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: June 27, 2004

[ ]	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 or organization)		(I.R.S. Employer Identification No.)
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 July 23, 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 July 23, 2004
Class A Common Stock	26,926,496
Class B-1 Common Stock	9,741,509
Class B-2 Common Stock	35,549,109
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
		June 27, 2004 (Unaudited) and December 31, 2003	2

		Unaudited Consolidated Condensed Statements of Earnings
		for the Second Quarter and Two Quarters Ended
		June 27, 2004 and June 29, 2003	3

		Unaudited Consolidated Condensed Statement of
		Shareholders' Equity for the Two Quarters Ended
		June 27, 2004	4

		Unaudited Consolidated Condensed Statements of
		Cash Flows for the Two Quarters Ended June 27, 2004
		and June 29, 2003	5

		Notes to Unaudited Consolidated Condensed
		Financial Statements as of June 27, 2004	6

	Item 2.	Management's Discussion and Analysis of Financial Condition
		and Results of Operations	12

	Item 3.	Quantitative and Qualitative Disclosure of Market Risk	26

	Item 4.	Controls and Procedures	26


Part II	Other Information

	Item 1.	Legal Proceedings	27

	Item 2.	Changes in Securities, Use of Proceeds and Issuer Purchases of
		Equity Securities	27

	Item 3.	Defaults Upon Senior Securities	27

	Item 4.	Submission of Matters to a Vote of Security Holders	27

	Item 5.	Other Information	28

	Item 6.	Exhibits and Reports on Form 8-K	28

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

	June 27, 2004		December 31, 2003
ASSETS		(unaudited)
Current assets:
Cash and cash equivalents	$	6,148		$	8,444
Receivables, less allowance for doubtful
accounts of $7,726 and $6,836		91,787			96,563
Inventories		16,531			15,216
Prepaid expenses		10,287			13,236
Deferred income taxes		9,117			8,948

TOTAL CURRENT ASSETS		133,870			142,407
Property and equipment, at cost, less accumulated
depreciation of $352,718 and $331,658		306,911			314,595
Goodwill		114,283			114,283
Broadcast licenses		129,548			129,548
Other intangible assets, net		9,505			9,900
Prepaid pension costs		26,159			28,421
Other assets, net		13,046			8,021

TOTAL ASSETS	$	733,322		$	747,175

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	41,042		$	38,369
Accrued compensation		19,830			24,704
Deferred revenue		19,522			22,590
Accrued employee benefits		12,073			9,830
Other current liabilities		14,537			21,567
Current portion of long-term liabilities		766			683

TOTAL CURRENT LIABILITIES		107,770			117,743
Accrued employee benefits		16,484			16,457
Long-term notes payable to banks		76,735			84,000
Deferred income taxes		59,988			56,477
Other long-term liabilities		15,218			8,748
Shareholders' equity:
Preferred stock, $0.01 par - authorized 10,000,000 shares; no
shares outstanding at June 27, 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 June 27, 2004 and December 31, 2003		33			33
Class B-2 - authorized 60,000,000 shares; issued and outstanding:
35,518,175 shares at June 27, 2004 and 38,301,224 shares
at December 31, 2003		398			427
Class B-1 - authorized 60,000,000 shares; issued and outstanding:
9,741,509 shares at June 27, 2004 and 14,972,117 shares
at December 31, 2003		141			193
Class A - authorized 170,000,000 shares; issued and outstanding:
26,926,496 shares at June 27, 2004 and 20,191,542 shares
at December 31, 2003		269			201
Additional paid-in capital		384,542			268,907
Unearned compensation		(131	)		(129	)
Retained earnings		180,590			302,833
Treasury stock, at cost		(108,715	)		(108,715	)

TOTAL SHAREHOLDERS' EQUITY		457,127			463,750

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	733,322		$	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.

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

	Second Quarter Ended						Two Quarters Ended
	June 27, 2004			June 29, 2003			June 27, 2004			June 29, 2003
Operating revenue:
Publishing	$	83,599		$	79,907		$	160,270		$	154,462
Broadcasting		42,254			37,657			76,889			69,908
Telecommunications		36,804			37,461			72,361			74,119
Printing services		17,427			20,714			39,191			43,421
Other		27,938			23,652			51,981			47,351

Total operating revenue		208,022			199,391			400,692			389,261
Operating costs and expenses:
Publishing		39,674			39,337			77,519			77,661
Broadcasting		16,384			15,784			31,486			30,868
Telecommunications		20,898			20,948			41,304			41,089
Printing services		15,459			17,545			33,919			36,009
Other		22,842			19,304			42,695			39,161

Total operating costs and expenses		115,257			112,918			226,923			224,788
Selling and administrative expenses		57,726			59,995			112,020			116,778

Total operating costs and expenses and
selling and administrative expenses		172,983			172,913			338,943			341,566

Operating earnings		35,039			26,478			61,749			47,695
Other income and expense:
Interest income and dividends		70			55			137			137
Interest expense, net		(390	)		(916	)		(1,002	)		(1,451	)

Total other income and expense		(320	)		(861	)		(865	)		(1,314	)

Earnings before income taxes		34,719			25,617			60,884			46,381
Provision for income taxes		13,888			10,386			24,354			18,692

Net earnings	$	20,831		$	15,231		$	36,530		$	27,689

Net earnings available to class A
and B common shareholders	$	20,367		$	15,231		$	35,602		$	27,689

Earnings per share:
Basic	$	0.28		$	0.20		$	0.48		$	0.36

Diluted	$	0.27		$	0.20		$	0.47		$	0.36