AS Nr 0616 AN OKF III I/NO NI.FLF NN hi FF066 LI/F 06 ON IN Yb OK lit rIco KKV FL 15 rn hp WIK Mynr NW WALK IN P1 \/ LP1n 10 KNN FW WFV VNF 06 11 AL viE06 1FF NO ry Inc or 110 TH IN OIL KY Fl ci 6K ott or CC 016 hOC Cl 1ok ry 0/ 34 ILtitAt is KY IF Ic ntr/ Fit irtry hr KFFF cC FV ORoi 6\ CC FMK 06 606 CXLIII it 0/0 Id WI IF Kr ij WKFFF ro ni Fl Vi crv WOO Mi Ic flOV Kcv s/F nO FOcI FIn ilv OK ws IC V/Fl it Or Fir 01 nO Cs iNFi oUorr it NAP nFl it ii lill cfl0S rsrr tO /F LIALS w5 FINANCIAL HIGHLIGHTS MLIIONS 2012 2011 Ai S1tc 3% ib iOO $356 Revenue $600 $398 Operating irnings $3.3 $12.2 Net earnings Bsharc $061 $0.3 DultLed arningspcr ClauAad $62S.8 $41/I lotal issels $246.0 Li tot debt 1205S $.06 lotal oquity lass 43/SOS 431/83 Cmmon sin es outstanding it itt 1t is ystcc Class 636.0 14 Class 3640 2012 2011 co 18 High $b.8t Class common stot.k price per nr Low $3.94 $1 fl Clnc $51/ Journal ommurixations seeks to giow our oral mar ket business through relevant and differentiated content across 12 states 15 tE rvcson statio is 34 radio statons nd daly community newspapers and inteiactiv prop ci ties We improved our rum etitive position in 2012 three ways th the acqu don of WI VF Nc wshannel 51M in Nashvillc iN the 29th largcst DMA wo added so ncr stone asset and the leading stat in stiong iarket Ow continur to mat re with our new Fox In Wiscnr sin we arqu opwaV under multi year par trierk.h Network which gai es as well as oths In Radio we BOB chase Wh ii thess remain the Milwau extciideo our ft no strnd ng hereM our with to receive this hoiior ANNUAL REPORT 2012 CORPORATE INFORMATION BOARD MEMBERS INVESTOR INFORMATION Steven Smith Current and prospective investors can have an annual report Chairman of the Board and Journal Communications CEO and investorinformation packetmailedtothem byrequesting through the website www.journalcommunications.com Dean Blythe Managing Director TDF Ventures LLC STOCK INFORMATION Journal Communications Class shares are traded on the David Drury Lead Director New York Stock Exchange under the ticker symbol JRN Chairman and CEO Poblocki Sign Company LLC 234 Class shares are not publicly traded David Melssner INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Former Chairman Public Policy Forum inc 14 PricewaterhouseCoopers Jonathan Newcomb ANNUAL MEETING Managing Director Berenson Co 13 Journal Communications 2013 Annual Meeting of Share Ellen Siminoff holders will be held on Tuesday May 2013 at the Imperial President and CEO Shmoop Ballroom of the Pfister Hotel 424 East Wisconsin Avenue Milwaukee Wisconsin The meeting will begin at am Mary Ellen Stanek Central Time President Baird Funds Inc and Managing Director and ClO Baird Advisors Robert Baird Co Incorporated 23 TRANSFER AGENT AND REGISTRAR Owen Sullivan AST Equity Plan Solutions maintains shareholder records President Specialty Brands ManpowerGroup For assistance on matters such as lost shares name changes on shares or transfers of ownership please contact Jeanette Tully Trustee Aloha Station Trust LLC 14 AST Equity Plan Solutions Inc 1328 Mr Blythe was appointed to the Board on February 19 2013 PA 123 South Broad Street Mr Meissners and Mn Siminoffs service as director will end 11th Floor on May 2013 Philadelphia PA 19109-1199 Committees Attention Journal Communications Audit Compensation Executive 888.396.0853 Nominating and Corporate Governance FORWARD-LOOKING STATEMENTS Bold number indicates committee chair This annual report contains certain forwardlooking state CORPORATE HEADQUARTERS ments related to our businesses that are based on our current Journal Communications Inc expectations Forwardlooking statements are subject to 333 West State Street certain risks trends and uncertainties including changes P.O Box 661 in advertising demand and other economic conditions that Milwaukee WI 53201-0661 could cause actual results to differ materially from the 414.224.2000 expectations expressed in forward-looking statements All 800.388.2291 forward-looking statements should be evaluated with the understanding of their inherent uncertainty Our written WEBSITE policy on forwardlooking statements can be found on www.journalcommunications.com page of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and bound within this publication UNITED STATES SECURITIES AND EXCHANGE COMMISSION SEC Washington D.C 20549 Mail Processing FORM 10-K Section Annual Pursuant to Section or of the Securities Act of Report 15d Exchange 01 For the fiscal year ended December 30 2012 Commission File Number 1-31805 Washington DC JOURNAL COMMUNICATIONS INC.400 Exact name of Registrant as specified in its charter Wisconsin 20-0020198 of State incorporation I.R.S Employer identification number 333 West State Street Milwaukee Wisconsin Address of principal executive offices Zip Code Registrants telephone number including area code 414 224-2000 Securities registered pursuant to Section 12b of the Act Title of Class Name of Each Exchange on Which Registered Class Common Stock $0.01 par value per share The New York Stock Exchange Securities registered pursuant to Section 12g of the Act Class Common Stock $0.01 par value per share Indicate by check mark if the registrant is well-known seasoned issuer as defined in Rule 405 of the Securities Act Yes No Indicate check mark whether the is by registrant not required to file reports pursuant to Section 13 or Section 15d of the Exchange Act Yes No Indicate check mark whether the has filed by Registrant all reports required to be filed by Section 13 or 15d of Securities Exchange Act of 1934 the 12 during preceding months or for such shorter period that the Registrant was required to file such reports and has been subject to such filing requirements for the past 90 days Yes IXI No Indicate check mark whether the has submitted by registrant electronically and posted on its corporate Web site if any every Interactive Data File to be submitted and required posted pursuant to Rule 405 of Regulation S-I during the preceding 12 months or for such shorter that period the registrant was required to submit and post such files Registrant is not yet required to provide financial disclosure in an Interactive Data File format Yes E1 No Indicate check mark if disclosure of filers by delinquent pursuant to Item 405 of Regulation S-K Section 229.405 of this chapter is not contained and will herein not be contained to the best of registrants knowledge in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K Indicate check mark whether the is by registrant large accelerated filer an accelerated filer non-accelerated filer or smaller reporting See definitions of company large accelerated filer accelerated filer and smaller reporting company in Rule 2b-2 of the Exchange Act Accelerated Filer Accelerated Filer IXI Large Non-accelerated Filer Smaller reporting company Indicate check mark whether the by registrant is shell company as defined in Rule 2b-2 of the Exchange Act Yes No The market value of the class aggregate common stock held by non-affiliates of the registrant as of June 22 2012 was approximately $216765751 based on the closing price of such stock on the New York Stock Exchange Inc as of such date The registrants class common stock is not listed on national securities exchange or traded in an organized over-the-counter market but each share of the registrants class common stock is convertible into one share of the registrants class common stock Number of shares outstanding of each of the issuers classes of common stock as of March 2013 Outstanding at March 1.2013 Class Common Stock 43899338 Class Common Stock 6730298 Class Common Stock Documents Incorporated by Reference Portions of the Proxy Statement for our May 2013 Annual Meeting of Shareholders are incorporated by reference into Part III JOURNAL COMMUNICATIONS INC INDEX TO FORM 10-K Part Page No Item Business Item 1A Risk Factors 18 Item Unresolved Staff Comments 31 Item Properties 32 Item Legal Proceedings 33 Item Mine Safety Disclosures 34 Part II Item Market for Registrants Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item Selected Financial Data 38 Item Managements Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A Quantitative and Qualitative Disclosures About Market Risk 68 Item Financial Statements and Supplementary Data 69 Item Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 111 Item 9A Controls and Procedures 111 Item 9B Other Information 111 Part III Item 10 Directors Executive Officers and Corporate Governance 111 Item 11 Executive Compensation 112 Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112 Item 13 Certain Relationships and Related Transactions and Director Independence 113 Item 14 Principal Accounting Fees and Services 113 Part IV Item 15 Exhibits Financial Statement Schedules 113 Signatures 115 Index to Exhibits 116 Forward-Looking Statements We make certain statements in this Annual Report on Form 10-K including the information that we incorporate by reference herein that are forward-looking statements within the meaning of the Section 21 of the Securities Exchange Act of 1934 as amended We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in that Act and we are including this statement for purposes of those safe harbor