5 unchanged sentences
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 efiling and a website to pay traffic citations and fees online.
−Removed: These products are licensed in 42 states and internationally.
+Added: These products are licensed in approximately 30 states and internationally.
Essentially all of the Company’s U.S.
1 unchanged sentence
The Company also has a presence in Australia where Journal Technologies is working on three software installation projects.
+Added: In August 2022, the Company established a new wholly-owned subsidiary, Journal Technologies (Canada) Inc., in Victoria BC, Canada.
Financial information of the Company, including information about each of the Company’s reportable segments, is set forth in Item 8 (“Financial Statements and Supplementary Data”).
37 unchanged sentences
The gross revenues generated directly by The Daily Journals are attributable approximately 57% to subscriptions and 43% to the sale of advertising and other revenues.
−Removed: Revenues from The Daily Journals constituted approximately ‐‐14% of the Company's total revenues in both fiscal 2021 and 2020.
+Added: Revenues from The Daily Journals constituted approximately 13% of the Company's total operating revenues in fiscal 2022 and 14% in fiscal 2021.
The Daily Journals include the Daily Appellate Report, providing full text and case summaries of all opinions certified for publication by the California Supreme Court, the California Courts of Appeal, the U.S.
65 unchanged sentences
The Company's publications carry commercial advertising and public notice advertising.
−Removed: Commercial advertising consists of display and classified advertising and constituted about 4% of the Company’s total operating revenues in both fiscal 2021 in 2020.
−Removed: Classified advertising revenues have continued to decline primarily due to online competition.
+Added: Commercial advertising consists of display and classified advertising and constituted about 4% of the Company’s total operating revenues in both fiscal 2022 and 2021.
Public notice advertising consists of many 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.
3 unchanged sentences
CNSB places public notices and other forms of advertising with adjudicated newspapers of general circulation, most of which are not owned by the Company, and produces a legal advertising page for some other newspapers.
−Removed: Public notice advertising revenues and related advertising and other service fees, including trustee sales legal advertising revenues, constituted about ‐‐17% of the Company's total operating revenues in fiscal 2021 and 15% in 2020.
+Added: Public notice advertising revenues and related advertising and other service fees, including trustee sales legal advertising revenues, constituted about ‐‐17% of the Company's total operating revenues in both fiscal 2022 and fiscal 2021.
Most of these revenues were generated by (i) notices published in the Company’s newspapers, (ii) commissions and similar fees received from other publications in which the advertising was placed, and (iii) service fees to file notices with government agencies.
For several years, trustee sales legal advertising revenues were driven by the large number of foreclosures in California and Arizona, for which public notice advertising is required by law.
−Removed: Recently, however, there have been far fewer foreclosures, and trustee sales legal advertising revenues represented only about 1% of the Company’s total operating revenues in both fiscal 2021 and 2020.
−Removed: Other revenues are attributable to service fees from users of an online foreclosure/fictitious business name databases, fees from attorneys taking continuing legal education tests published in The Daily Journals and online, and other miscellaneous fees including reprint services of articles published in The Daily Journals.
+Added: Recently, however, there have been far fewer foreclosures, and trustee sales legal advertising revenues represented only about 2% of the Company’s total operating revenues in fiscal 2022 and 1% in fiscal 2021.
+Added: Other revenues are attributable to fees from attorneys taking continuing legal education tests published in The Daily Journals and online, and other miscellaneous fees including reprint services of articles published in The Daily Journals.
Journal Technologies
Journal Technologies provides case management software and related services to courts and other justice agencies.
−Removed: Its operations constituted about 70% of the Company’s total operating revenues in fiscal 2021 and 71% in 2020.
−Removed: Journal Technologies earns revenue from license, maintenance and support fees paid by customers to use its software products;
+Added: Its operations constituted about 71% of the Company’s total operating revenues in fiscal 2022 and 69% in fiscal 2021.
+Added: Journal Technologies earns revenues from license, maintenance and support fees paid by customers to use its software products;
consulting fees paid by customers for installation, implementation and training services;
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The Company’s revenues from Journal Technologies’
−Removed: foreign customers were $2,055,000 in fiscal 2021 and $1,687,000 in 2020.
+Added: foreign customers were approximately $4,638,000 in fiscal 2022 and $2,055,000 in 2021.
All of the Company’s other revenues in those years were attributable to the United States.
+Added: There were no business activities for the newly formed Journal Technologies (Canada) Inc.
+Added: during fiscal 2022.
Materials and Postage
1 unchanged sentence
and in “Outside services”
−Removed: in the accompanying consolidated statements of comprehensive income), postage and paper costs are typically the next two largest expenses for The Traditional Business.
−Removed: Paper and postage accounted for approximately 5% of our traditional publishing segment's operating costs in fiscal 2021 and 4% in fiscal 2020.
+Added: in the accompanying consolidated statements of comprehensive (loss) income), postage and paper costs are typically the next two largest expenses for The Traditional Business.
+Added: Paper and postage accounted for approximately 4% of our traditional publishing segment's operating costs in both fiscal 2022 and 2021.
An adequate supply of newsprint and other paper is important to the Company's operations.
1 unchanged sentence
The Company has always been able to obtain sufficient newsprint for its operations, although past shortages of newsprint have sometimes resulted in higher prices.
−Removed: The price of newsprint increased by 7% toward the end of fiscal 2021.
+Added: During fiscal 2022, the price of newsprint increased by 23%.
We use the U.S.
8 unchanged sentences
Postal Service has increased postal rates.
−Removed: During fiscal 2021, postage increased by $23,000 (6%) to $436,000 from $413,000.
+Added: During fiscal 2022, postage increased slightly by $4,000 (1%) to $437,000 from $433,000.
The Company actively promotes its individual newspapers and its multiple newspaper network as well as its other publications.
4 unchanged sentences
Such agencies ordinarily receive a commission of 15% to 25% on their sales of advertising in Company and other publications.
−Removed: Commercial advertising agencies also place advertising in Company publications and receive commissions for advertising sales.
+Added: Commercial advertising agencies also place advertising (including nearly 100% of display advertising) in Company publications and receive commissions for advertising sales.
Journal Technologies’
26 unchanged sentences
As part of the competitive bidding process, many customers will express a preference for, or even require, larger vendors.
−Removed: Many customers desire Internet-based solutions to centralize operations, facilitate electronic filing, interface with other justice partners and the public, and publish certain information from case management systems.
−Removed: Journal Technologies’
−Removed: product lines provide versions of these services, but there are many uncertainties in the process of courts and other agencies migrating to newer Internet-based systems, including whether Journal Technologies’
−Removed: versions of case management systems will find general acceptance and whether the update, upgrade and modification of such systems can be done in a cost-effective manner.
+Added: Many customers desire externally-hosted-Software-as-a-Service (SaaS) solutions to facilitate electronic filing, interface with other justice partners and the public, and publish certain information from case management systems, and simplify provision of these services.
+Added: Certain Journal Technologies’
+Added: product lines now provide versions of these services, but there are many uncertainties in the process of courts and other agencies migrating to a SaaS pattern.
The Company competes on a variety of factors, including price, technological capabilities and services to accommodate the individual requirements of each customer.
−Removed: The Company had approximately 290 full-time employees and contractors and about 10 part-time employees as of September 30, 2021, including about 200 full-time employees and contractors at Journal Technologies.
+Added: The Company had approximately ‐‐‐‐315 full-time employees and contractors and about 10 part-time employees as of September 30, 2022, including about 220 employees and contractors at Journal Technologies.
The Company is not a party to any collective bargaining agreements.
4 unchanged sentences
The Company owns marketable securities with dividends and significant appreciation, providing the Company with additional working capital, subject, of course, to the normal risks associated with owning securities.
−Removed: To a considerable extent, the Company also benefits from the fact that subscriptions and some licenses, maintenance, customer support and some are paid in advance.
+Added: To a considerable extent, the Company also benefits from the fact that subscriptions and some licenses, maintenance and customer support are paid in advance.
In fiscal 2013, the Company borrowed $14 million from its investment margin account to purchase all of the outstanding stock of New Dawn Technologies, Inc.
1 unchanged sentence
(“ISD”), in each case pledging its marketable securities to obtain favorable financing.
+Added: In addition, there were subsequent borrowings of $45.5 million to purchase additional marketable securities bringing the margin loan balance up to $75 million as of September 30, 2022.
The Company believes it has sufficient cash and marketable securities for the foreseeable future.
5 unchanged sentences
These costs have generally been offset by increased license, maintenance and support fees, which often contain a periodic cost-of-living adjustment.
+Added: Also, the Company maintains an investment margin account for which the interest rate fluctuates based on the Federal Funds Rate plus 50 basis points with interest only payable monthly.
+Added: The interest rate as of September 30, 2022 was 3%, and it may increase in the future, particularly if the Federal Reserve continues to increase interest rates to help combat inflation.
+Added: The outstanding balance was $75 million at September 30, 2022.
+Added: Because the Federal Reserve has increased interest rates to help combat inflation and may continue to do so, the Company’s interest expense on the margin account has increased and could increase more in the future.
Access to Our Information
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.