Minneapolis-based Dolan Media Co., the parent company of weekly business newspapers across the country, reported higher revenue for the third quarter but a loss due to the cost of some redeemable stock. Operating income increased.
This increase in revenues consisted of $5.8 million of increased revenues from organic growth within existing businesses; $3.2 million of revenues from a mortgage default processing services operations in Indiana, which it acquired in January 2007; and $500,000 in revenues from the Mississippi Business Journal, which it acquired in March.
Operating income for the third quarter was $8.3 million, or 21.7 percent of revenues, an increase of 17.9 percent from $7.0 million, which was 24.5 percent of revenues in the same prior-year period. The net loss for the quarter was $7.5 million, equal to the same quarter in 2006.
The company’s division that operates the business newspapers reported revenues of $21.0 million, an increase of 17.7 percent from $17.8 million for the same prior-year period.
The business newspaper division saw a 13.5 percent year-over-year increase in display and classified advertising revenues and a 40.6 percent year-over-year increase in public notice revenues. Circulation revenues declined to $3.2 million for the three months ended Sept. 30, 2007, compared to $3.4 million for three months a year earlier. The revenue increase is also partially attributed to the addition of the Mississippi Business Journal, which the company acquired from Venture Publications in March. Â
Dolan Media went public earlier this year and has seen its stock price increase by more than 50 percent.
Read the rest of the release here.
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