Lee Enterprises Reports Revenue Growth
DAVENPORT, Iowa--(BUSINESS WIRE)--April 16, 2004--Lee Enterprises, Incorporated (NYSE:LEE), reported today that total advertising revenue for February and March increased 6.5 percent over a year ago, and total operating revenue increased 6.2 percent.
Separate February and March comparisons with the previous year are distorted by the movement of an additional Sunday between periods. February 2004 and March 2003 each included five Sundays, while February 2003 and March 2004 each included four Sundays. Even with the loss of a Sunday, however, March 2004 revenue exceeded a year ago.
For the two months combined, on a same property(2) basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue increased 4.0 percent over the previous year, and classified revenue rose 6.5 percent, with employment up 18.9 percent, automotive down 4.5 percent, real estate up 9.3 percent, other newspaper classified categories up 0.5 percent, and classified in non-daily publications up 7.4 percent. National advertising revenue, a small category for Lee, increased 25.5 percent. Niche publication revenue increased 12.9 percent and online advertising revenue increased 45.6 percent. Total advertising revenue increased 6.5 percent. Circulation revenue was flat.
The following tables combine February and March operating revenue and volume to eliminate the effect of the Sunday exchanges and facilitate comparison.
February-March Combined
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(Thousands) 2004 2003 %
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Advertising revenue:
Retail................................... $ 43,732 $ 42,051 4.0 %
National................................. 3,080 2,454 25.5
Classified:
Daily newspapers:
Employment........................... 7,418 6,237 18.9
Automotive........................... 6,329 6,624 (4.5)
Real estate.......................... 5,686 5,201 9.3
All other............................ 4,170 4,149 0.5
Other publications..................... 6,138 5,714 7.4
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Total classified revenue................. 29,741 27,925 6.5
Niche publications....................... 1,869 1,655 12.9
Online................................... 1,918 1,317 45.6
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Total advertising revenue.................. 80,340 75,402 6.5
Circulation................................ 21,571 21,563 -
Commercial printing........................ 3,226 2,950 9.4
Online services and other.................. 4,455 4,324 3.0
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Total same property operating revenue...... 109,592 104,239 5.1
Acquisitions............................... 1,079 - NM
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Total operating revenue.................... $110,671 $104,239 6.2 %
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DAILY NEWSPAPER ADVERTISING VOLUME
February-March Combined
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(Thousands of Inches) 2004 2003 %
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Retail..................................... 1,583 1,536 3.1 %
National................................... 96 74 29.7
Classified................................. 1,745 1,715 1.7
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Total, same property....................... 3,424 3,325 3.0 %
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Revenue statistics for March, year to date and quarter follow.
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.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
Six Months Ended
March March 31
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(Thousands) 2004 2003 % 2004 2003 %
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Advertising
revenue:
Retail......... $22,071 $22,503 (1.9)% $139,641 $135,591 3.0 %
National....... 1,604 1,243 29.0 9,244 7,809 18.4
Classified:
Daily
newspapers:
Employment... 3,791 3,452 9.8 19,525 17,898 9.1
Automotive... 3,237 3,539 (8.5) 19,379 19,745 (1.9)
Real estate.. 2,834 2,808 0.9 16,480 14,794 11.4
All other.... 2,120 2,196 (3.5) 13,156 12,891 2.1
Other
publications. 3,126 2,796 11.8 17,234 16,652 3.5
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Total
classified
revenue....... 15,108 14,791 2.1 85,774 81,980 4.6
Niche
publications.. 1,108 1,094 1.3 5,113 3,997 27.9
Online......... 1,040 688 51.2 4,974 3,619 37.4
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Total
advertising
revenue........ 40,931 40,319 1.5 244,746 232,996 5.0
Circulation..... 10,743 11,459 (6.2) 65,327 65,254 0.1
Commercial
printing....... 1,673 1,454 15.1 9,417 9,374 0.5
Online services
and other...... 2,331 2,260 3.1 12,759 11,960 6.7
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Total same
property
operating
revenue........ 55,678 55,492 0.3 332,249 319,584 4.0
Acquisitions.... 526 - NM 1,079 - NM
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Total operating
revenue........ $56,204 $55,492 1.3 % $333,328 $319,584 4.3 %
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DAILY NEWSPAPER ADVERTISING VOLUME
Six Months Ended
March March 31
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(Thousands of
Inches) 2004 2003 % 2004 2003 %
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Retail.......... 815 828 (1.6)% 5,174 5,210 (0.7)%
National........ 50 35 42.9 271 232 16.8
Classified...... 910 919 (1.0) 5,274 5,109 3.2
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Total, same
property....... 1,775 1,782 (0.4)% 10,719 10,551 1.6 %
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LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
Three Months Ended
March 31
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(Thousands) 2004 2003 %
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Advertising revenue:
Retail................................... $ 62,105 $ 60,352 2.9 %
National................................. 4,558 3,754 21.4
Classified:
Daily newspapers:
Employment........................... 10,499 9,192 14.2
Automotive........................... 9,443 9,620 (1.8)
Real estate.......................... 8,275 7,573 9.3
All other............................ 6,349 6,130 3.6
Other publications..................... 8,751 8,336 5.0
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Total classified revenue................. 43,317 40,851 6.0
Niche publications....................... 3,018 2,411 25.2
Online................................... 2,680 1,892 41.6
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Total advertising revenue.................. 115,678 109,260 5.9
Circulation................................ 32,347 32,391 (0.1)
Commercial printing........................ 4,692 4,404 6.5
Online services and other.................. 6,548 6,235 5.0
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Total same property operating revenue...... 159,265 152,290 4.6
Acquisitions............................... 1,079 - NM
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Total operating revenue.................... $160,344 $152,290 5.3 %
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DAILY NEWSPAPER ADVERTISING VOLUME
Three Months Ended
March 31
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(Thousands of Inches) 2004 2003 %
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Retail..................................... 2,291 2,249 1.9 %
National................................... 140 109 28.4
Classified................................. 2,571 2,506 2.6
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Total, same property....................... 5,002 4,864 2.8 %
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NOTES:
(1) The month had one more Tuesday and Wednesday and one fewer Sunday
and Saturday than the prior period. The quarter had one more
Tuesday than the prior period. The year to date had one more
Wednesday than the prior period.
(2) Same property comparisons exclude acquisitions and divestitures
made in the current and prior year. Same property revenue also
excludes revenue of Madison Newspapers, Inc. (MNI). 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, Incorporated, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated