Lee Enterprises Reports November Revenue Statistics
DAVENPORT, Iowa, Dec 9, 2003 (BUSINESS WIRE) -- Lee Enterprises, Incorporated (NYSE:LEE), reported today that publishing revenue in November increased 7.0 percent over a year ago, resulting from improved advertising sales and an additional Sunday this year.
Total advertising revenue increased 7.5 percent. Retail advertising revenue increased 6.6 percent. Classified advertising revenue increased 4.9 percent, with employment up 14.5 percent, automotive down 2.1 percent, real estate up 27.5 percent, other newspaper classified categories down 8.6 percent, and classified in non-daily publications down 4.1 percent. National advertising revenue, a small category for Lee, increased 26.4 percent. Niche publication revenue increased 20.3 percent and online advertising revenue increased 36.3 percent.
Circulation revenue increased 5.9 percent, also reflecting the additional Sunday this year.
November's strong revenue growth can be evaluated in a more meaningful way by considering it along with December results as that month this year has one fewer Sunday than the prior year. As a result, the movement of the additional Sundays between periods distorts separate 2003 vs. 2002 comparisons for both November and December. Lee's revenue statistics for December are scheduled for release on Jan. 19 and will include a table combining November and December results to eliminate the effect of the Sunday exchanges.
Reported results in the table that follows and same property results are the same.
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 nearly 200 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 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.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
October 2003
(Unaudited)
PUBLISHING REVENUE
November Year To Date
(Thousands) ----------------------- -----------------------
2003 2002 % 2003 2002 %
-------- -------- ----- -------- -------- -----
(1)(2) (1)(2) (1)(2) (1)(2)
Advertising:
Retail............ $28,039 $26,293 6.6 % $52,490 $49,814 5.4 %
National.......... 1,711 1,354 26.4 3,388 2,782 21.8
Classified:
Daily
newspapers:
Employment.... 3,309 2,889 14.5 6,707 6,247 7.4
Automotive.... 3,378 3,451 (2.1) 6,820 6,795 0.4
Real estate... 2,988 2,343 27.5 5,936 4,943 20.1
All other..... 2,329 2,549 (8.6) 4,899 5,250 (6.7)
Other
publications... 2,405 2,507 (4.1) 5,056 5,027 0.6
-------- -------- -------- --------
Total
classified... 14,409 13,739 4.9 29,418 28,262 4.1
-------- -------- -------- --------
Niche
publications... 1,379 1,146 20.3 2,482 2,064 20.3
Online.......... 803 589 36.3 1,622 1,185 36.9
-------- -------- -------- --------
Total
advertising.. 46,341 43,121 7.5 89,400 84,107 6.3
Circulation......... 11,558 10,918 5.9 22,731 22,121 2.8
Commercial print.... 1,651 1,630 1.3 3,282 3,470 (5.4)
Online services and
other.............. 2,196 2,064 6.4 4,145 3,765 10.1
-------- -------- -------- --------
Total publishing
revenue............ 61,746 57,733 7.0 % 119,558 113,463 5.4 %
======== ======== ======== ========
DAILY NEWSPAPER ADVERTISING VOLUME
November Year To Date
(Thousands of ----------------------- -----------------------
Inches) 2003 2002 % 2003 2002 %
-------- -------- ----- -------- -------- -----
(1)(2) (1)(2) (1)(2) (1)(2)
Retail.............. 1,022 1,006 1.6 % 1,969 1,962 0.4 %
National............ 43 40 7.5 94 86 9.3
Classified.......... 958 912 5.0 1,950 1,865 4.6
-------- -------- -------- --------
Total, same
property....... 2,023 1,958 3.3 % 4,013 3,913 2.6 %
======== ======== ======== ========
Notes to Revenue and Statistical Summaries:
(1) The month period had one more Sunday and one fewer Friday than the
prior period. The year to date had one more Sunday and one fewer
Tuesday than the prior period.
(2) Excludes revenue of Madison Newspapers, Inc., (MNI) in order to
comply with 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 ended on September 30.
(4) The Company disclaims responsibility for updating information
beyond release date.
SOURCE: Lee Enterprises, Incorporated
Lee Enterprises, Incorporated, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net