Daily Journal Corp - DJCO STOCK NEWS

Daily Journal (NASDAQ:DJCO) reported consolidated revenues of $69.93 million for fiscal 2024, up from $67.71 million in the previous year. The company's Journal Technologies segment saw increased license and maintenance fees of $4.76 million and public service fees of $1.58 million, though consulting fees decreased by $4.69 million. The Traditional Business segment experienced a slight pretax income decline to $1.58 million.

The company held marketable securities valued at $358.69 million, including pretax unrealized gains of $219.60 million. During March 2024, DJCO sold securities for $40.58 million, realizing gains of $14.26 million, and reduced its margin loan to $27.5 million. The company reported consolidated net income of $78.11 million ($56.73 per share) for fiscal 2024, compared to $21.45 million ($15.58 per share) in the previous year.

Daily Journal (NASDAQ:DJCO) reported consolidated revenues of $50,058,000 for the nine months ended June 30, 2024, a $3,899,000 increase from the prior year period. The increase was primarily due to higher license and maintenance fees from Journal Technologies and increased advertising revenues in the Traditional Business. Despite revenue growth, pretax income for both business segments decreased. The company's non-operating income significantly increased to $65,849,000, mainly due to realized gains on marketable securities sales and unrealized gains on marketable securities. Consolidated net income rose to $51,385,000 ($37.32 per share), compared to $27,937,000 ($20.29 per share) in the prior year period. The company also reduced its margin loan balance by approximately $47,500,000 during the period.

Daily Journal (NASDAQ:DJCO) reported financial results for the six months ended March 31, 2024. Consolidated revenues increased to $32.56 million from $28.45 million year-over-year. This growth was driven by Journal Technologies' higher license and maintenance fees and an uptick in public service fees. Conversely, consulting fees declined slightly.

The Traditional Business segment saw a pretax income decrease to $861,000, impacted by increased personnel costs. Meanwhile, Journal Technologies recorded an increase in pretax income, reversing a prior loss, primarily due to higher revenues.

At the end of March 2024, the company held marketable securities worth $297 million, with net pretax unrealized gains of $157.91 million. The company reduced its margin loan balance significantly, using proceeds from securities sales. Non-operating income dropped by $1.18 million due to lower unrealized gains and dividends but was partly offset by higher realized gains from securities sales.

Consolidated pretax income slightly decreased to $36.36 million, while net income rose to $28.03 million ($20.36 per share). The effective tax rate for this period was 22.9%.

Daily Journal (DJCO) faces Nasdaq compliance issue due to director's death. The company has until November 28, 2024, to regain compliance by filling the vacant audit committee position.

Daily Journal Corporation (DJCO) reported consolidated revenues of $15,993,000 for the three months ended December 31, 2023, showing an increase of $3,692,000 from the prior year. Journal Technologies’ business segment saw a significant pretax income increase of $1,987,000, while the Traditional Business experienced a decrease in pretax income. The Company’s non-operating income decreased due to various factors. Consolidated pretax income was $15,740,000, with net income of $12,615,000 ($9.16 per share) for the period.

Daily Journal Corporation (NASDAQ:DJCO) reported consolidated revenues of $67,709,000 for fiscal 2023, an increase of $13,700,000 from the prior year. The Traditional Business’ pretax income increased to $2,384,000 from $702,000, and Journal Technologies’ business segment pretax income increased to $4,268,000 from $1,287,000. The company recorded consolidated net income of $21,452,000 ($15.58 per share) for fiscal 2023, compared to a consolidated net loss of $75,624,000 (-$54.81 per share) in the prior fiscal year. At September 30, 2023, the company held marketable securities valued at $303,128,000, including net pretax unrealized gains of $137,716,000.

Daily Journal Corporation (DJCO) mourns the passing of Charles T. Munger, a legendary figure known for his contributions at Berkshire Hathaway and his instrumental role in charting the course and financial performance of Daily Journal and Journal Technologies. His passing leaves a significant impact on the company's future.

During the nine months ended June 30, 2023, Daily Journal Corporation (NASDAQ:DJCO) reported consolidated revenues of $46,159,000, a $10,657,000 increase from the prior year. The increase was primarily driven by Journal Technologies' consulting fees, license and maintenance fees, and other public service fees. The Traditional Business segment saw an increase in pretax income, while Journal Technologies' business segment reported a significant increase in pretax income due to higher revenues. The Company sold certain marketable securities for $2,826,000, realizing net gains of $422,000. Consolidated pretax income for the period was $37,577,000, compared to a pretax loss of $40,532,000 in the prior year. The Company held marketable securities valued at $316,038,000 at June 30, 2023, with net pretax unrealized gains of $150,626,000.