The Dolan Co., the Minneapolis-based publisher of business newspapers across the country, reported a a third-quarter decline in revenues as well as a loss.
The company reported a 20.7 percent decline in third-quarter revenue to $35.5 million. The net loss for the quarter was $27.5 million, or 91 cents per share. The loss includes a $35.4 million goodwill impairment change.
In the division that operates the business newspapers, revenues for the third quarter of 2013 were $15.6 million, a 9.9 percent decrease from $17.3 million in the third quarter of 2012. The majority of the decrease was driven by lower public notice revenues.Direct operating expenses for the division were $5.6 million during the second quarter of 2013, a 9.2 percent decline compared to $6.1 million last year. In addition, SG&A expenses of $7.2 million were 2.3 percent lower than last year.
Dolan’s papers include the Idaho Business Review, the Mississippi Business Journal, the Daily Journal of Commerce in Portland, Ore., and The Daily Record in Baltimore.