EPS declined about 16% to $0.16 as compared to $0.19 in 2007 however, JRN surpassed our $0.10 forecast EPS estimates in 2Q:08.
JRN posted better results from its Palms Springs TV station than we expected.
This supports our overall media industry investment thesis that local content and aggressive brand management are the keys to competing against global media giants.
We think JRN is well positioned to survive the disruption caused by the Internet but we are still gun shy as JRN has exposure to weak media markets in LasVegas and Florida.
More to follow....
About Me
- Rich Tullo
- Richard Tullo is a securities analyst and trader with more than 20 years of experience. During the late 1990s he brought more than 40 technology companies public as a NASDAQ market maker for Hambrecht & Quist and Cowen and Co. From 2001-2004, Rich Tullo was an investment analyst for Providence Capital an activist hedge fund in New York. More recently, Rich was an analyst with Sidoti and Company a noted independent research firm and published investment reports on the Media and Telecom industry. Rich Tullo has also published numerous editorials, reports and industry white papers on infrastructure investing and exotic investment instruments