Lee Enterprises Reports August Revenue Statistics
DAVENPORT, Iowa--(BUSINESS WIRE)--Sept. 22, 2003--Lee Enterprises, Incorporated (NYSE:LEE), reported today that publishing revenue in August increased 5.7 percent over a year ago, a result of improved advertising sales and an additional Sunday this year.
Same property publishing revenue(2), which excludes the effects of acquisitions and divestitures, increased 5.8 percent in August and 2.5 percent year to date compared with a year ago. At the 16 newspapers Lee acquired in 2002, August revenue increased 6.3 percent compared with a year ago.
Total advertising revenue on a same property basis increased 4.7 percent for the month and 1.6 percent year to date. Retail advertising revenue increased 5.4 percent for the month and 2.6 percent year to date. Classified revenue increased 2.0 percent for the month and 0.2 percent year to date, with employment advertising up 4.7 percent for the month and down 4.6 percent year to date. Online revenue increased 35.7 percent for the month and 34.7 percent year to date. Other revenue increased 5.0 percent for the month and 5.9 percent year to date. Circulation revenue increased 7.1 percent for the month and 0.4 percent year to date.
Mary Junck, chairman and chief executive officer, said: "The additional Sunday accounts for much of the change in August revenue, and based on early estimates we expect the opposite will be true in September, when we lose a Sunday this year. Advertising demand remains sluggish and uneven, but we continue to be very focused on our revenue-driving strategies."
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 more than 175 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.
Monthly and year-to-date statistical information follows.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
August 2003
(Unaudited)
PUBLISHING REVENUE
August Year To Date
(Thousands) ---------------------- -------------------------
2003 2002 % 2003 2002 %
------- ------- ----- -------- -------- -----
(1)(2) (1)(2) (2) (2)
Advertising:
Retail.......... $14,223 $13,492 5.4% $150,887 $146,996 2.6%
National........ 911 743 22.6 8,795 8,949 (1.7)
Classified:
Daily
newspapers:
Employment.. 2,206 2,106 4.7 19,400 20,332 (4.6)
Automotive.. 1,919 1,895 1.3 19,505 19,356 0.8
Real estate. 1,762 1,517 16.2 16,191 14,727 9.9
All other... 1,171 1,315 (11.0) 13,395 13,772 (2.7)
Alternative
publications 1,944 1,989 (2.3) 18,314 18,415 0.5
------- ------- -------- --------
Total
classified... 9,002 8,822 2.0 86,805 86,602 0.2
------- ------- -------- --------
Total
advertising.. 24,136 23,057 4.7 246,487 242,547 1.6
Circulation....... 7,119 6,645 7.1 74,132 73,869 0.4
Online............ 924 681 35.7 8,373 6,215 34.7
Other............. 4,830 4,602 5.0 52,947 50,016 5.9
------- ------- -------- --------
Total, same
property..... 37,009 34,985 5.8 381,939 372,647 2.5
Acquired/divested
properties:
Acquisitions.... 21,872 20,580 6.3 223,446 93,625 NM
Divestitures.... -- 167 NM -- 3,893 NM
------- ------- -------- --------
Total acquired/
divested
properties....... 21,872 20,747 5.4 223,446 97,518 NM
------- ------- -------- --------
Total
publishing
revenue...... $58,881 $55,732 5.7% $605,385 $470,165 28.8%
======= ======= ======== ========
DAILY NEWSPAPER ADVERTISING VOLUME
August Year To Date
------------------- ----------------------
(Thousands of Inches) 2003 2002 % 2003 2002 %
------ ------ ----- ------- ------- ------
(1)(2) (1)(2) (2) (2)
Retail..................... 523 507 3.2% 5,514 5,537 (0.4)%
National................... 28 25 12.0 271 311 (12.9)
Classified................. 543 510 6.5 5,274 5,217 1.1
------ ------ ------- -------
Total, same property... 1,094 1,042 5.0% 11,059 11,065 (0.1)%
====== ====== ======= =======
Notes to Revenue and Statistical Summary:
(1) The month had one more Sunday and one fewer Thursday than the
prior period. The year to date had one more Sunday and one fewer
Monday than the prior period.
(2) Same property comparisons exclude acquisitions and divestitures
made in the current or prior year. Same property revenue also
excludes revenue of Madison Newspapers, Inc., (MNI) in order to
comply with recently issued SEC regulations related to disclosure
of non-GAAP financial measures. 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