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Journal Register Profits Plunge
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Business New Haven
2/18/2002
By: BNH
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TRENTON, N.J. - Fourth-quarter net profits at the Journal Register Co. (NYSE: JRC) declined 75 percent from a year ago, when a one-time gain from the sale of a newspaper lifted results. The weak economy also depressed advertising revenues.
The company, which publishes 23 daily newspapers (including its flagship New Haven Register) and 204 other publications, earned $9.5 million in the fourth quarter, or 23 cents per share. A year earlier, the company earned $38.6 million, or 85 cents per share, including a gain of $39.6 million from the sale of an Illinois newspaper. Excluding that gain and a change in tax expenses, net income for 2000's fourth quarter would have been $12.8 million, or 28 cents per share.
Last quarter, the slumping economy cut total revenues by nine percent from 2000's fourth quarter, to $103 million from $114 million, with advertising, classified and retail revenues all down significantly.
For all of 2001, JRC posted net income of $78.1 million, or $1.83 per share. That was down 54 percent from $169.4 million ($3.72 per share) for 2000.
Excluding revenue from newspaper sales in both years, net income would have been $32.3 million, or 80 cents per share, for 2001, down from $44.8 million, or 99 cents per share, for 2000.
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