Press release
Daily Journal Corporation Announces Financial Results for the Nine Months ended June 30, 2021
LOS ANGELES, Aug. 12, 2021 (GLOBE NEWSWIRE) -- During the nine months ended June 30, 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":"LOS ANGELES, Aug. 12, 2021 (GLOBE NEWSWIRE) -- During the nine months ended June 30, 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $37,952,000 as compared with $36,907,000 in the prior year period. This increase of $1,045,000 was primarily from increases in (i) Journal Technologies’ license and maintenance fees of $744,000 and public service fees of $841,000 and (ii) the Traditional Business’ legal notice advertising net revenues of $471,000 and government notice advertising net revenues of $173,000, partially offset by reductions in (i) Journal Technologies’ consulting fees of $416,000 and (ii) the Traditional Business’ display advertising net revenues of $44,000, classified advertising net revenues of $31,000, trustee sale notice advertising net revenues of $335,000 and circulation revenues of $399,000. The Traditional Business’ pretax income increased by $194,000 to $70,000 from a pretax loss of $124,000 in the prior fiscal year period. Journal Technologies’ business segment pretax income increased by $4,143,000 to $2,244,000 from a pretax loss of $1,899,000 in the prior fiscal year period. During the nine months ended June 30, 2021, the Company sold some of its marketable securities for $20,002,000, realizing gains on the sales of those marketable securities of $18,478,000, and simultaneously reinvested the proceeds in marketable securities of a different company. In addition, there were increases in net unrealized gains on marketable securities of $172,945,000 to $131,754,000 from net unrealized losses of $41,191,000 in the prior fiscal year period. These investments generated approximately $2,063,000 in dividends income for the nine months ended June 30, 2021. 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 the nine months ended June 30, 2021, consolidated pretax income was $154,434,000, as compared to a pretax loss of $39,102,000 in the prior fiscal year period. There was consolidated net income of $114,319,000 ($82.80 per share) for the nine months ended June 30, 2021, as compared with a net loss of $27,842,000 (-$20.16 per share) in the prior fiscal year period. The Company believes that the Coronavirus pan...