PhillyInc

Not a good news day for Robert M. Jelenic, chair and chief executive of the Journal Register company (NYSE:JRC). The Yardley publisher of newspapers in the Mid-Atlantic states, including the Daily Local Times, Pottstown Mercury, Trentonian and the Main Line Times, learned that Moody's Investors Service has placed all ratings of the company under review for possible downgrades. Approximately $950 million in rated debt securities are affected. Net income in the company's most recent quarter dropped to 5.5 million from 9.8 million a year ago. Revenues also declined from $131.8 million to $120.7 million in that same period, due to a drop in advertising sales. Moody's will calculate the likelihood that Journal Register will be able to reverse two years' worth of quarterly sales declines.
- Jane M. Von Bergen