Daily Journal Corp - DJCO STOCK NEWS

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.

Daily Journal Corporation (NASDAQ:DJCO) reported consolidated revenues of $12,301,000 for Q4 2022, up from $11,736,000 in Q4 2021, driven by increased consulting fees and public service revenues. The Traditional Business saw a pretax income increase to $935,000, while Journal Technologies reported a pretax loss of $1,651,000 due to rising operating expenses. The company sold marketable securities for $2,826,000, realizing $422,000 in net gains. Net income was $17,827,000 ($12.95 per share), up from $6,878,000 ($4.98 per share) year-on-year. Marketable securities valued at $307,151,000 included $144,717,000 in unrealized gains.

Daily Journal Corporation (DJCO) reported fiscal 2022 consolidated revenues of $54.01 million, up from $49.93 million in the previous year, driven by increased consulting fees and advertising revenues. However, the company faced a $102.55 million pretax loss, contrasting with a $153.05 million pretax income in fiscal 2021. Net loss for 2022 was $75.62 million (-$54.81 per share). The company also sold marketable securities worth $80.57 million and accrued unrealized losses of $229.9 million. The overall effective tax rate was 26.3%.