Daily Journal Reports LossMonday, May 12, 2014
Downtown Los Angeles legal publisher Daily Journal Corp. company reported a loss of $473,000 (-27 cents) for six months ended March 31, compared with net income of $2.9 million ($1.44) for the same period a year earlier. Revenue was $20.8 million, up 20 percent.
Daily Journal Corp.’s stock price has surged over the past year, up 57 percent over the last 52 weeks. Many investors see the stock as a way to invest alongside Daily Journal Chairman Charlie Munger, a legendary investor who has managed the company’s portfolio. Munger, a longtime partner of Warren Buffett, was No. 31 on the Business Journal’s most recent list of Wealthiest Angelenos. Daily Journal currently has about $168 million in securities.
Due to the growth in its market capitalization caused by the rise in its stock price, Daily Journal has been forced to adopt more demanding reporting requirements. The company has yet to file the required reports with the Nasdaq, which has given Daily Journal until June 30 to complete them in order to regain compliance with the exchange.
Monday’s report was for preliminary unaudited earnings. The company’s shares did not trade Monday, remaining at $164.97.