Owner of biz newspapers reports increase in profits, revenue

Minneapolis-based Dolan Co., which owns weekly business newspapers across the country, reported a 5.2 percent increase in profits and an 18.2 percent increase in revenue in the second quarter on Thursday.

Theresa McCabe of TheStreet.com reports, “For the quarter ended June 30, the company saw earnings rise 5.2% to $8.6 million, or 33 cents per diluted share, compared with earnings of $8.2 million, or 14 cents per diluted share, in the same period a year ago. Earnings from continuing operations were 29 cents per share, slightly below analyst estimates of 30 cents a share.

“Revenue rose 18.2% to $79.2 million from $67 million during the quarter. Revenue from its professional service segment increased 27.5% to $56.5 million from $44.3 million.

“‘Our diversified business model served us well in the second quarter, allowing us to deliver double-digit revenue growth amid a challenging economic environment,’ said James Dolan, CEO and president. ‘The litigation support segment comprised 29.7% of professional services division revenues, fueled by the strong performance of our discovery management provider, DiscoverReady.'”

Read more here. 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.