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JRC Sells $300 Million of Ads
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Business New Haven
2/19/2001
By: BNH
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TRENTON, N.J. - The Journal Register Co. (NYSE: JRC), which owns the New Haven Register, has reported record net income for the quarter ended December 31 of $38.6 million, or 85 cents per diluted share. That compares to $14.4 million (31 cents per diluted share) for the prior year quarter (which, for accounting purposes, was shorter by approximately one week). For the year 2000, net income was a record $169.4 million ($3.72 per diluted share), compared to $47.7 million ($1.02 per diluted share) for the previous year. Excluding special items, JRC also reported record annual results with diluted earnings per share of $1.07.
Special items reported in the results include gains on the previously announced sales of the company's St. Louis-area operations and the reversal of tax accruals reported in the third quarter of 2000. St. Louis-area operations included the Suburban Journals and the Alton (Ill.) Telegraph, which were sold on August 10 and October 24, respectively. JRC reported a pre-tax gain of $39.6 million on the sale of the Alton paper and $141.1 million on the sale of the Suburban Journals.
Reported JRC Chairman and CEO Robert M. Jelenic, “Advertising revenues on a pro-forma, comparable-day basis were up 3.1 percent for the year.”
He added, “Taking into account all of the asset sales as if they were completed on December 31, 2000, we reduced our net debt to EBITDA ratio to 3.1 times - the lowest leverage level in the Journal Register Co.'s history.”
For calendar 2000, on a comparable-day basis, ad revenues grew 3.1 percent to $301.2 million in 2000. from $292.1 million the year before.
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