Lee Enterprises Advertising Revenue Increases 4.0% in May
DAVENPORT, Iowa--(BUSINESS WIRE)--June 16, 2005--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue increased 4.0 percent in May compared with 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 4.4 percent. Classified advertising revenue increased 2.5 percent, with employment up 14.4 percent, automotive down 7.6 percent, real estate up 12.7 percent, other newspaper classified categories down 12.2 percent, and classified in non-daily publications down 0.6 percent. Niche publication revenue decreased 4.8 percent, due primarily to the loss of a larger publication in one market, and online advertising revenue increased 28.3 percent. Circulation revenue decreased 2.0 percent.
Total same property operating revenue increased 3.0 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 4.8 percent, and total operating revenue increased 3.3 percent.
PULITZER RESULTS
On June 3, 2005, Lee acquired Pulitzer Inc. and its 14 daily newspapers, including the St. Louis Post-Dispatch.
For the four-week fiscal period ended May 29, 2005, the last month before the acquisition, Pulitzer recorded that advertising revenue rose 2.9 percent and total revenue increased 2.0 percent.
On a same property basis for the period, Pulitzer advertising revenue increased 2.3 percent, and total revenue was up 1.6 percent. Advertising revenue in St. Louis rose 1.4 percent, with total revenue there up 1.0 percent. Same property advertising revenue in Pulitzer's other newspapers rose 4.6 percent and total revenue rose 2.9 percent.
In Tucson, where Pulitzer owns 50 percent of the partnership and which is accounted for using the equity method, advertising revenue rose 3.7 percent and total revenue was up 3.1 percent.
Lee will include Pulitzer results in its financial statements beginning in June 2005.
Tables follow.
With the acquisition of Pulitzer, Lee owns 52 daily newspapers and a joint interest in six others. Lee also operates associated online services and more than 300 weekly newspapers, shoppers and classified and specialty publications. Lee is based in Davenport, Iowa, and its stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee Enterprises is available at www.lee.net.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
May Year to Date
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(Thousands) 2005 2004 % 2005 2004 %
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Advertising revenue:
Retail............. $26,884 $25,751 4.4% $199,204 $192,861 3.3%
National........... 1,555 1,512 2.8 14,029 12,176 15.2
Classified:
Daily newspapers:
Employment....... 4,966 4,342 14.4 32,373 27,959 15.8
Automotive....... 3,367 3,645 (7.6) 25,904 26,825 (3.4)
Real estate...... 3,501 3,107 12.7 24,253 21,819 11.2
All other........ 2,241 2,552 (12.2) 15,489 15,719 (1.5)
Other publications 2,943 2,962 (0.6) 21,468 21,218 1.2
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Total classified
revenue........... 17,018 16,608 2.5 119,487 113,540 5.2
Niche publications. 984 1,034 (4.8) 7,543 7,244 4.1
Online............. 1,388 1,082 28.3 9,269 7,014 32.1
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Total advertising
revenue............ 47,829 45,987 4.0 349,532 332,835 5.0
Circulation......... 11,026 11,250 (2.0) 84,944 87,053 (2.4)
Commercial printing. 1,703 1,734 (1.8) 13,781 13,305 3.6
Online services and
other.............. 2,372 2,119 11.9 17,376 15,769 10.2
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Total same property
operating revenue.. 62,930 61,090 3.0 465,633 448,962 3.7
Acquisitions &
divestitures....... 1,137 901 NM 10,493 3,857 NM
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Total operating
revenue............ $64,067 $61,991 3.3% $476,126 $452,819 5.1%
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DAILY NEWSPAPER ADVERTISING VOLUME
May Year to Date
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(Thousands of
Inches) 2005 2004 % 2005 2004 %
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Retail.............. 933 949 (1.7)% 7,065 7,257 (2.6)%
National............ 50 44 13.6 388 363 6.9
Classified.......... 1,018 979 4.0 7,526 6,994 7.6
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Total, same property 2,001 1,972 1.5% 14,979 14,614 2.5%
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NOTES:
(1) The month had one more Tuesday and one fewer Saturday than the
prior period. The year to date had one more Tuesday and one fewer
Wednesday and Thursday 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.
CONTACT: Lee Enterprises, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated