10-Q - DAILY JOURNAL CORP (0000783412) (Filer)

Wed, Aug 14, 9:33 PM (31 days ago)

Daily Journal Corporation's quarterly report for the period ending June 30, 2024, shows a decline in consolidated revenues to $17,494,000, down 1% from the previous year, primarily due to decreased consulting fees. However, net income surged to $23,355,000, significantly up from $677,000, driven by substantial unrealized gains on marketable securities totaling $28,018,000. Operating expenses increased by 7% to $16,404,000, largely due to higher salaries and employee benefits. The company reported a notable increase in total revenues for its Journal Technologies segment, which accounted for approximately 75% of total revenues, reflecting strong licensing and maintenance fees. Cash and cash equivalents decreased to $12,875,000, with a significant reduction in margin loan balances from $75,000,000 to $27,500,000. The company's liquidity remains robust, supported by unrealized gains of $185,927,000 in marketable securities. Future operations may be impacted by ongoing uncertainties, including market conditions and potential disruptions from technology changes. Overall, the company continues to navigate its dual business model while enhancing its financial position.