Owner of biz weeklies reports third-quarter loss

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

The Minneapolis-based company reported a loss of $145 million, or $2.98 per share, due to a $150 million write down of the value of some of its assets. Cash earnings were $4.2 million, or 14 cents per share.

Total revenue, however, declined 3 percent to $68.1 million during the quarter.

In the division that includes the weekly business newspapers, revenues for the third quarter of 2012 were $18.3 million, a 2.8 percent decrease from $18.8 million in the third quarter of 2011

In that division, operating expenses were $16.5 million during the third quarter of 2012, down 3.8 percent from last year.

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

Read the earnings release here.