Lee Enterprises Reports June Revenue Statistics
DAVENPORT, Iowa, Jul 21, 2003 (BUSINESS WIRE) -- Lee Enterprises, Incorporated (NYSE:LEE), reported today that June publishing revenue increased 4.7 percent.
Same property publishing revenue(2), which excludes the effects of acquisitions and divestitures, increased 0.7 percent in June and 2.1 percent year to date compared with 2002. Total advertising revenue on a same property basis was up 0.1 percent for the month and up 1.4 percent year to date. Retail advertising revenue was up 1.6 percent for the month and up 2.4 percent year to date. Classified advertising revenue was down 2.1 percent for the month and up 0.2 percent year to date. For the month, employment classified advertising was down 6.1 percent, automotive down 2.6 percent, real estate up 8.5 percent, other newspaper classified categories down 5.6 percent, and classified in alternative publications down 2.8 percent. National advertising revenue, a small category for Lee, was down 1.9 percent for the month and down 3.3 percent year to date. Circulation revenue was down 1.1 percent for the month and down 0.4 percent year to date. Online revenue was up 29.4 percent for the month and up 34.1 percent year to date.
At the 15 newspapers Lee acquired in their entirety in April 2002, revenue in June increased 2.9 percent(3). Publishing revenue of the former Howard newspapers increased 13.0 percent on a reported basis, due to the inclusion of Sioux City Newspapers (SCN) in revenue in the current year. Lee's purchase of Howard Publications in April 2002 included 15 daily newspapers and a 50 percent interest in SCN. Lee acquired the remaining 50 percent interest of SCN in July 2002.
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.
The monthly and year-to-date statistical information follows.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
June 2003
(Unaudited)
PUBLISHING REVENUE
June Year To Date
(Thousands) ------------------------ --------------------------
2003 2002 % 2003 2002 %
-------- -------- ------ --------- --------- ------
(1)(2) (1)(2) (2) (2)
Advertising:
Retail......... $13,448 $13,237 1.6 % $124,437 $121,531 2.4 %
National....... 766 781 (1.9) 7,298 7,548 (3.3)
Classified:
Daily
newspapers:
Employment. 1,973 2,101 (6.1) 15,354 16,270 (5.6)
Automotive. 1,817 1,865 (2.6) 15,801 15,640 1.0
Real estate 1,655 1,526 8.5 12,760 11,774 8.4
All other.. 1,462 1,549 (5.6) 10,932 11,127 (1.8)
Alternative
publications 1,527 1,571 (2.8) 14,940 14,853 0.6
-------- -------- --------- ---------
Total
classified.. 8,434 8,612 (2.1) 69,787 69,664 0.2
-------- -------- --------- ---------
Total
advertising. 22,648 22,630 0.1 201,522 198,743 1.4
Circulation..... 6,843 6,917 (1.1) 60,437 60,650 (0.4)
Online.......... 815 630 29.4 6,586 4,913 34.1
Other........... 4,500 4,394 2.4 43,605 41,317 5.5
-------- -------- --------- ---------
Total, Same
property.... 34,806 34,571 0.7 312,150 305,623 2.1
Acquired/
divested
properties:
Acquisitions... 20,975 18,568 13.0 181,979 54,193 NM
Divestitures... -- 137 NM -- 3,598 NM
-------- -------- --------- ---------
Total
acquired/
divested
properties..... 20,975 18,705 12.1 181,979 57,791 NM
-------- -------- --------- ---------
Total
publishing
revenue..... $55,781 $53,276 4.7 % $494,129 $363,414 36.0 %
======== ======== ========= =========
DAILY NEWSPAPER ADVERTISING VOLUME
June Year To Date
------------------------ --------------------------
(Thousands of
Inches) 2003 2002 % 2003 2002 %
-------- -------- ------ --------- --------- ------
(1)(2) (1)(2) (2) (2)
Retail.......... 484 504 (4.0)% 4,538 4,568 (0.7)%
National........ 24 28 (14.3) 223 262 (14.9)
Classified...... 516 522 (1.1) 4,234 4,197 0.9
-------- -------- --------- ---------
Total, Same
property.... 1,024 1,054 (2.8)% 8,995 9,027 (0.4)%
======== ======== ========= =========
Notes to Revenue and Statistical Summary:
(1) The month had one more Monday and one fewer Saturday than the
prior period.
(2) Beginning in March 2003, same property revenue 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) Same property revenue related to newspapers acquired from Howard
Publications excludes revenue of Sioux City Newspapers (SCN). Lee
owned 50% of the capital stock of SCN during the period from April
through June 2002, which was accounted for using the equity method
of accounting. Year to date same property revenue information is
not meaningful due to the consummation of the acquisition at a
date during the fiscal year. The following table reconciles Howard
acquisition revenue on a same property basis to revenue as
reported.
June
-----------------------
(Thousands) 2003 2002 %
Howard acquisition revenue.................... $19,101 $18,568 2.9%
SCN........................................... 1,874 -- NM
-------- --------
Total publishing revenue...................... $20,975 $18,568 13.0%
======== ========
(4) The Company's fiscal year ends on September 30.
(5) 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.
SOURCE: Lee Enterprises, Incorporated
Lee Enterprises, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net