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Daily Journal Corp. (S.C.) (DJCO-0.76%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total operating revenues of $69,931,000 for fiscal 2024, an increase from $67,709,000 in the prior year. This growth was driven by an increase in Journal Technologies' license and maintenance fees.
Operating expenses increased by 8% to $65,861,000, primarily due to higher salaries and employee benefits, reflecting annual salary adjustments and additional staffing.
The company reported a net income of $78,113,000, up from $21,452,000 in fiscal 2023, largely due to net realized and unrealized gains on marketable securities totaling $96,142,000.
The Traditional Business segment saw a slight increase in advertising revenues, contributing to total revenues of $16,826,000, up from $16,253,000 in the previous year.
Journal Technologies, which accounts for the majority of the company's revenues, reported an increase in revenues to $53,105,000, despite a decrease in consulting fees.
The company holds marketable securities valued at $358,691,000, with significant unrealized gains, and reduced its margin loan balance to $27,500,000 by selling a portion of these securities.
The filing also discusses risks related to public health events, technological changes, and competition, as well as the company's cybersecurity measures and internal control weaknesses.
Daily Journal Corp. continues to focus on its software business and maintains a significant investment in marketable securities to support its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Daily Journal Corp. (S.C.) annual 10-K report dated December 31, 2024. To report an error, please email earnings@qz.com.