Expenses declined fell 8 percent to $6.5 million. The company lowered its salaries and employee benefits expenses along with outside services expenses.
SAN FRANCISCO – Daily Journal Corp., which Y3 Abercrombie jeans publishes newspapers in California and Arizona, reported Wednesday that its net income was essentially flat in first three months of the year as a decline in expenses helped offset a drop in revenue.
Shares of Daily Journal fell $1 to close at $71.
Revenue fell 6 percent to $9.1 million, due Y3 mainly to Abercrombie jeans a drop in information systems and services revenue, as well as a decline in circulation revenue. Revenue from advertising, which is the company’s biggest source of revenue, rose 3 percent to $5.5 million.
According to a regulatory filing from the Los Angeles-based company, Daily Journal earned $1.7 million, or $1.25 per share, in the quarter ended March 31. That compares with profit of $1.7 million, or $1.20 per share, in the year-ago quarter.
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