Lee Enterprises Ad Revenue Increases 7.6% in March
DAVENPORT, Iowa, Apr 18, 2005 (BUSINESS WIRE) -- Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in March increased 7.6 percent over a year ago.
On a same property(3) basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue increased 8.5 percent. Classified advertising revenue increased 5.4 percent, with employment up 12.1 percent, automotive down 2.7 percent, real estate up 6.7 percent, other newspaper classified categories up 11.8 percent, and classified in non-daily publications up 0.3 percent. National advertising revenue, a small category for Lee, increased 11.4 percent. Niche publication revenue increased 1.5 percent, and online advertising revenue increased 21.5 percent. Circulation revenue decreased 1.6 percent.
Total same property operating revenue increased 6.1 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 9.9 percent, and total operating revenue increased 7.5 percent.
Tables follow.
Lee Enterprises operates 44 daily newspapers in 19 states, along with associated online services, and 200 weekly newspapers, shoppers and specialty publications. Lee stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee, including revenue statistics for March, is available at www.lee.net.
On Jan. 30, 2005, Lee and Pulitzer Inc. (NYSE:PTZ) announced that they have entered into a definitive agreement for Lee to acquire all of Pulitzer's capital stock for a cash purchase price of $64 per share, with enterprise value totaling $1.46 billion based upon a value of $64 per share. The boards of directors of both companies have unanimously approved the transaction. The transaction is subject to customary closing conditions and approval by Pulitzer shareholders. The transaction is expected to close by the end of the second calendar quarter of 2005. Pulitzer's 14 daily newspapers include the St. Louis Post-Dispatch.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
March Year to Date
----------------------------------------------------------------------
(Thousands) 2005 2004 % 2005 2004 %
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Advertising
revenue:
Retail........... $24,645 $22,721 8.5% $148,598 $143,406 3.6%
National......... 1,793 1,610 11.4 10,876 9,257 17.5
Classified:
Daily
newspapers:
Employment..... 4,326 3,858 12.1 23,007 19,858 15.9
Automotive..... 3,208 3,296 (2.7) 19,081 19,658 (2.9)
Real estate.... 2,908 2,725 6.7 17,486 16,019 9.2
All other...... 1,937 1,732 11.8 11,233 10,967 2.4
Other
publications... 2,820 2,812 0.3 15,574 15,269 2.0
----------------------------------------------------------------------
Total classified
revenue......... 15,199 14,423 5.4 86,381 81,771 5.6
Niche
publications.... 1,125 1,108 1.5 5,548 5,113 8.5
Online........... 1,264 1,040 21.5 6,543 4,974 31.5
----------------------------------------------------------------------
Total advertising
revenue.......... 44,026 40,902 7.6 257,946 244,521 5.5
Circulation....... 10,570 10,743 (1.6) 63,555 65,327 (2.7)
Commercial
printing......... 1,838 1,702 8.0 10,308 9,642 6.9
Online services
and other........ 2,464 2,166 13.8 12,946 11,692 10.7
----------------------------------------------------------------------
Total same
property
operating
revenue.......... 58,898 55,513 6.1 344,755 331,182 4.1
Acquisitions &
divestitures..... 1,542 691 NM 8,024 2,146 NM
----------------------------------------------------------------------
Total operating
revenue.......... $60,440 $56,204 7.5% $352,779 $333,328 5.8%
======================================================================
DAILY NEWSPAPER ADVERTISING VOLUME
March Year to Date
----------------------------------------------------------------------
(Thousands of
Inches) 2005 2004 % 2005 2004 %
----------------------------------------------------------------------
Retail.............. 872 857 1.8% 5,284 5,418 (2.5)%
National............ 50 49 2.0 289 271 6.6
Classified.......... 938 877 7.0 5,511 5,091 8.2
----------------------------------------------------------------------
Total, same property 1,860 1,783 4.3% 11,084 10,780 2.8%
======================================================================
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
Three Months Ended March 31
----------------------------------------------------------------------
(Thousands) 2005 2004 %
----------------------------------------------------------------------
Advertising revenue:
Retail................................ $66,788 $64,079 4.2%
National.............................. 5,114 4,567 12.0
Classified:
Daily newspapers:
Employment......................... 12,269 10,679 14.9
Automotive......................... 9,222 9,611 (4.0)
Real estate........................ 8,726 8,022 8.8
All other.......................... 5,255 5,245 0.2
Other publications................... 7,609 7,690 (1.1)
----------------------------------------------------------------------
Total classified revenue.............. 43,081 41,247 4.4
Niche publications.................... 3,118 3,019 3.3
Online................................ 3,436 2,679 28.3
----------------------------------------------------------------------
Total advertising revenue................ 121,537 115,591 5.1
Circulation.............................. 31,445 32,347 (2.8)
Commercial printing...................... 5,032 4,779 5.3
Online services and other................ 6,652 6,022 10.5
----------------------------------------------------------------------
Total same property operating revenue.... 164,666 158,739 3.7
Acquisitions & divestitures.............. 4,029 1,605 NM
----------------------------------------------------------------------
Total operating revenue.................. $168,695 $160,344 5.2%
======================================================================
DAILY NEWSPAPER ADVERTISING VOLUME
Three Months Ended March 31
----------------------------------------------------------------------
(Thousands of Inches) 2005 2004 %
----------------------------------------------------------------------
Retail.................................... 2,381 2,411 (1.2)%
National.................................. 139 140 (0.7)
Classified................................ 2,685 2,480 8.3
----------------------------------------------------------------------
Total, same property...................... 5,205 5,031 3.5%
======================================================================
NOTES:
(1) The month had one more Thursday and one fewer Monday than the
prior period. The year to date had one fewer Wednesday than the
prior period. The quarter had one fewer Friday than the prior
period.
(2) Certain amounts as previously reported have been reclassified to
conform with the current period presentation. The prior period has
been restated for comparative purposes, and the reclassifications
have no impact on earnings.
(3) Same property comparisons exclude acquisitions and divestitures
made in the current and prior year. Same property revenue also
excludes revenue of Madison Newspapers, Inc. (MNI). Lee owns 50%
of the capital stock of MNI, which for financial reporting
purposes is reported using the equity method of accounting. Same
property comparisons also exclude corporate office costs.
(4) The Company's fiscal year ends on September 30.
(5) The Company disclaims responsibility for updating information
beyond the release date.
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. This release contains information that may be deemed forward-looking and that is based largely on the Company's current expectations and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties are changes in advertising demand, newsprint prices, interest rates, labor costs, legislative and regulatory rulings and other results of operations or financial conditions, difficulties in integration of acquired businesses or maintaining employee and customer relationships and increased capital and other costs. The words "may," "will," "would," "could," "believes," "expects," "anticipates," "intends," "plans," "projects," "considers" and similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. The Company does not publicly undertake to update or revise its forward-looking statements.
SOURCE: Lee Enterprises, Incorporated
Lee Enterprises, Incorporated Dan Hayes, 563-383-2100 dan.hayes@lee.net