Lee Enterprises Reports Revenue Statistics for January
DAVENPORT, Iowa--(BUSINESS WIRE)--Feb. 12, 2004--Lee Enterprises, Incorporated (NYSE:LEE), reported today that total advertising revenue increased 4.4 percent in January and total publishing revenue increased 3.4 percent.
Classified advertising revenue climbed 5.1 percent, with employment up 4.3 percent, automotive up 4.0 percent, real estate up 9.1 percent, other newspaper classified categories up 10.0 percent, and classified in non-daily publications down 0.8 percent. Retail ad revenue increased 0.4 percent. National ad revenue, a small category for Lee, increased 13.5 percent. Niche publication revenue increased 35.7 percent and online ad revenue increased 34.3 percent. Circulation revenue decreased 0.6 percent.
Mary Junck, chairman and chief executive officer, said: "Employment ad revenue has continued to rebound, and we showed good gains as well in real estate, auto and other daily classified categories. Although retail softened, overall we stack up well against our standout month a year ago, which was one of our best in 2003."
Results of the Corning, New York, and Freeport, Illinois, operations, which were divested in February 2004, are excluded, as those results are reported in discontinued operations. Results of properties in Burley, Idaho, and Elko, Nevada, which were obtained in exchange for the divested properties, will be included in reported revenue beginning in February. Reported results in the tables that follow 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
(Unaudited)
PUBLISHING REVENUE
January Year To Date
(Thousands) ----------------------- -----------------------
2004 2003 % 2004 2003 %
-------- ------- ----- ------- ------- ------
(1)(2) (1)(2) (1)(2) (1)(2)
Advertising:
Retail.............. $18,355 $18,278 0.4 % $95,784 $93,466 2.5 %
National............ 1,475 1,300 13.5 6,108 5,355 14.1
Classified:
Daily newspapers:
Employment...... 3,081 2,955 4.3 12,107 11,661 3.8
Automotive...... 3,114 2,995 4.0 13,050 13,121 (0.5)
Real estate..... 2,587 2,371 9.1 10,794 9,593 12.5
All other....... 2,182 1,984 10.0 8,986 8,742 2.8
Other publications 2,245 2,263 (0.8) 9,357 9,279 0.8
-------- -------- -------- --------
Total classified 13,209 12,568 5.1 54,294 52,396 3.6
-------- -------- -------- --------
Niche publications.. 1,548 1,141 35.7 5,152 4,057 27.0
Online.............. 760 566 34.3 3,052 2,286 33.5
-------- -------- -------- --------
Total
advertising.... 35,347 33,853 4.4 164,390 157,560 4.3
Circulation........... 10,765 10,825 (0.6) 43,744 43,684 0.1
Commercial print...... 1,466 1,453 0.9 6,191 6,424 (3.6)
Online services and
other................ 2,095 1,920 9.1 8,332 7,677 8.5
-------- -------- -------- --------
Total publishing
revenue.............. 49,673 48,051 3.4 % 222,657 215,345 3.4%
======== ======== ======== ========
DAILY NEWSPAPER ADVERTISING VOLUME
January Year To Date
------------------- --------------------
(Thousands of Inches) 2004 2003 % 2004 2003 %
----- ----- ----- ----- ----- ------
(1)(2) (1)(2) (1)(2) (1)(2)
Retail...................... 708 713 (0.7)% 3,591 3,674 (2.3)%
National.................... 45 35 28.6 175 158 10.8
Classified.................. 825 791 4.3 3,529 3,394 4.0
----- ----- ----- -----
Total, same property.... 1,578 1,539 2.5 % 7,295 7,226 1.0 %
===== ===== ===== =====
Notes to Revenue and Statistical Summaries:
(1) The month had one more Saturday and one fewer Wednesday than the
prior period. The year to date had one more Saturday and one fewer
Tuesday than the prior period.
(2) Same property comparisons exclude 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.
CONTACT: Lee Enterprises, Incorporated, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated