Daily Journal Corporation Reports Results for Fiscal Year Ended September 30, 2011

December 14, 2011

Daily Journal Corporation (NasdaqCM: DJCO) reported revenues for the fiscal year ended September 30, 2011 fell 8.2% to $34.5 million compared to $37.58 million in the previous fiscal year. Revenues were lower across all segments which include advertising, circulation, information systems and services and advertising service fee. Despite the lower revenue, net income for the period increased 2.1% to $7.84 million or $5.68 per share compared to $7.67 million or $5.56 per share in the prior fiscal year. Net income benefited from a nearly 16% drop in salaries and employee benefits expense as well as a 42.2% increase in dividend and interest income.

The balance sheet is solid with $72.27 million in cash/cash equivalents, U.S. Treasury bills and marketable securities. The marketable securities are valued at $56.116 million which includes unrealized gains of $24.532 million which the company has accrued a liability in the amount of $9.772 million for income taxes due only if the appreciated securities are sold. The rest of the balance sheet contains current assets of $79.15 million, current liabilities of $20.77 million and total liabilities of $25.94 million.

Daily Journal Corporation publishes newspapers and web sites covering California and Arizona, as well as the California Lawyer magazine, and produces several specialized information services. The company also serves as a newspaper representative specializing in public notice advertising. Through Sustain Technologies, Inc., a wholly-owned subsidiary, the company supplies case management software systems and related products to courts and other justice agencies, including administrative law organizations.

Source: Daily Journal Corporation

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