Press release
Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2020
LOS ANGELES, Dec. 17, 2020 (GLOBE NEWSWIRE) -- During fiscal 2020, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $49,942,000 as
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":"LOS ANGELES, Dec. 17, 2020 (GLOBE NEWSWIRE) -- During fiscal 2020, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $49,942,000 as compared with $48,655,000 in the prior year. This increase of $1,287,000 was primarily from Journal Technologies’ increased license and maintenance fees of $1,468,000, consulting fees of $2,179,000 and public service fees of $38,000, partially offset by reductions in the Traditional Business’ display advertising (including conferences which were discontinued) net revenues of $1,009,000, classified advertising net revenues of $218,000, trustee sale notice advertising net revenues of $282,000, legal notice advertising net revenues of $523,000 and circulation revenues of $159,000. The Traditional Business had a pretax loss of $1,814,000, representing a $1,833,000 decrease in income from pretax income of $19,000 in the prior fiscal year. Journal Technologies’ pretax income increased by $5,383,000 to $447,000 from a pretax loss of $4,936,000 in the prior fiscal year, excluding the goodwill impairment loss of $13,400,000 in fiscal 2019. In addition, the Company sold part of its marketable securities realizing a net gain of $4,193,000 in fiscal 2020. There were also decreases in net unrealized losses on investments of $14,616,000 to $3,099,000 in fiscal 2020 from $17,715,000 in the prior fiscal year. These investments generated approximately $4,965,000 in dividends income during fiscal 2020. In the future, dividends income from the Company’s portfolio is expected to decrease, because these investments include the common stocks of three U.S. banks, at least one of which has decided to reduce its dividends. During fiscal 2020, consolidated pretax income was $4,226,000, as compared with a pretax loss of $31,476,000 in the prior fiscal year, in each case reflecting dividends received and the performance of the Company’s investments. The Company believes that the Coronavirus pandemic (“COVID-19”) has had, and, with the recent resurgence of COVID-19 cases, will continue to have a significant impact on the Company’s business operations. This might include a substantial decrease in the value of the Company’s marketable securities portfolio, which is concentrated in the common stocks of three U.S. financial institutions, or at least a fair degree of volatility. At September 30, 2020, the Company ...