The Dolan Co., which owns business newspapers across the country, reported fourth-quarter earnings that showed a 4.2 percent decline in revenue in the subsidiary that publishes those papers.
The Minneapolis-based company said that the decline in revenue, to $22.4 million for the quarter, was due to weakness in public notice advertising.
“The company believes that a majority of the weakness in public notice is related to delays from large mortgage servicers who are focused on reviewing systems and compliance to ensure proper foreclosure processing as well as a delay in the timing of revenue resulting from legislative changes made in Maryland,” the earnings release stated.
Operating expenses in the business newspaper division rose 10.2 percent to $19.4 million.
Overall, the company reported earnings of $5.5 million, or 18 cents per share, on revenue of $76.6 million. Revenue rose 10.2 percent for the overall company, while earnings fell 31.7 percent.
Dolan reported cash earnings of $8.6 million, or 28 cents per share, slightly above the consensus analyst estimate of 26 cents per share.
Dolan owns the Long Island Business News, Mississippi Business Journal, the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among others.
Read the earnings release here.
