Lee Enterprises Reports Revenue Statistics for July
DAVENPORT, Iowa--(BUSINESS WIRE)--Aug. 20, 2007--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property(1) advertising revenue decreased 2.1 percent in July and 1.1 percent year to date compared with a year ago. Same property online advertising revenue increased 62.5 percent in July and 57.2 percent year to date.
On a same property basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, combined print and online retail advertising increased 0.6 percent in July and decreased 0.4 percent year to date compared with a year ago. Combined print and online classified advertising revenue decreased 4.4 percent and 1.1 percent year to date, with employment up 3.6 percent for the month and up 5.8 percent year to date, automotive down 12.3 percent for the month and down 6.0 percent year to date, and real estate down 9.3 percent for the month and down 5.8 percent year to date. Combined print and online national advertising revenue was down 7.2 percent for the month and down 6.3 percent year to date. Circulation revenue declined 3.3 percent for the month and 1.4 percent year to date.
Total same property operating revenue in July declined 2.1 for the month and 0.9 percent year to date compared with a year ago. Including the effect of acquisitions and divestitures, total operating revenue declined 2.2 for the month and 0.8 percent year to date.
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 1.7 million daily and 1.9 million Sunday, reaching more than four million readers daily. Lee's online sites attract more than 11 million visits monthly, and Lee's weekly publications are distributed to more than 4.5 million households. Lee's 55 newspaper markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill.; Tucson, Ariz.; and Napa, Calif. Lee stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee, please visit www.lee.net.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
July Year to Date
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(Thousands) 2007 2006 % 2007 2006 %
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Advertising revenue:
Retail.............. $36,141 $36,739 (1.6)% $382,574 $390,235 (2.0)%
National............ 4,290 4,621 (7.2) 47,118 50,262 (6.3)
Classified:
Daily newspapers:
Employment........ 7,356 8,515 (13.6) 68,348 75,374 (9.3)
Automotive........ 5,037 6,095 (17.4) 46,227 50,845 (9.1)
Real estate....... 5,379 6,197 (13.2) 49,235 53,051 (7.2)
All other......... 3,465 3,447 0.5 32,368 32,552 (0.6)
Other publications. 4,362 4,092 6.6 39,956 37,838 5.6
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Total classified
revenue............. 25,599 28,346 (9.7) 236,134 249,660 (5.4)
Online.............. 5,575 3,430 62.5 45,283 28,800 57.2
Niche publications.. 1,321 1,358 (2.7) 13,555 13,659 (0.8)
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Total advertising
revenue............. 72,926 74,494 (2.1) 724,664 732,616 (1.1)
Circulation.......... 17,771 18,371 (3.3) 170,030 172,478 (1.4)
Commercial printing.. 1,341 1,287 4.2 13,782 14,096 (2.2)
Online services and
other............... 2,337 2,295 1.8 26,477 24,426 8.4
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Total same property
revenue............. 94,375 96,447 (2.1) 934,953 943,616 (0.9)
Acquisitions &
divestitures........ 297 383 NM 3,244 2,193 NM
Total operating
revenue............. $94,672 $96,830 (2.2)% $938,197 $945,809 (0.8)%
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SELECTED COMBINED PRINT AND ONLINE ADVERTISING REVENUE
July Year to Date
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(Thousands, Same
Property) 2007 2006 % 2007 2006 %
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Retail............... $36,268 $36,049 0.6% $382,866 $384,337 (0.4)%
National............. 4,290 4,621 (7.2) 47,118 50,262 (6.3)
Classified:
Employment.......... $11,004 $10,624 3.6% $ 96,449 $ 91,158 5.8%
Automotive.......... 6,487 7,395 (12.3) 60,588 64,464 (6.0)
Real estate......... 7,056 7,776 (9.3) 63,598 67,529 (5.8)
Other............... 6,500 6,671 (2.6) 60,490 61,207 (1.2)
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Total classified
revenue............. $31,047 $32,466 (4.4)% $281,125 $284,358 (1.1)%
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REVENUE BY REGION
July Year to Date
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(Thousands, Same
Property 2007 2006 % 2007 2006 %
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Midwest......... $58,037 $59,909 (3.1)% $573,967 $584,224 (1.8)%
Mountain West... 17,020 16,293 4.5 167,335 163,377 2.4
West............ 12,744 13,882 (8.2) 123,595 128,130 (3.5)
East/other...... 6,574 6,363 3.3 70,056 67,885 3.2
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Total........... $94,375 $96,447 (2.1)% $934,953 $943,616 (0.9)%
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DAILY NEWSPAPER ADVERTISING VOLUME
July Year to Date
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(Thousands of inches,
same property) 2007 2006 % 2007 2006 %
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Retail............... 1,092 1,116 (2.2)% 11,160 11,440 (2.4)%
National............. 50 56 (10.7) 579 672 (13.8)
Classified........... 1,457 1,628 (10.5) 13,256 13,900 (4.6)
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Total................ 2,599 2,800 (7.2)% 24,995 26,012 (3.9)%
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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) The month and year to date had one more Tuesday and one fewer Saturday than prior periods. The former Pulitzer properties use period accounting and are not affected by day exchanges.
(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, increased capital and other costs and other risks detailed from time to time in the Company's publicly filed documents, including the Company Annual Report on Form 10-K for the year ended September 30, 2006. 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