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Article: Legal publisher's software project a big cash drain. (Up Front).(Daily Journal Corp. )(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- February 25, 2002
- Author:
CopyrightCOPYRIGHT 2002 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Daily Journal Corp. is known for its legal newspapers and magazines. But a good part of the L.A. company's efforts are now being focused on software development - and that's resulting in the loss of millions of dollars.
The owner of the Los Angeles Daily Journal newspaper and California Lawyer magazine lost $15.6 million last year trying to develop a case-management system for courts. In a regulatory filing, the company expects the project to "grossly impact" the firm's financial results for years to come.
But the closely held public company doesn't have to worry about answering to lots of jittery investors. Chairman Charles Munger, the Los Angeles ...