Daily Journal Corporation Announces Financial Results for the Six Months Ended March 31, 2008.LOS ANGELES -- Revenues of Daily Journal Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DJCO DJCO Department of Joint and Combined Operations ) were $18,924,000 and $16,903,000 for the six months ended March 31, 2008 and 2007, respectively. This increase of $2,021,000 (12%) was primarily attributed to an increase in trustee foreclosure sale foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or notices, partially offset by a decrease in commercial advertising revenues. The Company's traditional business segment pretax profit increased by $1,895,000 (63%) from $2,995,000 to $4,890,000 primarily resulting from the increase in revenues. Sustain's business segment pretax loss pretax loss A loss reported before tax benefits are considered. decreased $187,000 (67%) from $279,000 to $92,000, primarily because of increased consulting revenues. Consolidated net income was $2,928,000 and $1,036,000 for the six months ended March 31, 2008 and 2007, respectively. Net income per share increased to $2.02 from $.71. Summarized financial information for our reportable segments is shown in the following table. (All figures are in thousands except for the numbers for common stock outstanding and the per share amounts.) [TABLE OMITTED] [TABLE OMITTED] Daily Journal Corporation publishes newspapers and web sites covering California, Arizona and Nevada, as well as the California Lawyer and 8-K magazines, and produces several specialized information services See Information Systems. . Sustain Technologies, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. as of March 31, 2008, supplies case management software systems and related products to courts and other justice agencies, including district attorney offices and administrative law administrative law, law governing the powers and processes of administrative agencies. The term is sometimes used also of law (i.e., rules, regulations) developed by agencies in the course of their operation. organizations. (In March 2008, the Company acquired from two shareholders the remaining 7% equity interest in Sustain not already owned by the Company for $60,000.) Daily Journal Corporation's Form 10-Q Form 10-Q See 10-Q. for the six months ended March 31, 2008 is expected to be filed electronically with the Securities and Exchange Commission today. We invite your attention to the Form 10-Q which contains our consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of financial condition and results of operations, and other information. This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this press release are "forward-looking" statements that involve risks and uncertainties that may cause actual future events or results to differ materially from those described in the forward-looking statements. Words such as "expects," "intends," "anticipates," "should," "believes," "will," "plans," "estimates," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in documents we file with the Securities and Exchange Commission, including the Form 10-Q we expect to file today and our Annual Report on Form 10-K for the fiscal year ended September 30, 2007. |
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