Press release
Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2021
LOS ANGELES, Dec. 17, 2021 (GLOBE NEWSWIRE) -- During fiscal 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $49,389,000 as
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":"LOS ANGELES, Dec. 17, 2021 (GLOBE NEWSWIRE) -- During fiscal 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $49,389,000 as compared with $49,942,000 in the prior year. This decrease of $553,000 was primarily from decreases in (i) Journal Technologies’ license and maintenance fees of $603,000 and consulting fees of $1,399,000, and (ii) the Traditional Business’ trustee sale notice advertising net revenues of $264,000, display advertising net revenues of $92,000 and circulation revenues of $514,000, partially offset by increases in (i) Journal Technologies’ public service fees of $1,249,000 and (ii) the Traditional Business’ classified advertising net revenues of $13,000, legal notice advertising net revenues of $663,000 and government notice advertising net revenues of $158,000. The Traditional Business’ pretax income increased by $955,000 to $443,000 from a pretax loss of $512,000 in the prior fiscal year. Journal Technologies’ business segment pretax income increased by $2,480,000 to $1,709,000 from a pretax loss of $771,000 in the prior fiscal year. During fiscal 2021, the Company sold some of its marketable securities for $45,033,000, realizing gains on the sales of those marketable securities of $41,749,000, and simultaneously reinvested the proceeds in marketable securities of a different company. During fiscal 2020, there were sales of $16,307,000 in marketable securities with realized gains of $4,193,000 from these sales. In addition, there were increases in net unrealized gains on marketable securities of $109,598,000 to $106,499,000 from unrealized losses of $3,099,000 in the prior fiscal year. These investments generated approximately $2,908,000 in dividends income for the fiscal 2021, as compared with $4,965,000 in the prior fiscal year. Dividends from the Company’s portfolio have declined and are expected to remain lower than in the past because the investments are largely concentrated in U.S. financial institutions, and some banks have reduced their dividends. During fiscal 2021, consolidated pretax income was $153,050,000, as compared to $4,226,000 in the prior fiscal year. There was consolidated net income of $112,900,000 ($81.77 per share) for fiscal 2021, as compared with $4,041,000 ($2.93 per share) in the prior fiscal year. The Company believes that the Coronavirus pandemic has had,...