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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 27, 2005

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    X    No        

Number of shares outstanding of each of the issuer’s classes of common stock as of May 2, 2005 (excluding 8,676,705 shares of class B common stock held by our subsidiary, The Journal Company):

Class Outstanding at May 2, 2005
Class A Common Stock 31,933,425

Class B Common Stock		 48,761,511

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 27, 2005 (Unaudited) and December 26, 2004   2

 		 Unaudited Consolidated Condensed Statements of Earnings
  for the First Quarter Ended March 27, 2005 and March 28, 2004   3

 		 Unaudited Consolidated Condensed Statement of
  Shareholders' Equity for the First Quarter Ended March 27, 2005   4

 		 Unaudited Consolidated Condensed Statements of
  Cash Flows for the First Quarter Ended March 27, 2005
  and March 28, 2004   5

 		 Notes to Unaudited Consolidated Condensed
  Financial Statements as of March 27, 2005   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 20

 		 Item 4. Controls and Procedures 20

Part II.		 Other Information

 		 Item 1. Legal Proceedings 20

 		 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

 		 Item 3. Defaults Upon Senior Securities 21

 		 Item 4. Submission of Matters to a Vote of Security Holders 21

 		 Item 5. Other Information 21

 		 Item 6. Exhibits 21

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 27, 2005
 December 26, 2004
(unaudited)
ASSETS            
Current assets:  
     Cash and cash equivalents   $ 6,571   $ 6,374  
     Receivables, less allowance for doubtful accounts  
         of $7,468 and $7,210    82,737    89,690  
     Inventories    10,077    10,450  
     Prepaid expenses    13,050    13,302  
     Deferred income taxes    8,954    8,903  
     Investment in preferred stock    4,394    4,394  
     Current assets of discontinued operations    1,194    12,215  
     TOTAL CURRENT ASSETS    126,977    145,328  

Property and equipment, at cost, less accumulated depreciation		  
     of $346,946 and $338,674    292,710    297,405  
Goodwill    136,102    136,286  
Broadcast licenses    140,046    140,046  
Other intangible assets, net    14,419    14,753  
Prepaid pension costs    22,452    23,787  
Other assets    7,923    8,565  
Non-current assets of discontinued operations    329    8,892  
     TOTAL ASSETS   $ 740,958   $ 775,062  

LIABILITIES AND SHAREHOLDERS' EQUITY		  
Current liabilities:  
     Accounts payable   $ 35,094   $ 39,239  
     Accrued compensation    19,126    22,364  
     Accrued employee benefits    10,624    10,171  
     Deferred revenue    20,588    20,536  
     Other current liabilities    18,917    12,518  
     Current liabilities of discontinued operations    4,052    6,164  
     Current portion of long-term liabilities    4,101    3,600  
     TOTAL CURRENT LIABILITIES    112,502    114,592  

Accrued employee benefits		    18,150    17,839  
Long-term notes payable to banks    28,890    70,310  
Deferred income taxes    64,648    64,491  
Other long-term liabilities    14,597    16,683  
Long-term liabilities of discontinued operations    1,652    1,652  

Shareholders' equity:		  
     Preferred stock, $0.01 par - authorized 10,000,000 shares; no shares  
       outstanding at March 27, 2005 and at December 26, 2004    --    --  
     Common stock, $0.01 par:  
      Class C - authorized 10,000,000 shares; issued and outstanding:  
         3,264,000 shares at March 27, 2005 and December 26, 2004    33    33  
      Class B-2 - authorized 60,000,000 shares; issued and outstanding:  
         35,036,688 shares at March 27, 2005 and 35,539,783  
         shares at December 26, 2004    393    399  
      Class B-1 - authorized 60,000,000 shares; issued and outstanding:  
         8,447,795 shares at March 27, 2005 and 9,270,929  
         shares at December 26, 2004    129    136  
      Class A - authorized 170,000,000 shares; issued and outstanding:  
         28,728,481 shares at March 27, 2005 and 27,417,326  
         shares at December 26, 2004    287    274  
     Additional paid-in capital    385,314    385,219  
     Unearned compensation    (1,035 )  (104 )
     Retained earnings    224,113    212,253  
     Treasury stock, at cost    (108,715 )  (108,715 )
     TOTAL SHAREHOLDERS' EQUITY    500,519    489,495  
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 740,958   $ 775,062  

Note: The balance sheet at December 26, 2004 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 27, 2005
 March 28, 2004
Continuing Operations:            
Revenue:  
     Publishing   $ 77,914   $ 76,671  
     Broadcasting    37,206    34,635  
     Telecommunications    37,455    35,557  
     Printing services    18,306    21,764  
     Other    10,547    10,464  
Total revenue    181,428    179,091  

Operating costs and expenses:		  
     Publishing    40,504    38,532  
     Broadcasting    17,341    15,102  
     Telecommunications    22,143    20,406  
     Printing services    15,778    18,460  
     Other    8,993    8,551  
Total operating costs and expenses    104,759    101,051  
Selling and administrative expenses    55,372    52,338  
Total operating costs and expenses and selling  
     and administrative expenses    160,131    153,389  

Operating earnings		    21,297    25,702  

Other income and expense:		  
     Interest income and dividends    96    67  
     Interest expense    (586 )  (612 )
Total other income and expense    (490 )  (545 )

Earnings from continuing operations before income taxes		    20,807    25,157  

Provision for income taxes		    8,242    10,073  

Earnings from continuing operations		    12,565    15,084  

Gain from discontinued operations, net of applicable income tax		  
     expense of $3,073 and $393, respectively    4,846    615  

Net earnings		   $ 17,411   $ 15,699  
Earnings available to class A and B common shareholders   $ 16,947   $ 15,235  

Earnings per share:		  
     Basic:  
       Continuing operations   $ 0.17   $ 0.20  
       Discontinued operations    0.07    0.01  
       Net earnings   $ 0.24   $ 0.21  

     Diluted:		  
       Continuing operations   $ 0.17   $ 0.19  
       Discontinued operations    0.06    0.01  
       Net earnings   $ 0.23   $ 0.20  

See accompanying notes to unaudited consolidated condensed financial statements.

3

Journal Communications, Inc.
Unaudited Consolidated Condensed Statement of Shareholders' Equity
For the First Quarter Ended March 27, 2005
(dollars in thousands, except per-share amounts)

Preferred Common Stock
 Additional
Paid-in-		 Unearned Retained Treasury
Stock,		 Comprehensive
Stock
 Class C
 Class B-2
 Class B-1
 Class A
 Capital
 Compensation
 Earnings
 at cost
 Total
 Income

Balance at December 26, 2004		     $ --   $ 33   $ 399   $ 136   $ 274   $ 385,219   $ (104 ) $ 212,253   $ (108,715 ) $ 489,495      

Net earnings and other comprehensive income		                                17,411        17,411   $ 17,411  

Dividends declared:		  
    Class C ($0.142 per share)                                (464 )      (464 )    
    Class B ($0.065 per share)                                (2,873 )      (2,873 )    
    Class A ($0.065 per share)                                (1,823 )      (1,823 )    
Issuance of shares:  
    Conversion of class B to class A            (7 )  (7 )  14          --
    Restricted stock grants            1            990    (991 )          --      
    Stock grants                        25                25      
    Employee stock purchase plan                        595                595      
Shares purchased and retired                    (1 )  (1,515 )      (391