Press release
Daily Journal Corporation Announces Financial Results for the Six Months ended March 31, 2021
LOS ANGELES, May 12, 2021 (GLOBE NEWSWIRE) -- During the six months ended March 31, 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":"LOS ANGELES, May 12, 2021 (GLOBE NEWSWIRE) -- During the six months ended March 31, 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $24,390,000 as compared with $24,033,000 in the prior year period. This increase of $357,000 was primarily from Journal Technologies’ increased license and maintenance fees of $673,000, consulting fees of $631,000 and public service fees of $129,000, partially offset by reductions in the Traditional Business’ display advertising net revenues of $221,000, classified advertising net revenues of $92,000, trustee sale notice advertising net revenues of $235,000, legal notice advertising net revenues of $134,000 and circulation revenues of $266,000. The Traditional Business’ pretax income decreased by $783,000 to a pretax loss of $382,000 from pretax income of $401,000 in the prior fiscal year period. Journal Technologies’ business segment pretax income increased by $4,398,000 to $1,338,000 from a pretax loss of $3,060,000 in the prior fiscal year period. During the six months ended March 31, 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 $133,748,000 to $76,068,000 from net unrealized losses of $57,680,000 in the prior fiscal year period. These investments generated approximately $1,287,000 in dividends income for the six months ended March 31, 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 six months ended March 31, 2021, consolidated pretax income was $96,661,000, as compared to a pretax loss of $57,696,000 in the prior fiscal year period. There was consolidated net income of $71,746,000 ($51.96 per share) for the six months ended March 31, 2021, as compared with a net loss of $42,116,000 (-$30.50 per share) in the prior fiscal year period. The Company believes that the Coronavirus pandemic (“COVID-19”) has had, and will continue to have a significant impact on the Company’s business operations. This mig...