Lee Enterprises Reports Revenue Statistics
Separate March and April comparisons with a year ago are distorted by the movement of Easter Sunday. An extra Sunday fell in March this year and in April a year ago.
For the two months combined, excluding the effects of acquisitions and divestitures, total advertising revenue decreased 2.1 percent compared with the previous year:
PUBLISHING REVENUE
Same Property, Operating Basis
2002 vs. 2001
--------------------------------
March April Combined
------- ------- --------
Advertising:
Retail....................... 10.0 % (6.5)% 1.3 %
National..................... (6.5) (7.7) (7.1)
Classified Advertising
Daily Newspapers
Employment............... (12.2) (27.8) (20.6)
Automotive............... (2.5) (2.7) (2.6)
Real Estate.............. 6.0 (2.8) 1.3
All Other................ 0.7 (0.4) 0.1
Alternative Publications... 1.2 (0.7) 0.2
------- ------- -------
Total Classified....... (2.9) (10.3) (6.7)
------- ------- -------
Total Advertising...... 4.3 (8.0) (2.1)
Circulation.................... 7.4 (6.2) 0.4
Online......................... 19.5 22.0 20.8
Other.......................... (7.2) (3.3) (5.4)
------- ------- -------
Total Publishing Revenue....... 3.1 (6.6) (1.9)
Overall revenue grew 37.3 percent for the month of April. The acquisition of
Howard Publications, which closed April 1, accounts for substantially all of the
revenue related to acquired properties in the month.
Mary Junck, chairman and chief executive officer, said the transition has been upbeat as well as rapid for the 16 newspapers that joined Lee. "We continue to be impressed with the talent and enthusiasm of the people at our new papers," she said. "We've also been impressed with the good condition of the properties, the quality of the newspapers and their strong market positions."
She added: "From the first day, our new people showed they were ready to begin applying Lee's five top priorities - pushing revenue, improving readership and circulation, emphasizing strong local news, growing online, and exercising careful cost controls. These priorities have worked well for us, especially this past year. We've had vigorous revenue performance even during this downturn in the economy, and we've again posted circulation growth that stands out in the industry."
In the Audit Bureau of Circulations six-month averages for March 31, Lee's newspapers posted gains of 1.8 percent daily and 0.4 percent on Sunday compared with a year ago.
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 April and year-to-date statistical information follows.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
April 2002
(Unaudited)
Publishing Revenue -- Operating Basis (1)
April Year To Date
(Thousands) ------------------------- ---------------------------
2002 2001 % 2002 2001 %
-------- -------- ------- --------- --------- -------
(2) (2)(3) (2) (2)(3)
Advertising
Retail.........$16,194 $17,323 (6.5)% $118,191 $120,567 (2.0)%
National....... 957 1,037 (7.7) 7,237 7,865 (8.0)
Classified:
Daily Newspapers:
Employment... 2,715 3,759 (27.8) 17,453 24,539 (28.9)
Automotive... 2,292 2,356 (2.7) 15,503 15,471 0.2
Real Estate.. 1,843 1,896 (2.8) 11,915 11,757 1.3
All Other.... 1,745 1,752 (0.4) 11,275 10,485 7.5
Alternative
publications. 1,738 1,751 (0.7) 11,793 11,847 (0.5)
-------- -------- --------- ---------
10,333 11,514 (10.3) 67,939 74,099 (8.3)
-------- -------- --------- ---------
27,484 29,874 (8.0) 193,367 202,531 (4.5)
Circulation..... 8,345 8,892 (6.2) 59,520 60,084 (0.9)
Online.......... 654 536 22.0 4,003 3,357 19.2
Other........... 5,969 6,174 (3.3) 42,334 45,183 (6.3)
-------- -------- --------- ---------
Total -- Same
Property
Operating
Basis........ 42,452 45,476 (6.6) 299,224 311,155 (3.8)
Equity Basis
Adjustment..... (7,768) (8,439) NM (55,196) (59,354) NM
Acquired/Divested
Properties and
Other.......... 17,357 875 NM 19,703 6,790 NM
-------- -------- --------- ---------
$52,041 $37,912 37.3 $263,731 $258,591 2.0
======== ======== ========= =========
Daily Newspaper Advertising -- Operating Basis (1)
April Year To Date
------------------------ -------------------------
(Thousands of 2002 2001 % 2002 2001 %
Inches) ------- ------- ------ ------- ------- ------
(2) (2)(3) (2) (2)(3)
Retail.......... 554 602 (8.0)% 4,180 4,398 (5.0)%
National........ 30 32 (6.3) 221 245 (9.8)
Classified...... 568 553 2.7 3,697 3,735 (1.0)
------- ------- ------- -------
1,152 1,187 (2.9) 8,098 8,378 (3.3)
======= ======= ======= =======
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 Tuesday and one fewer Sunday than a year
ago. The year to date has one more Tuesday and one fewer Sunday
than 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.
(5) The Company disclaims responsibility for updating information
beyond release date.
CONTACT: Lee Enterprises, Incorporated, Davenport
Dan Hayes, 563/383-2163
dan.hayes@lee.net
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