Business News
Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30, 2009
Thursday 13. August 2009 - Consolidated revenues of Daily Journal Corporation (NASDAQ:DJCO) were $30,315,000 and $30,078,000 for the nine months ended June 30, 2009 and 2008, respectively.
This increase of $237,000 (1%) was primarily from an increase in public notice advertising revenues of $2,224,000, which more than offset a decrease of $791,000 (22%) in display advertising revenues and a $1,295,000 (43%) decrease in classified advertising revenues. The Company continued to benefit from the large number of foreclosure sales in California and Arizona, for which public notice advertising is required by law.
During the nine months ended June 30, 2009, consolidated pretax income increased by $1,084,000 (13%) to $9,383,000 from $8,299,000 in the nine months ended June 30, 2008. The Companys traditional business segment pretax profit increased by $1,027,000 (12%) to $9,351,000 from $8,324,000 primarily because of an increase in trustee foreclosure sale notices and a decrease in personnel costs. Sustains business segment pretax income increased $57,000 to $32,000 from a loss of $25,000, primarily because of increased consulting revenues.
During the nine months ended June 30, 2009, the Company purchased marketable securities of $20,424,000 and had an unrealized gain on its investments of $25,898,000. All the marketable securities are common stocks and bonds, and almost all of the unrealized appreciation was in the common stocks.
Consolidated net income was $5,773,000 and $5,149,000 for the nine months ended June 30, 2009 and 2008, respectively. Net income per share increased to $4.08 from $3.54.
Reportable Segments Total Results
Traditional Business
Sustain
for both Segments
Nine months ended June 30, 2009
Revenues $ 26,548,000 $ 3,767,000 $ 30,315,000
Pretax income 9,351,000 32,000 9,383,000
Income tax expense (3,600,000 ) (10,000 ) (3,610,000 )
Net income 5,751,000 22,000 5,773,000
Nine months ended June 30, 2008
Revenues $ 26,600,000 $ 3,478,000 $ 30,078,000
Pretax income (loss) 8,324,000 (25,000 ) 8,299,000
Income tax benefit (expense) (3,160,000 ) 10,000 (3,150,000 )
Net income (loss) 5,164,000 (15,000 ) 5,149,000
Daily Journal Corporation publishes newspapers and web sites covering California and Arizona, as well as the California Lawyer, 8-K and NextGen magazines, and produces several specialized information services. Sustain Technologies, Inc., a wholly-owned subsidiary, supplies case management software systems and related products to courts and other justice agencies, including district attorney offices and administrative law organizations.
Daily Journal Corporations Form 10-Q for the nine months ended June 30, 2009 is expected to be filed electronically with the Securities and Exchange Commission today. We invite your attention to the Form 10-Q which contains our consolidated financial statements, managements discussion and analysis of financial condition and results of operations and other information.