Lee Enterprises Reports Ad Revenue Growth of 7.6% in April
DAVENPORT, Iowa--(BUSINESS WIRE)--May 13, 2004--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in April increased 7.6 percent over a year ago.
On a same property(2) basis, which excludes the impact of acquisitions and divestitures, retail advertising revenue rose 2.3 percent over the previous year, and classified revenue rose 12.7 percent, with employment up 17.1 percent, automotive up 2.6 percent, real estate up 6.1 percent, other newspaper classified categories up 19.5 percent, and classified in non-daily publications up 20.2 percent. National advertising revenue, a small category for Lee, increased 8.5 percent. Niche publication revenue increased 42.7 percent and online advertising revenue increased 35.3 percent.
On a same property basis, total operating revenue increased 6.5 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 8.6 percent and total operating revenue increased 7.5 percent.
Same property circulation revenue declined 0.7 percent in April from a year ago. Meanwhile, however, paid circulation units have held steady daily and increased on Sunday in the last six months compared with a year ago. In the latest Fas-Fax report from the Audit Bureau of Circulations for the six-month period ended March 31, 2004, year-over-year same property circulation volume at Lee newspapers was flat daily and increased 0.5 percent Sunday. Lee's 44 daily newspapers have combined paid circulation of 1.1 million daily and 1.2 million Sunday.
"We are encouraged by the strengthening advertising recovery and are pleased again by our excellent showing in April," said Mary Junck, chairman and chief executive officer. "We're also encouraged by our continuing strong performance in attracting and retaining readers, as shown in our latest six-month average paid circulation. Revenue and circulation are two of our top priorities in Lee, and all of our newspapers are pushing them hard, along with emphasizing strong local news, driving our online strength and exercising careful cost controls."
Revenue statistics for April and year to date follow.
Lee Enterprises is based in Davenport, Iowa, and is the premier publisher of daily newspapers in midsize markets. Lee owns 38 daily newspapers and a joint interest in six others, along with associated online services. Lee also publishes nearly 200 weekly newspapers, shoppers and classified and specialty publications. Lee 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
April Year to Date
----------------------------------------------------------------------
(Thousands) 2004 2003 % 2004 2003 %
----------------------------------------------------------------------
Advertising revenue:
Retail............. $23,009 $22,493 2.3% $162,650 $158,084 2.9%
National........... 1,404 1,294 8.5 10,648 9,103 17.0
Classified:
Daily newspapers:
Employment....... 3,690 3,152 17.1 23,215 21,050 10.3
Automotive....... 3,412 3,324 2.6 22,791 23,069 (1.2)
Real estate...... 2,756 2,597 6.1 19,236 17,391 10.6
All other........ 2,632 2,203 19.5 15,788 15,094 4.6
Other publications 3,400 2,829 20.2 20,634 19,481 5.9
----------------------------------------------------------------------
Total classified
revenue........... 15,890 14,105 12.7 101,664 96,085 5.8
Niche publications. 1,096 768 42.7 6,209 4,765 30.3
Online............. 958 708 35.3 5,932 4,327 37.1
----------------------------------------------------------------------
Total advertising
revenue............ 42,357 39,368 7.6 287,103 272,364 5.4
Circulation......... 10,476 10,548 (0.7) 75,803 75,802 0.0
Commercial printing. 1,897 1,581 20.0 11,314 10,955 3.3
Online services and
other.............. 2,270 2,010 12.9 15,029 13,970 7.6
----------------------------------------------------------------------
Total same property
operating revenue.. 57,000 53,507 6.5 389,249 373,091 4.3
Acquisitions........ 500 - NM 1,579 - NM
----------------------------------------------------------------------
Total operating
revenue............ $57,500 $53,507 7.5% $390,828 $373,091 4.8%
======================================================================
DAILY NEWSPAPER ADVERTISING VOLUME
April Year to Date
----------------------------------------------------------------------
(Thousands of Inches) 2004 2003 % 2004 2003 %
----------------------------------------------------------------------
Retail.............. 852 823 3.5% 6,026 6,033 (0.1)%
National............ 47 39 20.5 318 271 17.3
Classified.......... 957 905 5.7 6,231 6,014 3.6
----------------------------------------------------------------------
Total, same property 1,856 1,767 5.0% 12,575 12,318 2.1%
======================================================================
NOTES:
(1) The month had one more Thursday and Friday and one fewer Tuesday
and Wednesday than the prior period. The year to date had one more
Thursday and Friday and one fewer Tuesday than the prior period.
(2) 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.
(3) The Company's fiscal year ends on September 30.
(4) The Company disclaims responsibility for updating information
beyond 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, Incorporated, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated