Lee Enterprises Reports February Revenue Statistics
DAVENPORT, Iowa--(BUSINESS WIRE)--March 19, 2007--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property(1) advertising revenue in February decreased 1.6 percent compared with a year ago, and total same property revenue decreased 0.8 percent. Same property online advertising revenue increased 51.5 percent.
Year to date, total same property advertising revenue was up 0.4 percent and total same property revenue was up 0.7 percent.
Mary Junck, chairman and chief executive officer, said: "Strong online advertising growth offset much of the declines in other revenue categories, which have been affected in varying degrees by prolonged cold weather and harsh winter storms, especially in the Midwest. The softness in ad spending has continued to date, and we expect similar revenue comparisons for March."
On a same property basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue in February decreased 1.5 percent compared with a year ago. Print classified advertising revenue decreased 6.7 percent, with employment down 10.4 percent, automotive down 10.0 percent, real estate down 8.7 percent, other newspaper classified categories down 4.8 percent, and classified in non-daily publications up 6.9 percent. With online included, retail advertising decreased 0.3 percent and classified advertising decreased 2.1 percent. National advertising revenue decreased 4.9 percent. Circulation revenue increased 0.2 percent.
In St. Louis, advertising revenue decreased 2.3 percent for the February statistical period. At the other former Pulitzer newspapers, advertising revenue declined 4.6 percent.
Including the effect of acquisitions and divestitures, advertising revenue decreased 1.6 percent, and total operating revenue decreased 0.6 percent.
At Lee's 50 percent subsidiary in Madison, Wis., which is reported using the equity method of accounting and is not included in same property revenue, advertising revenue in February increased 5.2 percent.
In Lee's 50 percent partnership in Tucson, Ariz., advertising revenue for the February statistical period decreased 4.3 percent. Tucson is not included in Lee same property revenue.
Lee Enterprises is a premier provider of local news, information and advertising in primarily midsize markets, with 51 daily newspapers and a joint interest in five others, rapidly growing online sites and more than 300 weekly newspapers and specialty publications in 23 states. Lee's newspapers have circulation of 1.6 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee's online sites attract more than three million users, and Lee's weekly publications are distributed to more than 4.5 million households. Lee's 55 newspaper markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill.; Tucson, Ariz.; and Napa, Calif. 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 Year to Date
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(Thousands) 2007 2006 % 2007 2006 %
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Advertising
revenue:
Retail......... $32,676 $33,183 (1.5)% $198,262 $199,045 (0.4)%
National....... 3,974 4,177 (4.9) 26,742 27,352 (2.2)
Classified:
Daily
newspapers:
Employment... 6,299 7,031 (10.4) 32,761 35,165 (6.8)
Automotive... 4,114 4,571 (10.0) 22,648 23,773 (4.7)
Real estate.. 4,374 4,789 (8.7) 23,904 25,228 (5.2)
All other.... 2,734 2,873 (4.8) 15,021 15,040 (0.1)
Other
publications. 3,571 3,341 6.9 18,825 17,253 9.1
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Total classified
revenue........ 21,092 22,605 (6.7) 113,159 116,459 (2.8)
Online......... 4,059 2,680 51.5 18,735 12,414 50.9
Niche
publications.. 963 1,131 (14.9) 6,308 6,384 (1.2)
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Total
advertising
revenue........ 62,764 63,776 (1.6) 363,206 361,654 0.4
Circulation..... 15,804 15,778 0.2 85,834 85,879 (0.1)
Commercial
printing....... 1,229 1,238 (0.7) 6,639 6,714 (1.1)
Online services
and other...... 2,701 2,377 13.6 13,879 11,967 16.0
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Total same
property
revenue........ 82,498 83,169 (0.8) 469,558 466,214 0.7
Acquisitions &
divestitures.... 251 48 NM 1,696 162 NM
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Total operating
revenue........ $82,749 $83,217 (0.6)% $471,254 $466,376 1.0 %
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SAME PROPERTY REVENUE BY REGION
February Year to Date
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(Thousands) 2007 2006 % 2007 2006 %
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Midwest......... 50,417 51,242 (1.6)% 290,702 290,895 (0.1)%
Mountain West... 14,632 14,265 2.6 81,893 78,951 3.7
West............ 10,823 11,264 (3.9) 61,815 61,978 (0.3)
East/other...... 6,626 6,398 3.6 35,148 34,390 2.2
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Total, same
property....... 82,498 83,169 (0.8)% 469,558 466,214 0.7 %
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DAILY NEWSPAPER ADVERTISING VOLUME
February Year to Date
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(Thousands) 2007 2006 % 2007 2006 %
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Retail.......... 954 963 (0.9)% 5,681 5,698 (0.3)%
National........ 52 57 (8.8) 314 360 (12.8)
Classified...... 1,186 1,204 (1.5) 6,385 6,454 (1.1)
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Total, same
property....... 2,192 2,224 (1.4)% 12,380 12,512 (1.1)%
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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 Lee's 50% ownership in Madison and Tucson, which are
reported using the equity method of accounting.
(2) There were no day exchanges in February. The year to date had one
more Wednesday and one fewer Saturday than the previous year. The
former Pulitzer properties use period accounting and are not affected
by day exchanges.
(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 Sept. 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