Thanks to the sale of lagging newspapers in Rhode Island and Massachusetts, Journal Register Company (NYSE: JRC) reported net income of $29.1 million for 1Q, up 27 percent 1Q06’s net income of $1.8 million. However, with the discontinued items included, net income was down to $1.5 million. The Yardley, PA.-based company also reported:
—Aside from dropping underperforming properties, online operations were up 25.8 percent versus the prior year’s quarter and comprised 4.6 percent of total advertising revenues.
—Looking ahead for the rest of the year, Journal Register expects online revenue growth to be fueled by several driving factors: the continued roll out of its new media platform and enhanced hyper-local websites.
—Its JobsInTheUS site was up 44.0 percent in the first quarter. Journal Register also expects to receive increased contributions from co-branded Yahoo Hot Jobs activity.
—Online revenues were $4 million for the quarter, an increase of 25.8 percent in the first quarter of 2007, as compared to the prior year quarter. The company claims its websites generated 100.4 million page views during 1Q, an 18.4 percent increase, as compared to the prior year period.
—Total revenues for the quarter were $114.1 million, as compared to total revenues of $120.3 million for the first quarter of 2006, a 5.1 percent decrease. Meanwhile, total ad revenues decreased 6.9 percent to $86.4 million, as compared to $92.7 million for the first quarter of 2006. Earnings release | Webcast