Lee Enterprises Reports July Revenue Statistics
DAVENPORT, Iowa--(BUSINESS WIRE)--Aug. 20, 2003--Lee Enterprises, Incorporated (NYSE:LEE), reported today that July publishing revenue increased 2.7 percent over a year ago.
Same property publishing revenue(2), which excludes the effects of acquisitions and divestitures, increased 2.3 percent in July and 2.2 percent year to date compared with 2002. At the 16 newspapers Lee acquired in 2002, revenue in July increased 3.9 percent.
Mary Junck, chairman and chief executive officer, said July's revenue represents a sequential improvement from the previous two months. "We are very pleased with our revenue growth in July, particularly in retail advertising. We also continue to show exceptional growth in online and niche publication revenue, which consists primarily of advertising but which we record separately from our traditional sources of advertising revenue."
Total advertising revenue on a same property basis was up 0.4 percent for the month and up 1.3 percent year to date. Retail advertising revenue was up 2.1 percent for the month and up 2.4 percent year to date. Classified advertising revenue was down 1.2 percent for the month and flat year to date, with employment advertising down 8.8 percent for the month and down 6.0 percent year to date. Online revenue was up 39.0 percent for the month and up 34.6 percent year to date. Other revenue, which consists mainly of niche advertising revenue, was up 10.1 percent for the month and up 6.0 percent year to date. Circulation revenue was flat for the month and down 0.3 percent year to date.
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
July 2003
(Unaudited)
PUBLISHING REVENUE
July Year To Date
(Thousands) ------------------------- --------------------------
2003 2002 % 2003 2002 %
------- ------- -------- -------- -------- -------
(1)(2) (1)(2) (2) (2)
Advertising:
Retail.......... $12,227 $11,973 2.1 % $136,664 $133,504 2.4 %
National........ 586 658 (10.9) 7,884 8,206 (3.9)
Classified:
Daily
newspapers:
Employment... 1,784 1,956 (8.8) 17,138 18,226 (6.0)
Automotive... 1,785 1,821 (2.0) 17,586 17,461 0.7
Real estate.. 1,574 1,436 9.6 14,334 13,210 8.5
All other.... 1,292 1,330 (2.9) 12,224 12,457 (1.9)
Alternative
publications.. 1,581 1,573 0.5 16,521 16,426 0.6
------- ------- -------- --------
Total
classified.... 8,016 8,116 (1.2) 77,803 77,780 --
------- ------- -------- --------
Total
advertising... 20,829 20,747 0.4 222,351 219,490 1.3
Circulation...... 6,576 6,574 -- 67,013 67,224 (0.3)
Online........... 863 621 39.0 7,449 5,534 34.6
Other............ 4,512 4,097 10.1 48,117 45,414 6.0
------- ------- -------- --------
Total, same
property...... 32,780 32,039 2.3 344,930 337,662 2.2
Acquired/divested
properties:
Acquisitions.... 19,595 18,852 3.9 201,574 73,045 NM
Divestitures.... -- 128 NM -- 3,726 NM
------- ------- -------- --------
Total acquired/
divested
properties...... 19,595 18,980 3.2 201,574 76,771 NM
------- ------- -------- --------
Total
publishing
revenue....... $52,375 $51,019 2.7 % $546,504 $414,433 31.9 %
======= ======= ======== ========
DAILY NEWSPAPER ADVERTISING VOLUME
July Year To Date
------------------------- --------------------------
(Thousands of
Inches) 2003 2002 % 2003 2002 %
------- ------- -------- -------- -------- -------
(1)(2) (1)(2) (2) (2)
Retail........... 453 462 (1.9)% 4,991 5,030 (0.8)%
National......... 20 24 (16.7) 243 286 (15.0)
Classified....... 497 510 (2.5) 4,731 4,707 0.5
------- ------- -------- --------
Total, same
property...... 970 996 (2.6)% 9,965 10,023 (0.6)%
======= ======= ======== ========
Notes to Revenue and Statistical Summary:
(1) The month and year to date had one more Thursday 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 newly 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, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated