Categories: OLD Media Moves

Owner of weekly biz papers reports higher profits

Dolan Media Co., which owns weekly business newspapers across the country, reported second-quarter earnings Wednesday that were higher than expected.

The Minneapolis-based company reported net income of $4.92 million or 16 cents per share, compared to net income of $2.57 million or 14 cents per share a year ago. Cash earnings per share were 9 cents, down from 20 cents per share last year.

Five analysts polled by Thomson Reuters expected the company to report earnings of 2 cents per share. Analysts’ estimates typically exclude special items.

Total revenues declined to $63.76 million from $68.39 million in the prior-year quarter. Analysts expected revenues of $68.12 million.

Read the earnings release here. 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.

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.