishing segment results with those of other publishing
companies and is not representative of the overall business of
Journal Communications or its operating results.
Daily newspaper's core newspaper
advertising linage by category:
- ----------------------------------------
Third Quarter (A)
-------------------
2007 2006 % Change
--------- --------- ----------
Advertising linage (inches):
Full run
Retail 150,388 164,555 (8.6)
Classified 138,690 166,666 (16.8)
National 13,472 13,772 (2.2)
--------- ---------
Total full run 302,550 344,993 (12.3)
Part run 11,397 28,047 (59.4)
--------- ---------
Total advertising linage 313,947 373,040 (15.8)
========= =========
Preprint pieces (in thousands) 201,269 208,542 (3.5)
========= =========
Total pages and revenue per page of our
community newspapers and shoppers:
- ----------------------------------------
Total pages
Community newspapers 11,576 15,732 (26.4)
Shoppers and specialty products 12,378 14,979 (17.4)
--------- ---------
Total pages 23,954 30,711 (22.0)
========= =========
Revenue per page $329.14 $312.81 5.2
========= =========
Daily newspaper's core newspaper
advertising linage by category:
- ----------------------------------------
Three Quarters (B)
-------------------
2007 2006 % Change
--------- --------- ----------
Advertising linage (inches):
Full run
Retail 452,576 490,926 (7.8)
Classified 424,085 502,857 (15.7)
National 33,801 42,606 (20.7)
--------- ---------
Total full run 910,462 1,036,389 (12.2)
Part run 29,641 84,939 (65.1)
--------- ---------
Total advertising linage 940,103 1,121,328 (16.2)
========= =========
Preprint pieces (in thousands) 616,077 632,266 (2.6)
========= =========
Total pages and revenue per page of our
community newspapers and shoppers:
- ----------------------------------------
Full pages of advertising:
Community newspapers 36,376 53,486 (32.0)
Shoppers and specialty products 37,071 44,389 (16.5)
--------- ---------
Total full pages of advertising 73,447 97,875 (25.0)
========= =========
Revenue per page $329.48 $298.68 10.3
========= =========
(A) 2007 third quarter: July 2, 2007 to September 30, 2007.
2006 third quarter: June 26, 2006 to September 24, 2006.
(B) 2007 three quarters: January 1, 2007 to September 30, 2007.
2006 three quarters: December 26, 2005 to September 24, 2006.
NOTE: Publishing segment information is provided to facilitate
comparison of our publishing segment results with those of other
publishing companies and is not representative of the overall
business of Journal Communications or its operating results. All data
is subject to later adjustment.
Journal Communications, Inc.
Reconciliation of consolidated net earnings to consolidated EBITDA
(unaudited)
(dollars in thousands)
Third Quarter (A) Three Quarters (B)
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Net earnings $13,899 $13,501 $101,380 $41,015
Gain from discontinued
operations, net (1,293) (1,276) (67,832) (7,218)
Provision for income taxes 6,944 8,238 20,396 22,536
Total other expense, net 1,914 4,015 6,893 11,522
Depreciation 6,759 6,464 20,564 19,454
Amortization 497 482 1,448 1,437
--------- --------- --------- ---------
EBITDA $28,720 $31,424 $82,849 $88,746
========= ========= ========= =========
(A) 2007 third quarter: July 2, 2007 to September 30, 2007.
2006 third quarter: June 26, 2006 to September 24, 2006.
(B) 2007 three quarters: January 1, 2007 to September 30, 2007.
2006 three quarters: December 26, 2005 to September 24, 2006.
We define EBITDA as net earnings excluding gain/loss from discontinued
operations, net, provision for income taxes, total other expense
(which is entirely comprised of interest income and expense),
depreciation and amortization. Our management uses EBITDA, among
other things, to evaluate our operating performance, and to value
prospective acquisitions. EBITDA is not a measure of performance
calculated in accordance with accounting principles generally
accepted in the United States. EBITDA should not be considered in
isolation of, or as a substitute for, net earnings as an indicator of
operating performance or cash flows from operating activities as a
measure of liquidity. EBITDA, as we calculate it, may not be
comparable to EBITDA reported by other companies.
Journal Communications, Inc.
Consolidated Condensed Balance Sheets
(dollars in thousands)
September 30,
2007 December 31,
(unaudited) 2006
--------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $6,660 $7,923
Receivables, net 86,750 87,182
Inventories, net 6,298 6,752
Prepaid expenses and other current
assets 12,916 11,495
Deferred income taxes 7,361 11,017
Current assets of discontinued
operations 133 118,589
--------------- --------------
Total current assets 120,118 242,958
Property and equipment, net 218,841 217,823
Goodwill 232,366 231,635
Broadcast licenses 223,529 196,659
Other intangible assets, net 26,159 26,826
Prepaid Pension Costs 5,208 --
Other assets 17,384 39,079
Non-current assets of discontinued
operations 257 278
--------------- --------------
Total assets $843,862 $955,258
=============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $26,524 $31,025
Accrued compensation 13,595 18,730
Accrued employee benefits 14,519 10,456
Deferred revenue 16,495 18,505
Accrued income taxes 15,017 4,048
Other current liabilities 8,061 18,368
Current liabilities of discontinued
operations 224 20,939
Current portion of long-term
liabilities 4,012 4,770
--------------- --------------
Total current liabilities 98,447 126,841
Accrued employee benefits 26,333 33,749
Long-term notes payable to banks 149,120 235,000
Deferred income taxes 59,743 62,089
Other long-term liabilities 13,336 16,687
Shareholders' equity 496,883 480,892
--------------- --------------
Total liabilities and shareholders'
equity $843,862 $955,258
=============== ==============
NOTE:
For 2006, assets and liabilities of the Community Newspapers and
Shoppers in the Ohio, Louisiana and New England clusters were
classified as current assets or current liabilities of discontinued
operations due to the sales of these clusters on June 25, 2007, July
6, 2007 and August 2, 2007, respectively.
CONTACT: Journal Communications, Inc.
Sara Leuchter Wilkins
Vice President of Investor Relations &
Corporate Communications
414-224-2633
swilkins@journalcommunications.com