Categories: OLD Media Moves

Owner of biz weeklies reports first-quarter loss

Dolan Co., which owns business newspapers across the country, reported a net loss and a decline in revenue for the first quarter.

The Minneapolis-based company reported that first quarter revenues decreased 8.5 percent year-over-year to $54.7 million. Its net loss was $7.2 million, or 25 cents per diluted share. This includes an $10.7 million impairment charge, partially offset by the reversal of a $5.0 million purchase price hold back.

In its business information division, which includes the business newspapers, revenue declined by almost 11 percent to $15.8 million in the first quarter compared to last year. This was driven by public notice revenues, which declined 17 percent. Similar to the preceding quarter, public notice advertising felt the impact of lower mortgage default volumes, which reduced margins and profitability.

In the business newspaper division, direct operating expenses were $6.0 million during the first quarter of 2013, a 7.9 percent decline compared to $6.5 million last year. In addition, selling, general and administrative expenses of $7.5 million were 3.8 percent lower than last year.

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

Read the earnings release here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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