Profile: Daily Journal Corp (DJCO.O)

DJCO.O on Consolidated Issue listed on NASDAQ Capital Market

177.95USD
25 Jul 2014
Price Change (% chg)

$-2.05 (-1.14%)
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$180.00
Open
$176.66
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Volume
2,620
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1,419
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$219.68
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Daily Journal Corporation (DJC) publishes newspapers and Websites covering California and Arizona, as well as the California Lawyer magazine, and produces several specialized information services. Sustain Technologies, Inc. (Sustain), a wholly owned subsidiary, supplies case management software systems and related products to courts and other justice agencies, including administrative law organizations. These courts and agencies use the Sustain family of products to help manage cases and information electronically and to interface with other critical justice partners. Sustain’s products are designed to help users manage electronic case files from inception to disposition, including all aspects of calendaring and accounting, report and notice generation, the implementation of standards and business rules and other corollary functions. During fiscal year ended September 30, 2010 (fiscal 2010), the Company discontinued publishing the California Real Estate Journal which had nominal paid subscribers. During fiscal 2010, the Company discontinued publishing NextGen. Effective September 13, 2013, Daily Journal Corp acquired ISD Corp.

Newspapers and related online publications

As of September 30, 2010, the Company published 11 newspapers of general circulation. Each newspaper, in addition to news of interest to the general public, has a particular area of in-depth focus with regard to its news coverage. The Los Angeles Daily Journal and the San Francisco Daily Journal are each published every weekday except certain holidays. As of September 30, 2010, the Los Angeles Daily Journal had approximately 6,500 paid subscribers and the San Francisco Daily Journal had approximately 3,100 paid subscribers as compared with total paid subscriptions for both of The Daily Journals of 10,150. The Daily Journals carry commercial advertising and public notice advertising required or permitted by law to be published in a newspaper of general circulation. During fiscal 2010, the gross revenues generated directly by The Daily Journals are attributable approximately 62% to subscriptions and 38% to the sale of advertising and other revenues. The Daily Journals contain the Daily Appellate Report, which provides the full text and case summaries of all opinions certified for publication by the California Supreme Court, the California Courts of Appeal, the United States Supreme Court, the United States Court of Appeals for the Ninth Circuit, the United States Bankruptcy Appellate Panel for the Ninth Circuit, the State Bar Court and selected opinions of the United States District Courts in California and the Federal Circuit Court of Appeals. The Daily Journals also include a monthly court directory in booklet form. This directory includes a range of sitting judges in all California courts, as well as courtroom assignments, phone numbers and courthouse addresses, plus Judicial Transitions, which lists judicial appointments, elevations, confirmations, resignations, retirements and deaths.

The Company publishes the California Directory of Attorneys (the Directory), which is updated and published semi-annually, in January and July. The Directory includes in a single volume names, addresses, fax and telephone numbers of California lawyers and many informational sections, including listings of corporate counsel, private judges, arbitrators and mediators, and federal and state courts and governmental offices. In addition, the Directory includes commercial advertising and specialty listings. The Directory is provided as part of normal newspaper service to subscribers of The Daily Journals. The Daily Journals are distributed by mail and hand delivery, with subscribers in the Los Angeles and San Francisco areas receiving copies the same day. Certain subscribers in Los Angeles, San Francisco, Santa Clara, Alameda, Orange and San Diego counties receive copies by hand delivery, and additional copies are distributed by microfilm subscriptions.

The Daily Commerce, in addition to covering news of general interest, devotes coverage to items designed to serve real estate investors and brokers, those interested in Southern California distressed properties. The Daily Commerce carries both public notice and commercial advertising and is published in the afternoon each business day. As of September 30, 2010, it had approximately 200 paid subscriptions. The Daily Recorder is published on each business day. In addition to general news items, it focuses on the Sacramento legal and real estate communities and on California state government and activities ancillary to it. Among the regular features of The Daily Recorder is news about government leaders and lobbyists, as well as the Daily Appellate Report for those who request it. Advertising in The Daily Recorder consists of both commercial and public notice advertising. As of September 30, 2010, the Daily Recorder had approximately 450 paid subscribers and is distributed by mail.

The Inter-City Express (the Express) covers general news of local interest and focuses its coverage on news about the real estate and legal communities in the Oakland/San Francisco area. The Express carries both commercial and public notice advertising. It is published each business day and is mailed to its approximately 90 subscribers. The San Jose Post-Record (the Post-Record) provides general news of local interest, focuses on legal and real estate news and carries commercial and public notice advertising. The Sonoma County Herald-Recorder (the Herald-Recorder) carries general news of local interest and is designed to be of special interest to members of the legal and real estate professions. Advertising in the newspaper consists of both public notice and commercial advertising.

The Orange County Reporter (Orange Reporter) reports local and state legal, business and real estate news, and carries public notice advertising. The San Diego Commerce is a thrice-weekly newspaper, which carries general news of local interest and public notice advertising. The San Diego Commerce also serves legal and real estate professionals in San Diego County. The Business Journal publishes news of general interest and provides coverage of the business and professional communities in Riverside County. In addition to general news of local interest, The Record Reporter, which is published three days a week, focuses on real estate news and public record information and carries public notice advertising. As of September 30, 2010, it was mailed to approximately 50 paid and other subscribers. The Company’s California Lawyer, a legal affairs magazine formerly produced by the State Bar of California (the State Bar). As of September 30, 2010, the magazine was either mailed or provided in a digital version free to active members of the State Bar and also had approximately 230 paid subscribers.

Information Services

The Company has several court rules services. One is Court Rules, a multi-volume, loose-leaf set which had approximately 1,800 subscribers at September 30, 2010. Court Rules reproduces court rules for certain state and federal courts in California. The Court Rules appear in two versions, one of which covers Northern California courts (nine volumes), and one of which covers Southern California courts (eight volumes). The Company updates Court Rules on a monthly basis. In addition, the Company publishes a single volume of rules known as Local Rules for major counties of California. Six versions are published for Southern California, each a single bound volume for the rules of: Los Angeles County; Orange County; San Diego County; San Bernardino County; Riverside County; and Ventura, Santa Barbara and San Luis Obispo counties. Also, the Company publishes single-volume rules for the Federal District Court in the Central District of California and California Probate Rules. In Northern California, three versions of the Local Rules appear in loose-leaf books for Santa Clara/San Mateo, Alameda/Contra Costa and San Francisco counties. As of September 30, 2010, the Company had approximately 2,350 subscribers for its Local Rules publications.

The Judicial Profiles services contain information concerning judges in California, both active and retired, many of whom are available for private judging. The Judicial Profiles include biographical data and financial disclosure statements on judges and information supplied by each judge regarding the judge's policies and views on various trial and appellate procedures and the manner, in which appearances are conducted in his or her courtroom. Subscribers may purchase either the ten-volume set for Southern California or the eight-volume set for Northern California. The Company also provides computer online foreclosure information to about 150 customers. This service primarily provides distressed property information, some of which also appears in some of the Company's newspapers, as well as expanded features. The Company's publications carry commercial advertising, and also contain public notice advertising. During fiscal 2010, commercial advertising consisted of display and classified advertising and constituted about 13% of the Company’s total revenues.

Public notice advertising consists of about 100 different types of legal notices required by law to be published in an adjudicated newspaper of general circulation, including notices of death, fictitious business names, trustee sale notices and notices of governmental hearings. The types of public notice advertisers are real estate-related businesses and trustees, governmental agencies, attorneys and businesses or individuals filing fictitious business name statements. Many government agencies use the Company’s Internet-based advertising system to produce and send their notices to the Company. California Newspaper Service Bureau (CNSB), a division of the Company, is a newspaper representative. CNSB places notices and other forms of advertising with adjudicated newspapers of general circulation, many of which are not owned by the Company.

During fiscal 2010, public notice advertising revenues and related advertising and other service fees, including trustee sales legal advertising revenues, constituted about 59% of the Company's total revenues. Other revenues are attributable to service fees from users of an online foreclosure/fictitious business name database, service fees for public record searches, fees from attorneys taking continuing legal education courses published in the Company’s publications and other miscellaneous fees.

Information Systems and Services

Sustain software products are licensed in eleven states and two countries. During fiscal 2010, the Company’s revenues derived from Sustain’s operations constituted about 9% of the Company’s total revenues. During fiscal 2010, approximately 26% of Sustain’s revenues came from consulting or installation projects and approximately 74% came from license, maintenance and other service fees. The level of services that Sustain is called upon to perform can fluctuate over time.

Printing

The Company's printing facilities are located in Los Angeles and are used to print the Daily Journals and its supplements and some of the other publications. The Company installed computer-to-plate production equipment in Los Angeles and digital copiers and other equipment for the printing of the Judicial Profiles, the Court Rules and items, such as legal advertising and office forms, promotional flyers and other materials for its publications and for a other customers. The California Lawyer magazine, the Directory and some of the other publications are printed by outside contractors.

Company Address

Daily Journal Corp

915 East First Street
LOS ANGELES   CA   90012
P: +1213.2295300
F: +1213.2295481

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