Milwaukee-based Journal says it wasn't a case of political advertising falling off from an election year, since it billed about $200,000 in both second quarter 2010 and 2011. It was able to reduce radio operating expenses slightly (0.5%) and as a result, kept the drop in operating earnings from radio to about 6%, to $4 million. Journal's TV-division revenues were also off about 2%. Companywide, Journal reports 4.5% lower revenue, with "Publishing" revenue down about 7%. That's due to continuing losses in both the classified and retail advertising categories for Journal newspapers. Classified alone dropped 14%, "driven primarily by a decrease in the real estate category." Even so, Journal reports a strong balance sheet, with just $61 million in bank debt following several years of share buybacks. Check the Journal Communications second quarter results here. Journal stock trades as "JRN", and you can follow it here.