Lee Enterprises Reports Advertising Revenue for March
DAVENPORT, Iowa--(BUSINESS WIRE)--April 20, 2006--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in March increased 1.7 percent over a year ago.
On a same property(1) basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue decreased 0.6 percent. Classified advertising revenue increased 3.5 percent, with employment up 9.2 percent, automotive down 6.8 percent, real estate up 5.6 percent, other newspaper classified categories up 2.1 percent, and classified in non-daily publications up 5.0 percent. National advertising revenue decreased 9.2 percent. Online advertising revenue increased 39.0 percent. Niche publication advertising revenue increased 5.1 percent. Circulation revenue decreased 1.3 percent.
Total same property operating revenue increased 1.1 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 61.3 percent, and total operating revenue increased 57.9 percent, due primarily to the acquisition of Pulitzer in June 2005.
In Lee's 50 percent partnership in Madison, Wisconsin, which is reported using the equity method of accounting and is not included in the revenue described above, advertising revenue in March was flat, and total revenue increased 1.2 percent.
PULITZER RESULTS
Pulitzer revenue is reported in statistical periods. For the statistical reporting period ended March 26, 2006, comparing the current year period to last year, which is before Lee's ownership, Pulitzer advertising revenue decreased 3.4 percent, with total revenue down 2.3 percent. In St. Louis, advertising revenue decreased 4.6 percent, and total revenue decreased 3.9 percent. In the other former Pulitzer newspapers, advertising revenue decreased 0.8 percent, and total revenue increased 1.5 percent.
In the 50 percent partnership in Tucson, which is accounted for using the equity method and is not included in the Pulitzer revenue described above, advertising revenue for the March statistical reporting period rose 10.8 percent, and total revenue increased 8.6 percent.
Tables follow.
Lee Enterprises is a premier publisher of newspapers in midsize markets, with 52 dailies and a joint interest in six others, a rapidly growing online business and more than 300 weekly newspapers and specialty publications in 23 states. Lee's newspapers have circulation of 1.7 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee's newspaper online sites reach more than two million users, and Lee's weekly publications have distribution of more than 4.5 million households. Lee's newspapers include such diverse markets as Napa, Calif.; Bloomington, Ill.; Billings, Mont.; Madison, Wis.; and St. Louis, Mo. Lee is based in Davenport, Iowa, and its stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee Enterprises, please visit www.lee.net.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
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March Fiscal Year to Date
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(Thousands) 2006 2005 % 2006 2005 %
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Advertising
revenue:
Retail............ $24,953 $25,099 (0.6)% $152,321 $151,508 0.5 %
National.......... 1,826 2,012 (9.2) 11,889 12,254 (3.0)
Classified:
Daily newspapers:
Employment...... 4,744 4,343 9.2 25,995 23,084 12.6
Automotive...... 2,996 3,215 (6.8) 16,518 19,096 (13.5)
Real estate..... 3,080 2,916 5.6 18,537 17,975 3.1
All other....... 2,051 2,008 2.1 11,379 11,148 2.1
Other
publications.... 3,270 3,115 5.0 16,301 16,546 (1.5)
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Total classified
revenue.......... 16,141 15,597 3.5 88,730 87,849 1.0
Online............ 1,762 1,268 39.0 8,933 6,576 35.8
Niche publications 1,232 1,172 5.1 6,222 5,917 5.2
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Total advertising
revenue........... 45,914 45,148 1.7 268,095 264,104 1.5
Circulation........ 10,521 10,663 (1.3) 62,665 64,150 (2.3)
Commercial printing 1,821 1,877 (3.0) 9,831 10,501 (6.4)
Online services and
other............. 2,515 2,450 2.7 13,058 12,845 1.7
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Total same property
operating revenue. 60,771 60,138 1.1 353,649 351,600 0.6
Acquisitions &
divestitures...... 34,634 302 NM 224,759 1,179 NM
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Total operating
revenue........... $95,405 $60,440 57.9 % $578,408 $352,779 64.0 %
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DAILY NEWSPAPER ADVERTISING VOLUME
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March Fiscal Year to Date
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(Thousands of Inches) 2006 2005 % 2006 2005 %
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Retail.................. 879 898 (2.1)% 5,252 5,427 (3.2)%
National................ 43 51 (15.7) 264 301 (12.3)
Classified.............. 986 958 2.9 5,550 5,631 (1.4)
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Total, same property.... 1,908 1,907 0.1 % 11,066 11,359 (2.6)%
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LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
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Three Months Ended March 31
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(Thousands) 2006 2005 %
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Advertising revenue:
Retail.......................... $68,453 $68,228 0.3 %
National........................ 5,204 5,705 (8.8)
Classified:
Daily newspapers:
Employment.................. 13,674 12,302 11.2
Automotive.................. 8,155 9,233 (11.7)
Real estate................. 9,011 8,754 2.9
All other................... 5,569 5,445 2.3
Other publications............ 8,196 8,159 0.5
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Total classified revenue........ 44,605 43,893 1.6
Online.......................... 4,771 3,452 38.2
Niche publications.............. 3,644 3,254 12.0
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Total advertising revenue......... 126,677 124,532 1.7
Circulation....................... 31,121 31,720 (1.9)
Commercial printing............... 4,805 5,122 (6.2)
Online services and other......... 6,744 6,608 2.1
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Total same property
operating revenue................ 169,347 167,982 0.8
Acquisitions &
divestitures..................... 106,422 713 NM
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Total operating revenue 275,769 168,695 63.5 %
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DAILY NEWSPAPER ADVERTISING VOLUME
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Three Months Ended March 31
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(Thousands of Inches) 2006 2005 %
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Retail................................ 2,361 2,450 (3.6)%
National.............................. 123 143 (14.0)
Classified............................ 2,740 2,737 0.1
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Total, same property.................. 5,224 5,330 (2.0)%
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NOTES:
(1) 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), in which Lee
owns a 50% share. It is reported using the equity method of
accounting.
(2) March had one more Friday and one fewer Tuesday than the prior
period. The quarter had one more Friday and one fewer Saturday
than the prior period.
(3) 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.
(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, energy costs, 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
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE:
Lee Enterprises, Incorporated