Lee Enterprises Reports Revenue Growth of 3.7% in November
DAVENPORT, Iowa--(BUSINESS WIRE)--Dec. 14, 2006--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property(1) revenue increased 3.7 percent in November compared with a year ago. Same property advertising revenue increased 3.5 percent, including online advertising revenue growth of 51.1 percent.
On a same property basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue increased 2.8 percent. Classified advertising revenue decreased 1.1 percent, with employment down 8.8 percent, automotive down 1.0 percent, real estate down 5.3 percent, other newspaper classified categories up 5.1 percent, and classified in non-daily publications up 14.1 percent. National advertising revenue increased 7.5 percent. Niche publication advertising revenue increased 4.7 percent. Circulation revenue increased 0.6 percent.
At the former Pulitzer newspapers, which are included in same property revenue, advertising revenue climbed 4.1 percent in St. Louis and 3.8 percent elsewhere.
"We're pleased with our strong showing in November and think we've built a good head of steam leading into 2007," said Mary Junck, chairman and chief executive officer. "We continued to drive online revenue and audience growth at a rapid pace, with solid results also in retail and national advertising. St. Louis again boosted our overall performance."
Including the effect of acquisitions and divestitures, advertising revenue increased 3.6 percent, and total operating revenue increased 4.1 percent.
In Lee's 50 percent partnership in Tucson, Ariz., which is accounted for using the equity method and is not included in same property revenue, advertising revenue for the November statistical period decreased 0.6 percent from a year ago, and total revenue decreased 0.3 percent.
In Lee's 50 percent partnership in Madison, Wis., which also is reported using the equity method of accounting and is not included in same property revenue, advertising revenue in November increased 6.3 percent over a year ago, and total revenue increased 4.2 percent.
Lee Enterprises is a premier provider of local news, information and advertising in primarily midsize markets, with 51 daily newspapers and a joint interest in five others, rapidly growing online sites and more than 300 weekly newspapers and specialty publications in 23 states. Lee's newspapers have circulation of 1.6 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee's online sites reach more than three million users, and Lee's weekly publications have distribution of more than 4.5 million households. Lee's markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill.; Tucson, Ariz.; and Napa, Calif. Lee is based in Davenport, Iowa, and its stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee Enterprises, please visit www.lee.net.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
November Year to Date
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(Thousands) 2006 2005 % 2006 2005 %
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Advertising revenue:
Retail.................$ 45,927 $44,669 2.8% $ 89,225 $ 88,077 1.3%
National............... 6,002 5,581 7.5 12,082 11,803 2.4
Classified:
Daily newspapers:
Employment........... 5,823 6,384 (8.8) 13,859 14,921 (7.1)
Automotive........... 4,502 4,548 (1.0) 9,955 10,084 (1.3)
Real estate.......... 4,593 4,849 (5.3) 10,755 11,238 (4.3)
All other............ 3,058 2,910 5.1 6,636 6,389 3.9
Other publications.... 3,795 3,326 14.1 8,096 7,337 10.3
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Total classified
revenue............... 21,771 22,017 (1.1) 49,301 49,969 (1.3)
Online................. 3,499 2,316 51.1 7,607 4,986 52.6
Niche publications..... 1,292 1,234 4.7 2,383 2,243 6.2
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Total advertising
revenue................ 78,491 75,817 3.5 160,598 157,078 2.2
Circulation............. 16,597 16,505 0.6 35,374 35,312 0.2
Commercial printing..... 1,463 1,418 3.2 2,912 2,863 1.7
Online services and
other.................. 3,450 2,664 29.5 5,971 4,870 22.6
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Total same property
revenue................ 100,001 96,404 3.7 204,855 200,123 2.4
Acquisitions &
divestitures........... 373 28 NM 738 48 NM
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Total operating revenue.$100,374 $96,432 4.1% $205,593 $200,171 2.7%
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SAME PROPERTY REVENUE BY REGION
November Year to Date
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(Thousands) 2006 2005 % 2006 2005 %
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Midwest..................... 61,735 59,677 3.4% 128,243 125,901 1.9%
Mountain West............... 17,962 16,653 7.9 35,375 33,570 5.4
West........................ 12,952 12,765 1.5 27,066 26,473 2.2
East/other.................. 7,352 7,309 0.6 14,171 14,179 (0.1)
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Total, same property........100,001 96,404 3.7% 204,855 200,123 2.4%
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DAILY NEWSPAPER ADVERTISING VOLUME
November Year to Date
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(Thousands) 2006 2005 % 2006 2005 %
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Retail.............................1,268 1,229 3.2% 2,515 2,483 1.3%
National........................... 67 73 (8.2) 139 151 (7.9)
Classified.........................1,293 1,271 1.7 2,826 2,799 1.0
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Total, same property...............2,628 2,573 2.1% 5,480 5,433 0.9%
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NOTES:
(1) Same property comparisons exclude acquisitions and divestitures
made in the current and prior year. Same property revenue also
excludes Lee's 50% ownership in Madison and Tucson, which are
reported using the equity method of accounting.
(2) November had one more Thursday and one fewer Tuesday than the
prior period. The year to date had one more Thursday and one
fewer Saturday than the prior period.
(3) Certain amounts as previously reported have been reclassified to
conform with the current period presentation. The prior period
has been restated for comparative purposes, and the
reclassifications have no impact on earnings.
(4) The Company's fiscal year ends Sept. 30.
(5) The Company disclaims responsibility for updating information
beyond the 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, energy costs, 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 Dan Hayes, 563-383-2100 dan.hayes@lee.net SOURCE: Lee Enterprises, Incorporated