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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 28, 2004

or

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  For the transition period from ________________ to _______________
Commission File Number: 1-31805

JOURNAL COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)

WISCONSIN
 20-0020198
(State or other jurisdiction of incorporation (I.R.S. Employer Identification No.)
or organization)

333 W. State Street, Milwaukee, Wisconsin
 53203
(Address of principal executive offices) (Zip Code)

414-224-2616
Registrant's telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    X     No  ___

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)

Yes  ___    No   X   

Number of shares outstanding of each of the issuer’s classes of common stock as of April 21, 2004 (excluding 4,338,352 and 4,338,353 shares of class B-1 and B-2 common stock, respectively, held by our subsidiary, The Journal Company):

               Class Outstanding at April 21, 2004
Class A Common Stock 20,198,142
Class B-1 Common Stock 14,968,817
Class B-2 Common Stock 38,297,924
Class C Common Stock   3,264,000

JOURNAL COMMUNICATIONS, INC.

INDEX

Page No.
Part I Financial Information  

 		 Item 1.  Financial Statements

 		 Consolidated Condensed Balance Sheets as of
   March 28, 2004 (Unaudited) and December 31, 2003 2 

 		 Unaudited Consolidated Condensed Statements of Earnings
   for the First Quarter Ended March 28, 2004 and March 30, 2003 3 

 		 Unaudited Consolidated Condensed Statement of
   Shareholders' Equity for the Quarter Ended
   March 28, 2004 4 

 		 Unaudited Consolidated Condensed Statements of
   Cash Flows for the First Quarter Ended March 28, 2004
   and March 30, 2003 5 

 		 Notes to Unaudited Consolidated Condensed
   Financial Statements as of March 28, 2004 6 

 		 Item 2. Management's Discussion and Analysis of Financial Condition
   and Results of Operations 11 

 		 Item 3. Quantitative and Qualitative Disclosure of Market Risk 19 

 		 Item 4. Controls and Procedures 19 

Part II. 		Other Information

 		 Item 1. Legal Proceedings 19 

 		 Item 2. Changes in Securities, Use of Proceeds and Issuer Purchases of
   Equity Securities 20 

 		 Item 3. Defaults Upon Senior Securities 20 

 		 Item 4. Submission of Matters to a Vote of Security Holders 20 

 		 Item 5. Other Information 20 

 		 Item 6. Exhibits and Reports on Form 8-K 20 

1

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

JOURNAL COMMUNICATIONS, INC.
Consolidated Condensed Balance Sheets
(in thousands, except share and per share amounts)

March 28, 2004
 December 31, 2003
(unaudited)
ASSETS            
Current assets:  
     Cash and cash equivalents   $ 6,252   $ 8,444  
     Receivables, less allowance for doubtful accounts  
         of $7,608 and $6,836    94,666    96,563  
     Inventories    15,181    15,216  
     Prepaid expenses    11,453    13,236  
     Deferred income taxes    9,406    8,948  
     TOTAL CURRENT ASSETS    136,958    142,407  

Property and equipment, at cost, less accumulated depreciation		  
     of $341,808 and $331,658    308,950    314,595  
Goodwill    114,283    114,283  
Broadcast licenses    129,548    129,548  
Other intangible assets, net    9,409    9,900  
Prepaid pension costs    27,332    28,421  
Other assets    8,014    8,021  
     TOTAL ASSETS   $ 734,494   $ 747,175  

LIABILITIES AND SHAREHOLDERS' EQUITY		  
Current liabilities:  
     Accounts payable   $ 40,243   $ 38,369  
     Accrued compensation    18,740    24,704  
     Deferred revenue    19,227    22,590  
     Accrued employee benefits    11,020    9,830  
     Other current liabilities    29,390    21,567  
     Current portion of long-term liabilities    697    683  
     TOTAL CURRENT LIABILITIES    119,317    117,743  

Accrued employee benefits		    16,355    16,457  
Long-term notes payable to banks    56,300    84,000  
Deferred income taxes    59,116    56,477  
Other long-term liabilities    9,185    8,748  

Shareholders' equity:		  
     Preferred stock, $0.01 par - authorized 10,000,000 shares; no shares  
       outstanding at March 28, 2004 and at December 31, 2003    --    --  
     Common stock, $0.01 par:  
      Class C - authorized 10,000,000 shares; issued and outstanding:  
         3,264,000 shares at March 28, 2004 and December 31, 2003    33    33  
      Class B-2 - authorized 60,000,000 shares; issued and outstanding:  
         38,297,924 shares at March 28, 2004 and 38,301,224  
         shares at December 31, 2003    426    427  
      Class B-1 - authorized 60,000,000 shares; issued and outstanding:  
         14,968,817 shares at March 28, 2004 and 14,972,117  
         shares at December 31, 2003    193    193  
      Class A - authorized 170,000,000 shares; issued and outstanding:  
         20,198,142 shares at March 28, 2004 and 20,191,542  
         shares at December 31, 2003    202    201  
     Additional paid-in capital    268,907    268,907  
     Unearned compensation    (118 )  (129 )
     Retained earnings    313,293    302,833  
     Treasury stock, at cost    (108,715 )  (108,715 )
     TOTAL SHAREHOLDERS' EQUITY    474,221    463,750  
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 734,494   $ 747,175  

Note: The balance sheet at December 31, 2003 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements.

See accompanying notes to unaudited consolidated condensed financial statements.

2

JOURNAL COMMUNICATIONS, INC.
Unaudited Consolidated Condensed Statements of Earnings
(in thousands, except per share amounts)

First Quarter Ended
March 28, 2004
 March 30, 2003
Operating revenue:            
     Publishing   $ 76,671   $ 74,555  
     Broadcasting    34,635    32,251  
     Telecommunications    35,557    36,658  
     Printing services    21,764    22,707  
     Other    24,043    23,699  
Total operating revenue    192,670    189,870  

Operating costs and expenses:		  
     Publishing    37,845    38,324  
     Broadcasting    15,102    15,084  
     Telecommunications    20,406    20,141  
     Printing services    18,460    18,464  
     Other    19,853    19,857  
Total operating costs and expenses    111,666    111,870  

Selling and administrative expenses		    54,294    56,783  
Total operating costs and expenses and selling  
      and administrative expenses    165,960    168,653  

Operating earnings		    26,710    21,217  

Other income and expense:		  
     Interest income and dividends    67    82  
     Interest expense, net    (612 )  (535 )
Total other income and expense    (545 )  (453 )

Earnings before income taxes		    26,165    20,764  

Provision for income taxes		    10,466    8,306  

Net earnings		   $ 15,699   $ 12,458  

Net earnings available to class A and B common shareholders		   $ 15,235   $ 12,458  

Earnings per share:		  
     Basic   $ 0.21   $ 0.16  

     Diluted		   $ 0.20   $ 0.16  

See accompanying notes to unaudited consolidated condensed financial statements.

3

Journal Communications, Inc.
Unaudited Consolidated Condensed Statement of Shareholders' Equity
For the Quarter ended March 28, 2004
(dollars in thousands, except per share amounts)

Common Stock
Preferred
Stock
 Class C
 Class B-2
 Class B-1
 Class A
 Additional
Paid-in-Capital
 Unearned
Compensation
 Retained
Earnings
 Stock,
at cost
 Total
 Comprehensive
Income (Loss)
Balance at December 31, 2003     $ --   $ 33   $ 427   $ 193   $ 201   $ 268,907   $ (129 ) $ 302,833   $ (108,715 ) $ 463,750      

Net earnings and other comprehensive income		                                15,699        15,699   $ 15,699  

Dividends declared:		  
    Class C ($0.142 per share)                                (464 )      (464 )    
    Class B ($0.065 per share)                                (3,463 )      (3,463 )    
    Class A ($0.065 per share)                                (1,312 )      (1,312 )    
Issuance of shares:  
    Conversion of class B to  
    class A            (1 )      1                    --      
Amortization of unearned compensation                            11            11      

Balance at March 28, 2004		   $ --   $ 33   $ 426   $ 193   $ 202   $ 268,907   $ (118 ) $ 313,293   $ (108,715 ) $ 474,221      





See accompanying notes to unaudited consolidated financial statements.

4

JOURNAL COMMUNICATIONS, INC.
Unaudited Consolidated Condensed Statements of Cash Flows
(in thousands)

First Quarter Ended
March 28, 2004
 March 30, 2003
Cash flow from operating activities:            
     Net earnings   $ 15,699   $ 12,458  
     Adjustments for non-cash items:  
         Depreciation    11,089    11,323  
         Amortization    491    428  
         Provision for doubtful accounts    636    666  
         Deferred income taxes    2,181    --  
         Net loss from disposal of assets    51    3  
     Net changes in operating assets and liabilities:  
               Receivables    1,261    (87 )
               Inventories    35    (348 )
               Accounts payable    1,874    13,414  
               Other assets and liabilities    2,995    (278 )
                  NET CASH PROVIDED BY OPERATING ACTIVITIES    36,312    37,579  

Cash flow from investing activities:		  
     Capital expenditures for property and equipment    (5,507 )  (16,784 )
     Proceeds from sales of assets    12    92  
     Other, net    (70 )  (63 )
            &nb