Lee Enterprises Reports March Revenue Statistics
DAVENPORT, Iowa--(BUSINESS WIRE)--April 22, 2002--Lee Enterprises, Incorporated (NYSE:LEE), reported today that, excluding the effects of acquisitions and divestitures, publishing revenue in March increased 3.1 percent compared with a year ago, a result of an improved advertising environment and an additional Sunday this year.
Advertising revenue increased 4.3 percent. Retail advertising revenue increased 10.0 percent. Classified revenue decreased 2.9 percent, with employment advertising down 12.2 percent, automotive advertising down 2.5 percent and real estate advertising up 6.0 percent. National advertising revenue, a small category for Lee, was down 6.5 percent. Circulation revenue increased 7.4 percent, reflecting the fifth Sunday as well as unit gains. Online revenue increased 19.5 percent. Including the results of acquisitions and divestitures, total publishing revenue increased 1.1 percent.
Lee Enterprises is based in Davenport, Iowa. It owns 38 daily newspapers and a joint interest in seven others. Lee also owns nearly 200 weekly newspapers, shoppers and classified and specialty publications, along with associated online services. 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 on the next page.
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.
LEE ENTERPRISES, INCORPORATED Revenue and Statistical Summary March 2002 (Unaudited) Publishing Revenue -- Operating Basis (1) March Year To Date (Thousands) ------------------------- --------------------------- 2002 2001 % 2002 2001 % ------- --------- ------- --------- --------- ------- (2) (2)(3) (2) (2)(3) Advertising Retail .........$17,281 $15,710 10.0 % $101,998 $103,244 (1.2)% National ....... 1,062 1,136 (6.5) 6,280 6,828 (8.0) Classified: Daily Newspapers: Employment .. 2,837 3,230 (12.2) 14,748 20,780 (29.0) Automotive .. 2,387 2,447 (2.5) 13,211 13,114 0.7 Real Estate . 1,774 1,673 6.0 10,071 9,861 2.1 All Other ... 1,664 1,652 0.7 9,521 8,734 9.0 Alternative publications 1,840 1,819 1.2 10,055 10,096 (0.4) ------- --------- --------- --------- 10,502 10,821 (2.9) 57,606 62,585 (8.0) ------- --------- --------- --------- 28,845 27,667 4.3 165,884 172,657 (3.9) Circulation ..... 9,082 8,460 7.4 51,175 51,193 -- Online .......... 637 533 19.5 3,349 2,820 18.8 Other ........... 6,938 7,476 (7.2) 36,367 39,009 (6.8) ------- --------- --------- --------- Total -- Same Property Operating Basis 45,502 44,136 3.1 256,775 265,679 (3.4) Equity Basis Adjustment ..... (8,667) (8,542) NM 47,428) (50,915) NM Acquired/Divested Properties and Other 1 843 NM 2,346 5,915 NM ------- --------- --------- --------- $36,836 $36,436 1.1 $211,693 $220,679 (4.1) ======= ========= ========= ========= Daily Newspaper Advertising -- Operating Basis (1) March Year To Date ------------------------- --------------------------- (Thousands of Inches) 2002 2001 % 2002 2001 % -------- -------- ------- -------- --------- ------- (2) (2)(3) (2) (2)(3) Retail........... 612 605 1.2% 3,626 3,796 (4.5)% National......... 32 36 (11.1) 191 213 (10.3) Classified....... 561 537 4.5 3,129 3,182 (1.7) ------- --------- --------- --------- 1,205 1,178 2.3 6,946 7,191 (3.4) ======= ========= ========= =========
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 Thursday 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 acquired/divested properties. (4) The Company's fiscal year ends on September 30.
CONTACT: | Lee Enterprises, Incorporated |
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Dan Hayes, 563/383-2163 | |
dan.hayes@lee.net, | |