OLD Media Moves

Owner of weekly biz papers reports higher profits

August 1, 2012

Posted by Chris Roush

Dolan Media Co., which owns weekly business newspapers across the country, reported second-quarter earnings Wednesday that were higher than expected.

The Minneapolis-based company reported net income of $4.92 million or 16 cents per share, compared to net income of $2.57 million or 14 cents per share a year ago. Cash earnings per share were 9 cents, down from 20 cents per share last year.

Five analysts polled by Thomson Reuters expected the company to report earnings of 2 cents per share. Analysts’ estimates typically exclude special items.

Total revenues declined to $63.76 million from $68.39 million in the prior-year quarter. Analysts expected revenues of $68.12 million.

Read the earnings release here. Dolan owns the Long Island Business News, Mississippi Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among others.

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