The JS today reported that mother ship Journal Communications net income dropped 91% in the first quarter compared to first quarter returns a year ago.
It's even worse than the paper makes it out to be.
While the JS was quick to note that last year's first quarter income was boosted by the sale of Norlight Communications, it failed to report -- whoopsie! -- that this year's first quarter income had the very substantial benefit of a boost from the Feb. 1 primary election.
You remember: Obama, Clinton, endless ads, huge advertising buys in Wisconsin's major media market, all that.
Company president Steve Smith says corporate earnings should benefit from political advertising in the second quarter, but forgot to the impact on earnings of primary election advertising. Hey, if this is how Journal Communications does when the hottest campaign in memory is going on, what will happen next year, when there are no major campaigns?
Retirees and active employees who were counting on returns from heavy investments in Journal Communications stock must be absolutely furious. Smith's glib half-explanations aren't helping.