Minnesota-based Dolan Media, which owns a number of business newspapers, reported Tuesday that its fourth-quarter profit more than doubled as it lowered expenses as a percentage of its revenue and saw an increase in revenue from public notices.
The company reported net income of $8.1 million, or 27 cents per share in the fourth quarter, compared to net income of $3.4 million, or 12 cents per share, in the fourth quarter of 2008. Dolan Media was expected to report earnings of 20 cents per share, according to the average analyst consensus.
In the subsidiary that operates the business newspapers, revenues for the fourth quarter of 2009 were $23.4 million, an increase of $1.3 million, or 6.1 percent, from $22.0 million for the same period in 2008.
Growth in its public notice revenues — 25.4 percent year-over-over — more than offset declines in its display and classified advertising revenues of 12.5% year-over-year.
The company projected 2010 earnings of $1.11 per share to $1.18 per share, in line with analyst expectations of $1.14 per share, and projected 2010 revenue of $307 million to $310 million, slightly above analyst projections of $305.97 million.
Dolan Media 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.
