Press release
Daily Journal Corporation Announces Financial Results for the Six Months ended March 31, 2022
LOS ANGELES, May 12, 2022 (GLOBE NEWSWIRE) -- During the six months ended March 31, 2022, 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, 2022 (GLOBE NEWSWIRE) -- During the six months ended March 31, 2022, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $22,245,000 as compared with $24,390,000 in the prior year period. This decrease of $2,145,000 was primarily from decreases in (i) Journal Technologies’ license and maintenance fees of $2,300,000, consulting fees of $119,000 and public service fees of $23,000, and (ii) the Traditional Business’ circulation revenues of $150,000, partially offset by increases in the Traditional Business’ advertising net revenues of $236,000 and advertising service fees and other of $211,000. The Traditional Business’ pretax income increased by $2,940,000 to $2,592,000 from a pretax loss of $348,000 in the prior fiscal year period, primarily resulting from a reduction to the long-term supplemental compensation accrual of $2,010,000 as compared with an increase of $755,000 in the prior fiscal year period. Journal Technologies’ business segment pretax loss increased by $3,501,000 to $2,163,000 from pretax income of $1,338,000 in the prior fiscal year period, primarily due to decreased revenues as a result of the Company’s decision to end the maintenance of its legacy software products as of July 1, 2021 in order to focus on supporting Journal Technologies’ main “eSeries” products. In December 2021 and March 2022, the Company sold part of its marketable securities for approximately $80,570,000, realizing net gains on the sales of those marketable securities of $14,249,000, and borrowed an additional net $43,000,000 from the margin loan account to primarily purchase additional marketable securities with a total cost of approximately $117,678,000. The Company’s investments generated approximately $2,988,000 in dividends income for the six months ended March 31, 2022, as compared with $1,287,000 in the prior fiscal year period. During the six months ended March 31, 2022, consolidated pretax loss was $27,005,000, as compared to pretax income of $96,661,000 in the prior fiscal year period. There was consolidated net loss of $20,935,000 (-$15.16 per share) for the six months ended March 31, 2022, as compared with net income of $71,746,000 ($51.96 per share) in the prior fiscal year period. The Company believes that the Coronavirus pandemic has had, and, with the Delta and Omicron variant cases, and th...