Journal Communications Reports Fourth Quarter and Full Year 2012 Results

  Journal Communications Reports Fourth Quarter and Full Year 2012 Results

Fourth Quarter 2012 (14 weeks) Highlights and Changes from Fourth Quarter 2011
(13 weeks):

  *Revenue of $124.5 million, up 31.0%; Operating earnings of $27.2 million,
    up 91.9%
  *Broadcast political revenue of $20.6 million
  *Closed on acquisition of Nashville NewsChannel 5 – WTVF-TV
  *Sold northern Wisconsin community newspapers and shoppers
  *Diluted EPS of $0.30, up from $0.14
  *Increased credit facility to $350 million and extended maturity to
    December 2017

Full Year 2012 (53 weeks) Highlights and Changes from Full Year 2011 (52
weeks):

  *Revenue of $400.0 million, up 12.1%; Operating earnings of $60.0 million,
    up 50.8%
  *Record Broadcast political revenue of $36.5 million
  *Closed on acquisition of two Tulsa radio stations in June
  *Repurchased all outstanding class C shares in August

Business Wire

MILWAUKEE -- March 7, 2013

Journal Communications, Inc. (NYSE:JRN) today announced results for its fourth
quarter and full year ended December 30, 2012. All reported results below were
impacted by an extra week in 2012 compared to 2011. Note that the fourth
quarter of 2012 included 14 weeks and the full year 2012 included 53 weeks,
versus 13 weeks and 52 weeks in the corresponding prior periods.

“Journal Communications posted excellent results in the fourth quarter with
consolidated revenue of $124.5 million, up 31%, led by record political
spending in the Broadcast group” said Steven J. Smith, Chairman and CEO of
Journal Communications. “In addition to the record political advertising
revenue in 2012, we saw core advertising growth in television and radio and
moderating revenue declines in Publishing. For the full year, consolidated
revenue was $400.0 million, up 12% over 2011."

“2012 was an important year strategically as well. We closed on the purchase
of NewsChannel 5, an exceptional TV station in Nashville and reached an
agreement to purchase WNOX-FM, which will add to our successful Knoxville
radio cluster. We also bought WACY-TV in Appleton, Wisconsin, strengthening
our duopoly in the Green Bay market. Finally, we successfully repurchased all
of our class C common shares and amended and extended our credit facility.”

“Our team should be congratulated on a very productive year as they advanced
the Journal brand and prepared our local markets for continued success.”

Fourth Quarter 2012 Results

Note that unless otherwise indicated, all comparisons are to the fourth
quarter ended December 25, 2011 (13 weeks). The fourth quarter of 2012
contained 14 weeks. The estimated impact on revenue of the extra week in the
fourth quarter is summarized in Table 4.

In the fourth quarter, revenue of $124.5 million increased 31.0% or 24.7%
excluding the extra week. Operating earnings of $27.2 million increased 91.9%
driven by higher political revenue.

Included in operating earnings were the following special items:

  *$2.2 million in broadcast acquisition-related expenses in 2012;
  *$0.3 million in publishing workforce reduction charges in 2011; and,
  *$1.7 million in non-cash broadcast license impairment charges in 2012
    compared to $0.9 million in 2011.

Excluding the special items and the extra week, operating earnings increased
93.9%. Total expenses of $97.3 million increased 20.3%. Excluding the special
items and the extra week, total expenses increased 11.3%.

The operating margin was 21.9% compared to 14.9%. Adjusted EBITDA, as defined
in Table 5, was $36.7 million, an increase of 72.8%.

Net earnings were $15.1 million, an increase of 83.6%.

In the fourth quarter, basic and diluted earnings per share of class A and B
common stock were $0.30 compared to $0.14. The net impact of the special items
and the extra week in 2012 had a $0.02 negative impact on our diluted earnings
per share of class A and B common stock from continuing operations in both the
fourth quarter of 2012 and 2011.

Full Year 2012 Results

Note that unless otherwise indicated, all comparisons are to the full year
ended December 25, 2011 (52 weeks). The full year ended December 30, 2012
contained 53 weeks. The estimated impact on revenue of the extra week in 2012
is shown in Table 4.

For the full year, revenue from continuing operations of $400.0 million
increased 12.1%. Excluding the extra week, revenue increased 10.4%. Operating
earnings of $60.0 million increased 50.8% driven by higher political revenue.

Included in operating earnings were the following special items:

  *$3.1 million in broadcast acquisition-related expenses in 2012;
  *$1.7 million in publishing workforce reduction charges in both 2012 and
    2011;
  *$0.5 million in non-cash building impairment charges in 2012; and,
  *$1.7 million and $0.9 million in non-cash broadcast license impairment
    charges in 2012 and 2011, respectively.

Excluding the special items and the extra week, operating earnings increased
55.4%. Total expenses of $340.1 million increased 7.3%. Excluding the special
items and the extra week, total expenses increased 4.4%.

The operating margin was 15.0% compared to 11.1%. Adjusted EBITDA, as defined
in Table 5, was $89.8 million, an increase of 36.8%.

Net earnings were $33.3 million, an increase of 50.2%. There were no net
earnings from discontinued operations in 2012 compared to $0.3 million in
2011.

For the full year, basic and diluted net earnings per share of class A and B
common stock were $0.61 compared to $0.37. Basic and diluted earnings per
share of class A and B common stock from discontinued operations were $0.01 in
2011. The net impact of the special items and the extra week in 2012 had a
$0.02 and $0.03 negative impact on our diluted earnings per share of class A
and B common stock from continuing operations in 2012 and 2011, respectively.

Segment Results

Broadcasting

Revenue increased 52.9% to $77.9 million in the fourth quarter and 26.6% to
$235.6 million for the full year. Excluding the extra week, revenue increased
46.6% and 24.9% in the fourth quarter and full year, respectively. Total
political revenue in the fourth quarter was $20.6 million and $36.5 million
for the full year compared to $0.8 million and $4.9 million. Expenses
increased 32.1% in the fourth quarter and 15.7% for the full year. Excluding
special items and the extra week, expenses increased 19.7% and 11.5% in the
fourth quarter and full year respectively. Record political revenue drove
operating earnings of $23.4 million in the fourth quarter and $56.2 million
for the year, an increase of 141.6% and 81.4%, respectively.

Television

In the fourth quarter, revenue increased 76.2% to $55.8 million or 69.6%
excluding the extra week. Television political revenue was $19.9 million
compared to $0.7 million. On a same-station basis excluding political and the
extra week, total revenue was flat, local revenue decreased 3.1%, primarily
due to the crowding-out effect of political advertising, and national revenue
increased 6.6%. Retransmission revenue was $3.0 million compared to $2.4
million.

In the fourth quarter, operating expenses increased 34.9%. On a same-station
basis excluding special items and the extra week, expenses increased 18.4%
driven byhigher sales commissions and increased employee costs. Included in
special items is a $0.7 million non-cash impairment charge for broadcast
licenses in 2012. Operating earnings were $19.7 million.

For the full year, revenue increased 37.7% to $159.4 million or 35.9%
excluding the extra week. Television political revenue was $34.8 million
compared to $4.1 million. On a same-station basis excluding political and the
extra week, total revenue increased 4.7%, local revenue decreased 1.5%, due to
the crowding-out effect of political revenue, and national revenue increased
16.9%. Retransmission revenue was $10.6 million compared to $8.3 million.

For the full year, operating expenses increased 17.4%. On a same-station basis
excluding special items and the extra week, expenses increased 12.4% driven
byhigher sales commissions and increased employee costs. Included in special
items is a $0.7 million non-cash impairment charge for broadcast licenses in
2012. Operating earnings were $42.3 million.

Radio

In the fourth quarter, revenue increased 14.6% to $22.1 million or 8.8%
excluding the extra week. Radio political revenue was $0.7 million compared to
$0.1 million. On a same-station basis excluding political and the extra week,
total revenue increased 1.5%, local revenue increased 4.4% and national
revenue decreased 8.4%.

In the fourth quarter, operating expenses increased 26.8%. On a same-station
basis excluding special items and the extra week, expenses increased 10.2%
driven by increased employee costs, higher sales commissions and sports rights
fees. Operating earnings were $3.7 million.

For the full year, revenue increased 8.4% to $76.3 million or 6.8% excluding
the extra week. Radio political revenue was $1.7 million compared to $0.8
million. On a same-station basis excluding political and the extra week, total
revenue increased 2.1%, local revenue increased 2.9% and national revenue
increased 1.3%.

For the full year, operating expenses increased 12.6%. On a same-station basis
excluding special items and the extra week, expenses increased 4.3% due to
higher employee costs and higher sales commissions. Operating earnings from
radio stations were $14.0 million.

Publishing

Revenue of $46.7 million increased 5.7% for the fourth quarter and decreased
3.5% to $164.9 million for the full year. Excluding the extra week, revenue
decreased 0.6% and 5.2% for the quarter and full year, respectively.

Expenses increased 5.7% in the fourth quarter and decreased 1.1% for the year.
Excluding the special items and extra week, expenses increased 0.3% in the
fourth quarter and decreased 2.8% for the year. Operating earnings increased
5.5% to $6.2 million in the fourth quarter and decreased 26.9% to $11.6
million for the full year.

Daily Newspaper

In the fourth quarter, revenue increased 7.4% to $41.5 million or 0.7%
excluding the extra week. Retail advertising revenue increased 8.6%, or 1.7%
excluding the extra week. Classified advertising revenue decreased 5.5%, or
9.6% excluding the extra week, largely due to a decrease in the automotive and
employment advertising categories. Interactive advertising revenue of $4.0
million increased 32.9%, or 28.4% excluding the extra week, driven by an
increase in retail sponsorships. Circulation revenue increased 7.3% to $13.7
million, but was essentially flat excluding the extra week.

In the fourth quarter, operating expenses increased 7.2% or 1.6% excluding
special items and the extra week, driven by higher costs related to increased
commercial printing revenue. Total newsprint and paper expense increased 12.5%
for fourth quarter. Operating earnings increased 8.5% to $6.2 million.

For the full year, revenue decreased 1.3% to $143.6 million or 3.0% excluding
the extra week. Retail advertising revenue decreased 0.2%, or 2.2% excluding
the extra week. Classified advertising revenue decreased 16.5%, or 17.4%
excluding the extra week, largely due to a decrease in the automotive and
employment advertising categories. Interactive advertising revenue of $12.3
million increased 9.3%, or 8.1% excluding the extra week. Circulation revenue
increased 2.7% to $51.2 million, or 0.8% excluding the extra week.

For the full year, operating expenses increased 1.1% though decreased 0.7%
excluding special items and the extra week. Total newsprint and paper expense
increased 1.4% for the year. Operating earnings decreased 22.7% to $11.0
million.

Community Newspapers

In the fourth quarter, revenue decreased 6.2% to $5.2 million. Excluding the
divested northern Wisconsin community newspapers and shoppers and the extra
week, revenue increased 1.5% to $3.3 million.

In the fourth quarter, operating expenses decreased 3.4% or 9.7% excluding
costs related to the divested northern Wisconsin community newspapers and
shoppers and the extra week. Operating earnings were $0.0 million and include
a $0.3 million pre-tax loss on the sale of the northern Wisconsin community
newspapers and shoppers.

For the full year, revenue decreased 16.4% to $21.4 million or 6.1% to $12.6
million excluding revenue related to divested northern Wisconsin and Florida
community newspapers and shoppers and the extra week. Operating expenses
decreased 13.2% or 6.4% excluding divested northern Wisconsin and Florida
community newspapers and shoppers and the extra week. Operating earnings were
$0.6 million and include a $0.3 million pre-tax loss on the sale of the
northern Wisconsin community newspapers and shoppers.

Corporate

The operating loss for the fourth quarter was $2.4 million compared to $1.4
million. The increase in the operating loss was driven by higher
employee-related costs, management incentive compensation and the extra week.

For the full year, the operating loss was $7.9 million compared to $7.1
million. The increase in the operating loss was driven by higher
employee-related costs and management incentive compensation.

Discontinued Operations

There were no discontinued operations in 2012. For the full year 2011, net
earnings from discontinued operations of $0.3 million were driven by a gain on
the sale of real estate holdings in Green Bay, Wisconsin related to our former
label printing business.

Non-Operating Items

Other expense, which primarily consists of interest expense, was $2.1 million
in the fourth quarter and $4.5 million for the full year compared to $0.7
million and $3.5 million in 2011, respectively. The increase in interest
expense primarily reflects fees associated with our amended and extended
credit agreement entered into on December 5, 2012.

The fourth quarter and full year effective tax rates were 40.0% for both in
2012, compared to 38.9% and 39.7% in 2011, respectively.

Notes Payable to Banks and Cash Flows

At year end, total debt was $246.0 million, an increase from $41.3 million at
year-end 2011. Of the $246.0 million debt, $230.1 million was drawn on our
senior secured credit facilities and an additional $15.9 million was
outstanding in unsecured subordinated notes payable to the former holders of
our class C shares. Our consolidated funded debt ratio, as defined in our
credit agreement, was 2.29-to-1. Cash from operating activities was $77.7
million, an increase of 70.6% driven by higher operating earnings.
Year-to-date capital expenditures were $12.7 million compared to $10.7
million.

First Quarter 2013 Outlook

In the first quarter of 2013, on a same station basis excluding political, we
expect total Broadcast revenue to be up in the mid-single digits over the
first quarter 2012. In Publishing, excluding northern Wisconsin, we expect
revenue declines in the low-single digits.

Conference Call and Webcast

The company will hold an earnings conference call today at 10:00 a.m. Central
Time (11:00 a.m. ET, 8:00 a.m. PT). To access the call, dial (866) 700-5192
(domestic) or (617) 213-8833 (international) at least 10 minutes prior to the
scheduled start of the call. The access code for the conference call is
98500902. A live webcast of the fourth quarter conference call will be
accessible through the Journal Communications’ website at
www.journalcommunications.com/investors, also beginning at 10:00 a.m. CT this
morning. An archive of the webcast will be available on this site today
through March 21, 2013. Replays of the conference call will also be available
through March 21, 2013. To hear the replay, dial (888) 286-8010 (domestic) or
(617) 801-6888 (international) at least one hour after the completion of the
call. The access code for the replay is 82398017. Pre-registration for the
conference call is now available at www.journalcommunications.com/investors.

Forward-looking Statements

This press release contains certain forward-looking statements related to our
businesses that are based on our current expectations. Forward-looking
statements are subject to certain risks, trends and uncertainties, including
changes in advertising demand and other economic conditions that could cause
actual results to differ materially from the expectations expressed in
forward-looking statements. All forward-looking statements should be evaluated
with the understanding of their inherent uncertainty. Our written policy on
forward-looking statements can be found in our most recent Quarterly Report on
Form 10-Q, as filed with the Securities and Exchange Commission.

About Journal Communications

Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was
founded in 1882. We are a diversified media company with operations in
television and radio broadcasting, publishing and interactive media. We own
and operate 15 television stations and 34 radio stations in 12 states. We
publish the Milwaukee Journal Sentinel, which serves as the only major daily
newspaper for the Milwaukee metropolitan area, and several community
publications in Wisconsin. Our interactive media assets build on our strong
publishing and broadcasting brands.

Tables Follow

Table No. 1
Journal Communications, Inc.
Consolidated Statements of Operations (unaudited)
(dollars in thousands, except for shares and per-share amounts)
                                                                                 
                                                                                          
                Fourth Quarter (A)                     Four Quarters (B)
                2012           2011           %        2012           2011           %
                                              Change                                 Change
                                                                                          
                                                                                          
Revenue:
Broadcasting    $ 77,901       $ 50,951       52.9     $ 235,627      $ 186,080      26.6
Publishing      46,680         44,169         5.7      164,947        170,976        (3.5 )
Corporate       (67        )   (74        )   9.5      (532       )   (263       )   U
eliminations
Total revenue   124,514        95,046         31.0     400,042        356,793        12.1
                                                                                          
Operating
costs and
expenses:
Broadcasting    28,893         23,984         20.5     101,532        92,371         9.9
Publishing      28,726         27,118         5.9      107,289        109,557        (2.1 )
Corporate       (67        )   (74        )   9.5      (532       )   (263       )   U
eliminations
Total
operating       57,552         51,028         12.8     208,289        201,665        3.3
costs and
expenses
                                                                                          
Selling and
administrative  39,738        29,828        33.2     131,761       115,346       14.2
expenses
Total
operating
costs and
expenses
and selling
and
administrative
expenses        97,290        80,856        20.3     340,050       317,011       7.3
                                                                                          
Operating       27,224         14,190         91.9     59,992         39,782         50.8
earnings
                                                                                          
Other income
and (expense):
Interest        -              65                      22             117
income
Interest        (2,068     )   (796       )            (4,483     )   (3,642     )
expense
Total other
income and      (2,068     )   (731       )   U        (4,461     )   (3,525     )   26.6
(expense)
                                                                                          
Earnings from
continuing
operations      25,156         13,459         86.9     55,531         36,257         53.2
before income
taxes
                                                                                          
Provision for   10,059        5,235         92.1     22,206        14,412        54.1
income taxes
                                                                                          
Earnings from
continuing      15,097         8,224          83.6     33,325         21,845         52.6
operations
                                                                                          
Earnings from
discontinued    -             -             N/A      -             341           N/A
operations,
net of tax
                                                                                          
Net earnings    $ 15,097      $ 8,224       83.6     $ 33,325      $ 22,186      50.2
                                                                                          
Weighted
average number
of shares-Class
A and B common
stock:
Basic           50,010,586     50,592,270              50,091,223     51,088,215
Diluted         50,212,864   # 50,592,270              50,091,223     51,088,215
                                                                                          
Weighted
average number
of              -              3,264,000               3,264,000    * 3,264,000
shares-Class C
common stock
                                                                                          
Earnings per
share:
Basic - Class
A and B common
stock:
Continuing      $ 0.30         $ 0.14                  $ 0.61         $ 0.36
operations
Discontinued    -             -                      -             0.01       
operations
Net earnings    $ 0.30        $ 0.14                 $ 0.61        $ 0.37     
                                                                                          
Diluted -
Class A and B
common stock:
Continuing      $ 0.30         $ 0.14                  $ 0.61         $ 0.36
operations
Discontinued    -             -                      -             0.01       
operations
Net earnings    $ 0.30        $ 0.14                 $ 0.61        $ 0.37     
                                                                                          
Basic and
diluted -
Class C common
stock:
Continuing      $ -            $ 0.28                  $ 0.74         $ 0.93
operations
Discontinued    -             -                      -             0.01       
operations
Net earnings    $ -           $ 0.28                 $ 0.74        $ 0.94     
                                                                                          
                                                                                          
* The weighted average number of shares is calculated only for the period of time which the
class C common stock was outstanding during the period, not the entire period.
# The two-class method of diluted EPS is no longer applicable in the fourth quarter of
2012, therefore the impact of non-vested restricted shares is included in diluted weighted
average shares.
                                                                                          
(A) 2012 fourth quarter: September 24, 2012 to December 30, 2012 (14 weeks)
2011 fourth quarter: September 26, 2011 to December 25, 2011 (13 weeks)
(B) 2012 four quarters: December 26, 2011 to December 30, 2012 (53 weeks)
2011 four quarters: December 27, 2010 to December 25, 2011 (52 weeks)
U Greater than 100% unfavorable variance

Table No. 2
Journal Communications, Inc.
Segment Information (unaudited)
(dollars in thousands)
                                                                 
                                                                              
               Fourth Quarter (A)               Four Quarters (B)
               2012        2011       %         2012        2011        %
                                      Change                            Change
Revenue
Broadcasting   $           $          52.9      $           $           26.6
               77,901      50,951               235,627     186,080
Publishing     46,680      44,169     5.7       164,947     170,976     (3.5  )
Corporate      (67     )   (74    )   9.5       (532    )   (263    )   U
eliminations
               $          $         31.0      $          $          12.1
               124,514     95,046               400,042     356,793
                                                                              
Operating
earnings
(loss)
Broadcasting   $           $          141.6     $           $           81.4
               23,415      9,692                56,228      31,001
Publishing     6,231       5,907      5.5       11,622      15,901      (26.9 )
Corporate      (2,422  )   (1,409 )   (71.9 )   (7,858  )   (7,120  )   (10.4 )
               $          $         91.9      $          $          50.8
               27,224      14,190               59,992      39,782
                                                                              
Depreciation
and
amortization
Broadcasting   $ 3,464     $          10.2      $           $           5.8
                           3,142                13,013      12,297
Publishing     1,999       2,540      (21.3 )   9,170       10,412      (11.9 )
Corporate      168        167       0.6       667        622        7.2
               $ 5,631    $         (3.7  )   $          $          (2.1  )
                           5,849                22,850      23,331
                                                                              
                                                                              
(A) 2012 fourth quarter: September 24, 2012 to December 30, 2012 (14 weeks)
2011 fourth quarter: September 26, 2011 to December 25, 2011 (13 weeks)
(B) 2012 four quarters: December 26, 2011 to December 30, 2012 (53 weeks)
2011 four quarters: December 27, 2010 to December 25, 2011 (52 weeks)
U Greater than 100% unfavorable variance

20130307T130100+0000  businesswire.com 20010714 20130307005324 1
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20130307T130100+0000  ./NewsComponent/DescriptiveMetadata/Language Copyright
Business Wire 2013  NY     ./NewsComponent/Role “It’s About Time”: Taco
Bell®’s Cool Ranch Doritos® Locos Tacos Available Nationwide Today, March 7
IRVINE, Calif. CA-TACO-BELL   Today, Thursday, March 7th Taco Bell is
officially launching the much anticipated Cool Ranch Doritos Locos Tacos in
stores nationwide. ./ContentItem/Format  .bwalignc {text-align: center}
         .bwuline {text-decoration: underline} ./ContentItem/Format  

  Highly Anticipated, Most Socially Requested Taco Bell Product Launch to be
                Largest Marketing Campaign in Brand’s History

                            ./ContentItem/Format  

  “It’s About Time”: Taco Bell®’s Cool Ranch Doritos® Locos Tacos Available
                          Nationwide Today, March 7

./ContentItem/Format  

Taco Bell Corp.
Deb Bell, 949-863-3915
deb.bell@yum.com
or
Taylor
Jenna Rathke, 212-714-5713
jrathke@taylorstrategy.com

./ContentItem/Characteristics/Property ./ContentItem/Format  8641 
./ContentItem/Format  

If you thought Nacho Cheese Doritos® Locos Tacos (DLT) were awesome, then Cool
Ranch DLTs just may be epic. Thanks to fans of Taco Bell® and Doritos Cool
Ranch flavored chips, the upcoming arrival of Cool Ranch DLT has been more
“liked,” “shared” and talked about by consumers than any other Taco Bell
product in its history. And today, Thursday, March 7, Taco Bell announces that
Cool Ranch DLT reaches restaurants nationwide.

Taco Bell CEO Greg Creed underlined the excitement and momentum of the new
product: “We have heard the pleas for Cool Ranch DLT and we're thrilled to see
our fans responses on Facebook, Twitter and Vine to our announcement of the
launch date – sharing comments like ‘we will camp out’ and ‘my wish came
true,’” said Creed. “This will be Taco Bell's biggest product launch of 2013!”

Taco Bell plans to support the Cool Ranch DLT launch with its largest
marketing campaign in history, topping that of the original Nacho Cheese DLT.
The company plans on an integrated marketing and consumer engagement effort
that includes advertising (television, radio, outdoor, digital and cinema), as
well as social and public relations support.

Taco Bell’s Largest Product Marketing To Date

The early marketing of Cool Ranch DLT was centered on helping insiders and
social fanatics Live Más, by providing unique opportunities to try the new
flavor first. Over the last three weeks, Taco Bell has given select fans a
sneak peek at the new taco, holding password-only events in New York, Dallas
and Los Angeles. The speakeasy-like insider trials rewarded fans that had been
clamoring for the flavor for a year, since the original – Nacho Cheese DLT –
hit, selling more than 350 million and becoming the most successful product
launch in the 51-year history of the brand.

Taco Bell also listened to real-time social conversations and rewarded
passionate fans asking for Cool Ranch DLT daily by providing “epic deliveries”
to give them an early taste. A few examples included: a New York delivery to a
woman who asked Taco Bell to be her Valentine; in Minneapolis, a university
student brought together enough friends and family to finish 1,000 Cool Ranch
DLTs; and, in Seattle, a YouTube personality got a surprise delivery of Cool
Ranch DLTs after an exchange on Twitter with Taco Bell and her posting a
special request video on her channel. All fans can join in the conversation by
tweeting @TacoBell using #CoolRanchDLT and staying tuned to
youtube.com/tacobell.

Continuing to look to consumers to help tell the Taco Bell story, the TV ads
were also inspired by fans’ responses to DLT and demand for a Cool Ranch
version. One 30-second launch spot, titled “World’s Most Obvious Idea,”
illustrates everyday consumer reactions to Nacho Cheese DLT, saying “they
should make a Cool Ranch one.” Two 15-second spots – titled “Wow” and “Duh”
feature the reaction of fans and celebrities as they get their hands on the
new taco for the first time. These fans include all-pro basketball player
Kevin Love, lifecaster/web host iJustine (Justine Izarik), online
actor/comedian/musician Shane Dawson and comedian/vlogger/gamer Toby Turner.

The “World’s Most Obvious Idea” and “Wow” versus “Duh” ads were created by
Deutsch, Los Angeles and, DraftFCB, respectively. Taco Bell will support the
Cool Ranch DLT launch and sustain efforts with several other ads, which can be
seen at youtube.com/tacobell as they become available.

In addition, on all Cool Ranch DLT wrappers, cups and $5 Big Boxes, Taco Bell
will be inviting fans to post to Instagram or Tweet their best #wow or #duh
face – using those specific hashtags, followed by #CoolRanchDLT – for the
chance to see their photo reactions on a big screen billboard in Times Square.

About Cool Ranch Doritos® Locos Tacos

Cool Ranch DLT features a shell made out of Doritos Cool Ranch chips on the
outside, filled with the classic tastes of the Taco Bell crunchy taco on the
inside: seasoned beef made with 100 percent USDA inspected premium beef, crisp
shredded lettuce and real cheddar cheese. Available exclusively at
participating Taco Bell restaurants nationwide beginning March 7, 2013, the
suggested retail price for the Cool Ranch DLT is $1.39 (160 calories; 10g
total fat) and $1.69 for a Cool Ranch DLT Supreme (200 calories; 12g total
fat) with reduced-fat sour cream and diced tomatoes. A Cool Ranch DLT $5 Buck
Box will include a DLT Supreme, Burrito Supreme®, Crunchy Taco and a medium
fountain drink. For people looking for lower-calorie, lower-fat options, Cool
Ranch DLT will be available Fresco Style with 140 calories and 7g total fat.
For complete nutritional information after March 7, visit
www.tacobell.com/nutrition/information.

About Taco Bell Corp.

Taco Bell Corp., a subsidiary of Yum! Brands, Inc., (NYSE: YUM), is the
nation's leading Mexican-inspired quick service restaurant. Taco Bell serves
made to order and customizable tacos, burritos, and specialties such as the
exclusiveDoritos® Locos Tacos, gourmet inspiredCantina Bell® Menuand lower
calorie Fresco Menu. The company encourages customers to “Live Más,” both
through its food and in ways such as itsFeed the Beat®music program and
nonprofit organization,the Taco BellFoundation for Teens. Taco Bell and its
more than 350 franchise organizations have nearly 6,000 restaurants across the
United States that proudly serve more than 36 million customers every week.

Like: www.facebook.com/tacobell
Follow: @TacoBell
Subscribe: www.youtube.com/tacobell

About Doritos

Doritos tortilla chips is one of the billion-dollar brands that make up
Frito-Lay North America, the $13 billion convenient foods business unit of
PepsiCo (NYSE: PEP), which is headquartered in Purchase, NY.To learn more
about the Doritos brand, visit its website at www.doritos.com or on Twitter at
www.twitter.com/DoritosUSA or on Facebook at
http://www.facebook.com/DoritosUSA.

About PepsiCo

PepsiCo is a global food and beverage leader with net revenues of more than
$65 billion and a product portfolio that includes 22 brands that generate more
than $1 billion each in annual retail sales. Our main businesses – Quaker,
Tropicana, Gatorade, Frito-Lay and Pepsi-Cola – make hundreds of enjoyable
foods and beverages that are loved throughout the world. PepsiCo’s people are
united by our unique commitment to sustainable growth by investing in a
healthier future for people and our planet, which we believe also means a more
successful future for PepsiCo. We call this commitment Performance with
Purpose: PepsiCo’s promise to provide a wide range of foods and beverages for
local tastes; to find innovative ways to minimize our impact on the
environment by conserving energy and water and reducing packaging volume; to
provide a great workplace for our associates; and to respect, support and
invest in the local communities where we operate. For more information, please
visit www.pepsico.com.

Contact:

Journal Communications, Inc.
Andre Fernandez
President and Chief Financial Officer
414-224-2884
Table No. 3
Journal Communications, Inc.
Broadcasting and Publishing Segment Information (unaudited)
(dollars in thousands)
                                                                                                    
                Fourth Quarter of 2012 (A)         Fourth Quarter of 2011 (B)
                                                                                                              
Broadcasting:                                                                         % Change     % Change   % Change
                Television   Radio        Total    Television   Radio        Total    Television   Radio      Total
                                                                                                              
                                                                                                              
Revenue         $ 55,781     $ 22,120     $        $ 31,656     $ 19,295     $        76.2         14.6       52.9
                                          77,901                             50,951
                                                                                                              
Operating       $ 19,748     $ 3,667      $        $ 4,948      $ 4,744      $        299.1        (22.7  )   141.6
earnings                                  23,415                             9,692
                                                                                                              
                                                                                                              
Publishing:                  Community                          Community
                Daily        Newspapers            Daily        Newspapers            % Change     %          %
                                                                                                   Change     Change
                Newspaper    & Shoppers   Total    Newspaper    & Shoppers   Total    Daily        CN&S       Total
Advertising
revenue:
Retail          $ 17,645     $ 3,141      $        $ 16,244     $ 3,602      $        8.6          (12.8  )   4.7
                                          20,786                             19,846
Classified      3,538        619          4,157    3,742        686          4,428    (5.5     )   (9.8   )   (6.1   )
National        1,115        -            1,115    1,304        -            1,304    (14.5    )   N/A        (14.5  )
Direct          6            -            6        26           -            26       (76.9    )   N/A        (76.9  )
Marketing
Total
advertising     22,304       3,760        26,064   21,316       4,288        25,604   4.6          (12.3  )   1.8
revenue
Circulation     13,714       450          14,164   12,784       421          13,205
revenue