‘Daily Record’ parent company posts profit

The Daily Record’s parent company Dolan Media Co. posted a profit of $9.2 million in the first quarter of 2010.

The company’s net income was $9.2 million, or 30 cents a share, while its cash earnings were $12.2 million, or 40 cents a share.

The profit was based on revenue of $77 million, which reflected a 20.4 percent increase over the same period last year, when revenue was $63.9 million.

The revenue increase was based on a 33 percent jump in its Professional Services Division, where revenue rose from $42 million to $56 million.

Revenue for the company’s Business Information Division, which includes business journals and court and commercial media, decreased 4.3 percent, to $21 million in the three months ending March 31, from $21.9 million in the same time period last year.

“The first quarter saw excellent results in all parts of our Professional Services Division,” said James Dolan, chairman, chief executive officer and president. “Our Business Information Division continued to generate strong margins as public notice advertising partially offset declines in traditional advertising revenue.”