Press release
Daily Journal Corporation Announces Financial Results for Fiscal Year ended September 30, 2022
LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":" LOS ANGELES, Dec. 16, 2022 (GLOBE NEWSWIRE) -- During fiscal 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $54,009,000 as compared with $49,925,000 in the prior year. This increase of $4,084,000 was primarily from increases in Journal Technologies’ consulting fees of $5,546,000 and the Traditional Business’ advertising revenues of $420,000 and advertising service fees and other of $253,000, partially offset by decreases in (i) Journal Technologies’ license and maintenance fees of $1,852,000 and other public service fees of $101,000, and (ii) the Traditional Business’ circulation revenues of $182,000. The Traditional Business’ pretax income increased by $259,000 to $702,000 from $443,000 in the prior fiscal year, primarily resulting from a decrease to the long-term supplemental compensation accrual of $665,000 to $1,130,000 from $1,795,000 in the prior fiscal year. Journal Technologies’ business segment pretax income decreased by $422,000 to $1,287,000 from $1,709,000 in the prior fiscal year, primarily because of increased operating expenses of $4,015,000 mainly due to (i) increased personnel costs resulting from salary adjustments, (ii) increased third-party hosting fees which were billed to clients, (iii) additional miscellaneous office equipment and software license purchases and (iv) increased business travel expense, partially offset by increased operating revenues of $3,593,000, mainly from increased consulting fees. During fiscal 2022, the Company sold certain of its marketable securities for approximately $80,570,000, realizing net gains on the sales of those marketable securities of $14,249,000 (as compared with $41,749,000 of realized net gains in the prior year), and borrowed an additional $43,000,000 from the Company’s margin loan account to primarily purchase additional marketable securities with a total cost of approximately $117,678,000 (as compared with an additional marketable security purchase of $64,990,000 in the prior fiscal year with additional borrowings of $17,000,000). In addition, there were increases in net unrealized losses on marketable securities of $229,900,000 to $123,401,000 from net unrealized gains of $106,499,000 in the prior fiscal year period. The Company’s investments generated approximately $5,451,000 in dividends income for fiscal 2022, as compared with $2,90...