Press release
Daily Journal Corporation Announces Financial Results for the Three Months ended December 31, 2021
LOS ANGELES, Feb. 11, 2022 (GLOBE NEWSWIRE) -- During the three months ended December 31, 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated
About this update from Daily Journal Corp. (s.c.)
[{"type":"text","content":"LOS ANGELES, Feb. 11, 2022 (GLOBE NEWSWIRE) -- During the three months ended December 31, 2021, Daily Journal Corporation (NASDAQ:DJCO) had consolidated revenues of $11,528,000 as compared with $10,420,000 in the prior year period. This increase of $1,108,000 was primarily from increases in (i) Journal Technologies’ consulting fees of $1,517,000 and public service fees of $99,000, and (ii) the Traditional Business’ advertising net revenues of $102,000, partially offset by decreases in (i) Journal Technologies’ license and maintenance fees of $553,000 and (ii) the Traditional Business’ circulation revenues of $93,000. The Traditional Business’ pretax income decreased by $42,000 to $506,000 from $548,000 in the prior fiscal year period. Journal Technologies’ business segment pretax loss decreased by $413,000 to $450,000 from $863,000 in the prior fiscal year period. In December 2021, the Company sold part of its marketable securities for approximately $50,020,000, realizing gains on the sales of those marketable securities of $46,694,000, and simultaneously borrowed an additional $37,014,000 from its margin loan account to purchase additional marketable securities with a total cost of approximately $87,125,000. The Company’s investments generated approximately $875,000 in dividends income for the three months ended December 31, 2021, as compared with $638,000 in the prior fiscal year period. During the three months ended December 31, 2021, consolidated pretax income was $11,438,000, as compared to $81,450,000 in the prior fiscal year period. There was consolidated net income of $6,878,000 ($4.98 per share) for the three months ended December 31, 2021, as compared with $59,270,000 ($42.93 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, will continue to have, a significant impact on the Company’s business operations. It is possible that governments may again take actions in response to the pandemic, such as the renewed closure, or scaling back of operations, of courts and other governmental agencies that are the customers of the Company. This might also include a fair degree of volatility in the value of the Company’s marketable securities. At December 31, 2021, the Company held marketable securities valued at $395,284,000, includi...