Lee Enterprises Reports Revenue Statistics
DAVENPORT, Iowa--(BUSINESS WIRE)--Jan. 20, 2004--Lee Enterprises, Incorporated (NYSE:LEE), reported today that total advertising revenue increased 3.9 percent for November and December combined, and publishing revenue increased 3.1 percent.
Separate November and December comparisons with the previous year are distorted by the movement of an additional Sunday between periods. November 2003 and December 2002 each included five Sundays, while November 2002 and December 2003 included four Sundays.
For the two months combined, retail advertising revenue increased 2.5 percent over the previous year, and classified revenue rose 3.0 percent, with employment up 4.8 percent, automotive down 4.1 percent, real estate up 13.9 percent, other newspaper classified categories up 3.5 percent, and classified in non-daily publications down 0.4 percent. National advertising revenue, a small category for Lee, increased 12.6 percent. Niche publication revenue increased 25.3 percent and online advertising revenue increased 31.8 percent. Circulation revenue increased 0.6 percent.
The following table combines unaudited November and December publishing revenue to eliminate the effect of the Sunday exchanges and facilitate comparison. Results of the Corning, N.Y., and Freeport, Ill., operations, which on Jan. 15, 2004, Lee announced will be divested, are included.
November-December Combined
(Thousands) --------------------------
2003 2002 %
-------- -------- -------
(1)(3) (1)(3)
Advertising:
Retail.................................. $ 54,094 $ 52,768 2.5%
National................................ 2,970 2,637 12.6
Classified:
Daily newspapers:
Employment.......................... 5,759 5,497 4.8
Automotive.......................... 6,603 6,885 (4.1)
Real estate......................... 5,400 4,743 13.9
All other........................... 4,389 4,241 3.5
Other publications.................... 4,488 4,506 (0.4)
-------- --------
Total classified.................... 26,639 25,872 3.0
-------- --------
Niche publications...................... 2,503 1,998 25.3
Online.................................. 1,493 1,133 31.8
-------- --------
Total advertising................... 87,699 84,408 3.9
Circulation............................... 22,549 22,409 0.6
Commercial print.......................... 3,130 3,214 (2.6)
Online services and other................. 4,311 4,075 5.8
-------- --------
Total publishing
revenue............................... $117,689 $114,106 3.1%
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DAILY NEWSPAPER ADVERTISING VOLUME
November-December Combined
--------------------------
(Thousands of Inches) 2003 2002 %
-------- -------- -------
(1)(3) (1)(3)
Retail.................................... 2,021 2,090 (3.3)%
National.................................. 80 78 2.6
Classified................................ 1,786 1,723 3.7
-------- --------
Total, same property.................. 3,887 3,891 (0.1)%
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Revenue statistics for December 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.
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
(Unaudited)
PUBLISHING REVENUE
December Year To Date
(Thousands) ----------------------- ------------------------
2003 2002 % 2003 2002 %
------- ------- ------ -------- -------- -----
(2)(3) (2)(3) (2)(3) (2)(3)
Advertising:
Retail........... $26,055 $26,475 (1.6)% $ 78,545 $ 76,289 3.0%
National......... 1,259 1,283 (1.9) 4,647 4,065 14.3
Classified:
Daily
newspapers:
Employment... 2,450 2,608 (6.1) 9,157 8,855 3.4
Automotive... 3,225 3,434 (6.1) 10,045 10,229 (1.8)
Real estate.. 2,412 2,400 0.5 8,348 7,343 13.7
All other.... 2,060 1,692 21.7 6,959 6,942 0.2
Other
publications.. 2,083 1,999 4.2 7,139 7,026 1.6
------- ------- -------- --------
Total
classified.. 12,230 12,133 0.8 41,648 40,395 3.1
------- ------- -------- --------
Niche
publications.... 1,124 852 31.9 3,606 2,916 23.7
Online........... 690 544 26.8 2,312 1,729 33.7
------- ------- -------- --------
Total
advertising. 41,358 41,287 0.2 130,758 125,394 4.3
Circulation........ 10,991 11,491 (4.4) 33,722 33,612 0.3
Commercial print... 1,479 1,584 (6.6) 4,761 5,054 (5.8)
Online services and
other............. 2,115 2,011 5.2 6,260 5,776 8.4
------- ------- -------- --------
Total publishing
revenue........... 55,943 56,373 (0.8)% 175,501 169,836 3.3%
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DAILY NEWSPAPER ADVERTISING VOLUME
December Year To Date
-------------------- --------------------
(Thousands of Inches) 2003 2002 % 2003 2002 %
------ ------ ------ ------ ------ ------
(2)(3) (2)(3) (2)(3) (2)(3)
Retail...................... 999 1,084 (7.8)% 2,968 3,046 (2.6)%
National.................... 37 38 (2.6) 131 124 5.6
Classified.................. 828 811 2.1 2,778 2,676 3.8
------ ------ ------ ------
Total, same property.... 1,864 1,933 (3.6)% 5,877 5,846 0.5%
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Notes to Revenue and Statistical Summaries:
(1) The two-month period had one more Wednesday and one fewer Friday
than the prior period.
(2) The month had one more Wednesday and one fewer Sunday than the
prior period. The year to date had one more Wednesday and one
fewer Tuesday than the prior period.
(3) 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.
(4) The Company's fiscal year ended on September 30.
(5) The Company disclaims responsibility for updating information
beyond release date.
CONTACT: Lee Enterprises, Incorporated, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated