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þ
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF
1934
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o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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South Carolina
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95-4133299
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(State
or other jurisdiction of
incorporation
or organization)
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(I.R.S.
Employer
Identification
No.)
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915
East First Street
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Los Angeles, California
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90012-4050
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(Address
of principal executive
offices
)
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(Zip
code)
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Large Accelerated
Filer:
o
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Accelerated
Filer:
o
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Non-accelerated Filer
:
o
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Smaller
Reporting Company:
x
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Class
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Outstanding at January 31,
2010
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Common
Stock, par value $ .01 per share
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1,447,028
shares
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Page
Nos.
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|||
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PART
I
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|||
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Item
1.
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|||
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3
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4
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5
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6
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Item
2.
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9
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Item
4T.
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12
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Part
II
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Other
Information
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||
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Item
6.
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13
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||
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December
31
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September
30
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|||||||
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2009
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2009
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|||||||
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(Unaudited)
|
||||||||
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ASSETS
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||||||||
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Current
assets
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||||||||
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Cash
and cash equivalents
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$ | 3,012,000 | $ | 1,425,000 | ||||
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U.S.
Treasury Notes and Bills
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8,148,000 | 6,627,000 | ||||||
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Marketable
securities, including common stocks of $46,114,000 and bonds of $6,611,000
at December 31, 2009 and common stocks of $47,917,000 and bonds of
$6,158,000 at September 30, 2009
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52,725,000 | 54,075,000 | ||||||
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Accounts
receivable, less allowance for doubtful accounts of $300,000 at December
31, 2009 and September 30, 2009
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8,364,000 | 10,221,000 | ||||||
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Inventories
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34,000 | 19,000 | ||||||
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Prepaid
expenses and other assets
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305,000 | 238,000 | ||||||
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Total
current assets
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72,588,000 | 72,605,000 | ||||||
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Property,
plant and equipment, at cost
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||||||||
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Land,
buildings and improvements
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12,858,000 | 12,858,000 | ||||||
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Furniture,
office equipment and computer software
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3,238,000 | 3,238,000 | ||||||
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Machinery
and equipment
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2,139,000 | 2,139,000 | ||||||
| 18,235,000 | 18,235,000 | |||||||
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Less
accumulated depreciation
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(8,238,000 | ) | (8,086,000 | ) | ||||
| 9,997,000 | 10,149,000 | |||||||
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Deferred
income taxes
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2,069,000 | 1,995,000 | ||||||
| $ | 84,654,000 | $ | 84,749,000 | |||||
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LIABILITIES
AND SHAREHOLDERS' EQUITY
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||||||||
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Current
liabilities
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||||||||
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Accounts
payable
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$ | 2,883,000 | $ | 3,213,000 | ||||
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Accrued
liabilities
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2,043,000 | 3,548,000 | ||||||
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Income
taxes
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2,023,000 | 857,000 | ||||||
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Deferred
income taxes
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11,439,000 | 12,112,000 | ||||||
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Deferred
subscription and other revenues
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4,901,000 | 5,340,000 | ||||||
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Total
current liabilities
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23,289,000 | 25,070,000 | ||||||
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Long
term liabilities
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||||||||
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Accrued
liabilities
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4,640,000 | 4,360,000 | ||||||
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Total
long term liabilities
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4,640,000 | 4,360,000 | ||||||
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Commitments
and contingencies (Notes 8 and 9)
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--- | --- | ||||||
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Shareholders'
equity
|
||||||||
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Preferred
stock, $.01 par value, 5,000,000 shares authorized and no shares
issued
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--- | --- | ||||||
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Common
stock, $.01 par value, 5,000,000 shares authorized; 1,447,028 shares, at
December 31, 2009 and September 30, 2009, outstanding
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14,000 | 14,000 | ||||||
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Additional
paid-in capital
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1,839,000 | 1,839,000 | ||||||
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Retained
earnings
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36,595,000 | 34,507,000 | ||||||
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Accumulated
other comprehensive income
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20,030,000 | 20,712,000 | ||||||
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Less
66,282 treasury shares, at December 31, 2009 and September 30, 2009, at
cost
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(1,753,000 | ) | (1,753,000 | ) | ||||
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Total
shareholders' equity
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56,725,000 | 55,319,000 | ||||||
| $ | 84,654,000 | $ | 84,749,000 | |||||
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Three
months
ended December 31
|
||||||||
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2009
|
2008
|
|||||||
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Revenues
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||||||||
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Advertising
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$ | 5,991,000 | $ | 5,722,000 | ||||
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Circulation
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1,869,000 | 2,091,000 | ||||||
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Advertising
service fees and other
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1,120,000 | 915,000 | ||||||
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Information
systems and services
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878,000 | 1,083,000 | ||||||
| 9,858,000 | 9,811,000 | |||||||
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Costs
and expenses
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||||||||
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Salaries
and employee benefits
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4,105,000 | 4,103,000 | ||||||
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Newsprint
and printing expenses
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402,000 | 536,000 | ||||||
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Other
outside services
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820,000 | 920,000 | ||||||
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Postage
and delivery expenses
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368,000 | 395,000 | ||||||
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Depreciation
and amortization
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152,000 | 215,000 | ||||||
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Other
general and administrative expenses
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854,000 | 943,000 | ||||||
| 6,701,000 | 7,112,000 | |||||||
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Income
from operations
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3,157,000 | 2,699,000 | ||||||
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Other
income and (expense)
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||||||||
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Dividends
and interest income
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220,000 | 154,000 | ||||||
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Interest
expense
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(9,000 | ) | (10,000 | ) | ||||
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Income
before taxes
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3,368,000 | 2,843,000 | ||||||
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Provision
for income taxes
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1,280,000 | 1,095,000 | ||||||
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Net
income
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$ | 2,088,000 | $ | 1,748,000 | ||||
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Weighted
average number of common shares outstanding - basic and
diluted
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1,380,746 | 1,430,959 | ||||||
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Basic
and diluted net income per share
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$ | 1.51 | $ | 1.22 | ||||
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Three
months
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||||||||
|
ended December 31
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||||||||
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2009
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2008
|
|||||||
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Cash
flows from operating activities
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||||||||
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Net
income
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$ | 2,088,000 | $ | 1,748,000 | ||||
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Adjustments
to reconcile net income to net cash provided by operations
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||||||||
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Depreciation
and amortization
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152,000 | 215,000 | ||||||
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Deferred
income taxes
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(61,000 | ) | (47,000 | ) | ||||
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Net
premium amortized and discount earned on U.S. Treasury Notes and
Bills
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1,000 | 73,000 | ||||||
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Changes
in assets and liabilities
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||||||||
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(Increase)
decrease in current assets
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||||||||
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Accounts
receivable, net
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1,857,000 | 297,000 | ||||||
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Inventories
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(15,000 | ) | (24,000 | ) | ||||
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Prepaid
expenses and other assets
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(67,000 | ) | (128,000 | ) | ||||
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Increase
(decrease) in current liabilities
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||||||||
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Accounts
payable
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(330,000 | ) | 474,000 | |||||
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Accrued
liabilities
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(1,225,000 | ) | (1,334,000 | ) | ||||
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Income
taxes
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1,166,000 | 906,000 | ||||||
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Deferred
subscription and other revenues
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(439,000 | ) | (342,000 | ) | ||||
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Net
cash provided by operating activities
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3,127,000 | 1,838,000 | ||||||
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Cash
flows from investing activities
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||||||||
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Maturities
and sales of U.S. Treasury Notes and Bills
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12,000,000 | 3,600,000 | ||||||
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Purchases
of U.S. Treasury Notes and Bills
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(13,540,000 | ) | (2,203,000 | ) | ||||
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Purchases
of property, plant and equipment, net
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--- - | (93,000 | ) | |||||
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Net
cash (used in) provided by investing activities
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(1,540,000 | ) | 1,304,000 | |||||
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Cash
flows from financing activities
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||||||||
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Purchase
of common stock
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--- - | (1,550,000 | ) | |||||
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Cash
used in financing activities
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--- - | (1,550,000 | ) | |||||
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Increase
in cash and cash equivalents
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1,587,000 | 1,592,000 | ||||||
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Cash
and cash equivalents
|
||||||||
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Beginning
of period
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1,425,000 | 994,000 | ||||||
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End
of period
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$ | 3,012,000 | $ | 2,586,000 | ||||
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December
31, 2009
|
September
30, 2009
|
|||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||
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Amortized
cost basis
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Aggregate
fair value
|
Pretax
unrealized gains
|
Amortized
cost basis
|
Aggregate
fair value
|
Pretax
unrealized gains
|
|||||||||||||||||||
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U.S.
Treasury Notes and Bills
|
$ | 8,140,000 | $ | 8,148,000 | $ | 8,000 | $ | 6,601,000 | $ | 6,627,000 | $ | 26,000 | ||||||||||||
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Marketable
securities
|
||||||||||||||||||||||||
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Common
stocks
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15,501,000 | 46,114,000 | 30,613,000 | 15,501,000 | 47,917,000 | 32,416,000 | ||||||||||||||||||
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Bonds
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4,924,000 | 6,611,000 | 1,687,000 | 4,923,000 | 6,158,000 | 1,235,000 | ||||||||||||||||||
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Total
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$ | 28,565,000 | $ | 60,873,000 | $ | 32,308,000 | $ | 27,025,000 | $ | 60,702,000 | $ | 33,677,000 | ||||||||||||
|
Reportable Segments
|
|
|||||||||||
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Traditional
Business
|
Sustain
|
Total
Results
for both
Segments
|
|||||||||
|
Three months ended December 31,
2009
|
||||||||||||
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Revenues
|
$ | 8,980,000 | $ | 878,000 | $ | 9,858,000 | ||||||
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Pretax
income (loss)
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3,608,000 | (240,000 | ) | 3,368,000 | ||||||||
|
Total
assets
|
83,263,000 | 1,391,000 | 84,654,000 | |||||||||
|
Capital
expenditures
|
--- | --- | --- | |||||||||
|
Depreciation
and amortization
|
140,000 | 12,000 | 152,000 | |||||||||
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Income
tax benefit (expense)
|
(1,370,000 | ) | 90,000 | (1,280,000 | ) | |||||||
|
Net
income (loss)
|
2,238,000 | (150,000 | ) | 2,088,000 | ||||||||
|
Three months ended December 31,
2008
|
||||||||||||
|
Revenues
|
$ | 8,728,000 | $ | 1,083,000 | $ | 9,811,000 | ||||||
|
Pretax
income (loss)
|
2,907,000 | (64,000 | ) | 2,843,000 | ||||||||
|
Total
assets
|
44,872,000 | 1,193,000 | 46,065,000 | |||||||||
|
Capital
expenditures
|
83,000 | 10,000 | 93,000 | |||||||||
|
Depreciation
and amortization
|
200,000 | 15,000 | 215,000 | |||||||||
|
Income
tax benefit (expense)
|
(1,120,000 | ) | 25,000 | (1,095,000 | ) | |||||||
|
Net
income (loss)
|
1,787,000 | (39,000 | ) | 1,748,000 | ||||||||
|
Item
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
|
Reportable Segments
|
|
|||||||||||
|
|
Traditional
Business
|
Sustain
|
Total
Results
for both
Segments
|
|||||||||
|
Three months ended December 31,
2009
|
||||||||||||
|
Revenues
|
$ | 8,980,000 | $ | 878,000 | $ | 9,858,000 | ||||||
|
Pretax
income (loss)
|
3,608,000 | (240,000 | ) | 3,368,000 | ||||||||
|
Income
tax benefit (expense)
|
(1,370,000 | ) | 90,000 | (1,280,000 | ) | |||||||
|
Net
income (loss)
|
2,238,000 | (150,000 | ) | 2,088,000 | ||||||||
|
Three months ended December 31,
2008
|
||||||||||||
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Revenues
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$ | 8,728,000 | $ | 1,083,000 | $ | 9,811,000 | ||||||
|
Pretax
income (loss)
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2,907,000 | (64,000 | ) | 2,843,000 | ||||||||
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Income
tax benefit (expense)
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(1,120,000 | ) | 25,000 | (1,095,000 | ) | |||||||
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Net
income (loss)
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1,787,000 | (39,000 | ) | 1,748,000 | ||||||||
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Item
4T.
|
CONTROLS
AND PROCEDURES
|
|
Item
6.
|
EXHIBITS
|
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Certification
by Chief Executive Officer and Chief Financial Officer Pursuant to Section
302 of the Sarbanes-Oxley Act of
2002.
|
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Certification
by Chief Executive Officer and Chief Financial Officer Pursuant to Section
906 of the Sarbanes-Oxley Act of
2002.
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DAILY
JOURNAL CORPORATION
|
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(Registrant)
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/s/
Gerald L. Salzman
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Gerald
L. Salzman
|
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Chief
Executive Officer
|
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President
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Chief
Financial Officer
|
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|
Treasurer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|