Lee Enterprises Reports June Revenue Statistics
DAVENPORT, Iowa, Jul 22, 2002 (BUSINESS WIRE) -- Lee Enterprises, Incorporated (NYSE:LEE), reported today that, excluding the effects of acquisitions and divestitures, publishing revenue in June increased 6.4 percent compared with a year ago, a result of improved advertising sales and an additional Sunday this year.
Advertising revenue increased 6.0 percent. Retail advertising revenue increased 8.0 percent. Classified revenue increased 2.8 percent, with employment advertising down 2.6 percent, automotive advertising up 4.6 percent and real estate advertising up 11.1 percent. National advertising revenue, a small category for Lee, was up 10.1 percent. Circulation revenue increased 9.4 percent, reflecting the fifth Sunday as well as unit gains. Online revenue increased 32.3 percent. Including the results of acquisitions and divestitures, total publishing revenue increased 58.9 percent.
Lee Enterprises is based in Davenport, Iowa. It owns 39 daily newspapers and a joint interest in six others, along with associated online services. Lee also owns more than 175 weekly newspapers, shoppers and classified and specialty publications. Its stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee Enterprises is available at www.lee.net.
The monthly and year-to-date statistical information follows.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
June 2002
(Unaudited)
Publishing Revenue -- Operating Basis (1)
June Year To Date
(Thousands) -------------------------- --------------------------
2002 2001 % 2002 2001 %
-------- -------- -------- -------- -------- --------
(2) (2)(3) (2) (2)(3)
Advertising
Retail $ 16,785 $ 15,543 8.0% $152,465 $152,066 0.3%
National 1,002 910 10.1 9,265 9,781 (5.3)
Classified:
Daily
Newspapers:
Employment 2,987 3,068 (2.6) 23,174 30,834 (24.8)
Automotive 2,506 2,396 4.6 20,432 20,255 0.9
Real Estate 2,136 1,923 11.1 15,919 15,434 3.1
All Other 2,027 1,918 5.7 15,341 14,391 6.6
Alternative
publications 1,611 1,659 (2.9) 15,243 15,238 0.0
-------- -------- -------- --------
11,267 10,964 2.8 90,109 96,152 (6.3)
-------- -------- -------- --------
29,054 27,417 6.0 251,839 257,999 (2.4)
Circulation 8,830 8,069 9.4 76,569 76,265 0.4
Online 696 526 32.3 5,401 4,434 21.8
Other 5,907 5,812 1.6 54,558 57,297 (4.8)
-------- -------- -------- --------
Total --
Same Property
Operating Basis 44,487 41,824 6.4 388,367 395,995 (1.9)
Equity Basis
Adjustment (8,505) (7,966) NM (71,883) (75,428) NM
Acquired/Divested
Properties and
Other 18,791 618 NM 57,248 8,513 NM
-------- -------- -------- --------
$ 54,773 $ 34,476 58.9 $373,732 $329,080 13.6
======== ======== ======== ========
Daily Newspaper Advertising -- Operating Basis (1)
June Year To Date
------------------- --------------------
(Thousands of Inches) 2002 2001 % 2002 2001 %
------ ----- ----- ----- ----- -----
(2) (2)(3) (2) (2)(3)
Retail 653 588 11.1% 5,500 5,610 (2.0)%
National 32 33 (3.0) 293 312 (6.1)
Classified 641 585 9.6 4,937 4,903 0.7
----- ----- ----- -----
1,326 1,206 10.0 10,730 10,825 (0.9)
===== ===== ====== ======
Notes to Revenue and Statistical Summary:
(1) Operating basis includes 100% of the revenue and statistical
information of Madison Newspapers, Inc. (MNI), which for
financial reporting purposes is reported using the equity
method of accounting. Lee owns 50% of the stock of MNI.
(2) The month had one more Sunday and one fewer Friday than a year
ago. The year to date had no day exchanges from a year ago.
(3) Previously reported data has been restated for comparative
purposes to exclude divested properties that have been
reclassified to discontinued operations.
(4) The Company's fiscal year ends on September 30.
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 business 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 Dan Hayes, 563/383-2163 dan.hayes@lee.net
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