Lee Enterprises Reports February Advertising Revenue
DAVENPORT, Iowa--(BUSINESS WIRE)--March 16, 2006--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in February increased 0.5 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 0.5 percent. Classified advertising revenue decreased 0.1 percent, with employment up 10.6 percent, automotive down 11.3 percent, real estate down 0.8 percent, other newspaper classified categories up 1.2 percent, and classified in non-daily publications down 3.2 percent. National advertising revenue decreased 12.4 percent. Online advertising revenue increased 40.0 percent. Niche publication advertising revenue increased 16.9 percent. Circulation revenue decreased 1.7 percent.
Total same property operating revenue decreased 0.2 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 66.4 percent, and total operating revenue increased 61.2 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 February increased 3.2 percent, and total revenue rose 1.3 percent.
PULITZER RESULTS
Pulitzer revenue is reported in statistical periods. For the statistical reporting period ended Feb. 26, 2006, comparing the current year period to last year, which is before Lee's ownership, Pulitzer advertising revenue decreased 2.6 percent, with total revenue down 2.1 percent. In St. Louis, advertising revenue decreased 4.3 percent, and total revenue decreased 3.3 percent. In the other former Pulitzer newspapers, advertising revenue increased 1.4 percent, and total revenue increased 0.8 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 January statistical reporting period rose 9.9 percent, and total revenue increased 8.3 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, and its 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.; Escondido, Calif.; 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 February Fiscal Year to Date ---------------------------------------------------------------------- (Thousands) 2006 2005 % 2006 2005 % ---------------------------------------------------------------------- Advertising revenue: Retail........... $21,890 $22,009 (0.5)% $127,368 $126,409 0.8 % National......... 1,563 1,785 (12.4) 10,063 10,242 (1.7) Classified: Daily newspapers: Employment..... 4,210 3,805 10.6 21,251 18,741 13.4 Automotive..... 2,629 2,963 (11.3) 13,522 15,881 (14.9) Real estate.... 2,833 2,856 (0.8) 15,457 15,059 2.6 All other...... 1,797 1,775 1.2 9,328 9,140 2.1 Other publications... 2,640 2,728 (3.2) 13,031 13,431 (3.0) ---------------------------------------------------------------------- Total classified revenue......... 14,109 14,127 (0.1) 72,589 72,252 0.5 Online........... 1,565 1,118 40.0 7,171 5,308 35.1 Niche publications.... 858 734 16.9 4,990 4,745 5.2 ---------------------------------------------------------------------- Total advertising revenue.......... 39,985 39,773 0.5 222,181 218,956 1.5 Circulation....... 9,733 9,898 (1.7) 52,144 53,487 (2.5) Commercial printing......... 1,483 1,710 (13.3) 8,010 8,624 (7.1) Online services and other........ 2,194 2,097 4.6 10,543 10,395 1.4 ---------------------------------------------------------------------- Total same property operating revenue.......... 53,395 53,478 (0.2) 292,878 291,462 0.5 Acquisitions & divestitures..... 33,202 235 NM 190,125 877 NM ---------------------------------------------------------------------- Total operating revenue.......... $86,597 $53,713 61.2 % $483,003 $292,339 65.2 % ====================================================================== DAILY NEWSPAPER ADVERTISING VOLUME February Fiscal Year to Date ---------------------------------------------------------------------- (Thousands of Inches) 2006 2005 % 2006 2005 % ---------------------------------------------------------------------- Retail............ 746 772 (3.4)% 4,373 4,529 (3.4)% National.......... 37 47 (21.3) 221 250 (11.6) Classified........ 854 871 (2.0) 4,564 4,673 (2.3) ---------------------------------------------------------------------- Total, same property......... 1,637 1,690 (3.1)% 9,158 9,452 (3.1)% ====================================================================== 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) February had no day exchanges with the previous year. The year to date had one more Tuesday and one fewer Friday 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, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE:
Lee Enterprises, Incorporated