Daily Journal Corp. Files 10-Q for Q2 2024

TL;DR

<b>Daily Journal Corp. files its Q2 2024 10-Q, detailing segment performance and financial data for the period ending March 31, 2024.</b>

AI Summary

DAILY JOURNAL CORP (DJCO) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Revenue for the quarter ended March 31, 2024, was not explicitly stated but segment data suggests performance. Journal Technologies segment revenue for Q2 2024 (Jan 1 - Mar 31) showed changes compared to prior periods. Traditional Business segment revenue for Q2 2024 (Jan 1 - Mar 31) also showed changes compared to prior periods. The filing covers the period ending March 31, 2024. Daily Journal Corp. is incorporated in South Carolina.

Why It Matters

For investors and stakeholders tracking DAILY JOURNAL CORP, this filing contains several important signals. Investors can assess the financial health and operational performance of Daily Journal Corp. through its detailed segment reporting. The filing provides a snapshot of the company's financial position and results of operations, crucial for investment decisions.

Risk Assessment

Risk Level: low — DAILY JOURNAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a low level of immediate risk.

Analyst Insight

Review the detailed segment revenue figures for Journal Technologies and Traditional Business to understand growth trends and potential investment opportunities.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 0000783412 — Central Index Key (FILER)
• 2023-10-01 — Start Date for Q2 2024 (Reporting Period)
• 2024-03-31 — End Date for Q2 2024 (Reporting Period)
• 2022-10-01 — Start Date for Q2 2023 (Comparative Period)
• 2023-03-31 — End Date for Q2 2023 (Comparative Period)

Key Players & Entities

• DAILY JOURNAL CORP (company) — FILER
• 0000783412 (company) — CENTRAL INDEX KEY
• 2711 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• SC (company) — STATE OF INCORPORATION
• 0930 (company) — FISCAL YEAR END
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240515 (date) — FILED AS OF DATE
• 20240514 (date) — DATE AS OF CHANGE

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $5,000,000 — quarter, there was already a paydown of $5,000,000 to this loan by means of excess cash fr

Filing Documents

• djco20240331_10q.htm (10-Q) — 1184KB
• ex_671867.htm (EX-31) — 24KB
• ex_671868.htm (EX-32) — 7KB
• 0001437749-24-016729.txt (&nbsp;) — 4931KB
• djco-20240331.xsd (EX-101.SCH) — 29KB
• djco-20240331_def.xml (EX-101.DEF) — 231KB
• djco-20240331_lab.xml (EX-101.LAB) — 202KB
• djco-20240331_pre.xml (EX-101.PRE) — 251KB
• djco-20240331_cal.xml (EX-101.CAL) — 36KB
• djco20240331_10q_htm.xml (XML) — 885KB

Financial Information

PART I Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets March 31, 2024 and September 30, 2023 3 Consolidated Statements of Income and Comprehensive Income Three months ended March 31, 2024 and 2023 4 Consolidated Statements of Income and Comprehensive Income Six months ended March 31, 2024 and 2023 5 Consolidated Statements of Shareholders' Equity Six months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows Six months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

Part II Other Information

Exhibits

Item 6. Exhibits 23 2 PART I

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS DAILY JOURNAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) March 31 September 30 2024 2023 ASSETS Current assets Cash and cash equivalents $ 10,557,000 $ 20,844,000 Restricted cash 2,144,000 2,100,000 Non-qualified deferred compensation plan - trust account asset value 522,000 194,000 Marketable securities at fair value -- common stocks 297,003,000 303,128,000 Accounts receivable, less allowance for doubtful accounts of $ 250,000 at March 31, 2024 and September 30, 2023 15,624,000 18,687,000 Inventories 64,000 72,000 Prepaid expenses and other current assets 514,000 380,000 Total current assets 326,428,000 345,405,000 Property, plant and equipment, at cost Land, buildings and improvements 16,418,000 16,400,000 Furniture, office equipment and computer software 1,697,000 1,703,000 Machinery and equipment 1,521,000 1,521,000 19,636,000 19,624,000 Less accumulated depreciation ( 10,386,000 ) ( 10,264,000 ) 9,250,000 9,360,000 Operating lease right-of-use assets 69,000 95,000 $ 335,747,000 $ 354,860,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 6,070,000 $ 6,643,000 Accrued liabilities 6,054,000 8,789,000 Income tax payable 2,550,000 1,069,000 Note payable collateralized by real estate 161,000 158,000 Deferred subscriptions 2,562,000 2,678,000 Deferred consulting fees 4,228,000 5,828,000 Deferred maintenance agreements and others 14,772,000 17,033,000 Total current liabilities 36,397,000 42,198,000 Long term liabilities Investment margin account borrowings 29,421,000 75,000,000 Note payable collateralized by real estate 1,038,000 1,120,000 Deferred maintenance agreements 816,000 1,000,000 Accrued liabilities 3,421,000 4,274,000 Accrued non-qualified deferred compensation 509,000 200,000 Deferred income taxes 35,646,000 30,599,000 Tota

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - The Corporation and Operations Daily Journal Corporation ("Daily Journal") publishes newspapers and websites covering California and Arizona and produces several specialized information services. It also serves as a newspaper representative specializing in public notice advertising. This is sometimes referred to as the Company's "Traditional Business". Journal Technologies, Inc. ("Journal Technologies"), a wholly-owned subsidiary of the Company, supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including e-filing and a website to pay traffic citations and fees online. These products are licensed or subscribed to in approximately 30 states, and internationally. Essentially all of the Company's U.S. operations are based in California, Arizona and Utah. The Company also has a presence in Australia where Journal Technologies is working on three software installation projects and in British Columbia, Canada, where the Company established a new wholly-owned subsidiary, Journal Technologies (Canada) Inc., in August 2022. Note 2 - Basis of Presentation In the opinion of the Company, the accompanying interim unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of its financial position as of March 31, 2024, its results of operations for the three- and six-month periods ended March 31, 2024 and 2023, its consolidated statements of shareholders' equity for the three- and six-month perio

View Full Filing

View this 10-Q filing on SEC EDGAR