Posted on 05/17/2006 3:21:16 PM PDT by abb
Newspaper publisher Journal Register Co. said on Wednesday its April advertising sales dropped 3.1 percent.
The company attributed the decline to market softness in its Great Lakes clusters, Michigan and Cleveland, due to economic issues brought on by the automotive industry.
Revenue for the five weeks ended April 30 was $42.7 million, down from $44.1 million for the same period last year. On a pro forma basis, which assumes all properties currently owned by Journal Register were owned in both the year-ago and current five-week periods, advertising revenue dropped 4.1 percent from last year.
Classifieds revenue for the month was $17.6 million, down 3.5 percent from $18.2 million last year, while local ad revenue was $23.1 million, down 3 percent from $23.8 million last year. National ad revenue dropped less than a percent to $2.06 million, down from $2.07 million last year.
Shares of Journal Register closed up 15 cents at $10.76 on the New York Stock Exchange
(Excerpt) Read more at businessweek.com ...
Happily pinging with more news...
I guess illegal aliens dont buy newspapers huh?
First we get TRB trying to blame MSM woes on a dastardly easter bunny and now this outfit wants to try to scape goat car companies for their own short sighted leftism.
In the midst of all the gloom, finally a ray of sunshine.
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