Lee Enterprises Reports September Ad Revenue Growth of 9.5%
DAVENPORT, Iowa--(BUSINESS WIRE)--Nov. 11, 2004--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in September increased 9.5 percent over a year ago.
On a same property(2) basis, which excludes the effects of acquisitions and divestitures, retail advertising revenue increased 10.9 percent. Classified advertising revenue increased 8.2 percent, with employment up 15.4 percent, automotive up 3.6 percent, real estate up 6.8 percent, other newspaper classified categories up 12.8 percent, and classified in non-daily publications up 3.1 percent. National advertising revenue, a small category for Lee, increased 11.4 percent. Niche publication revenue decreased 8.7 percent and online advertising revenue increased 26.2 percent. Circulation revenue declined 1.0 percent.
Total same property operating revenue increased 8.3 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 11.9 percent, and total operating revenue increased 10.4 percent.
Mary Junck, chairman and chief executive officer, said: "Our revenue engines cranked at full throttle in September, particularly in retail advertising, where we drove growth in double digits. We continue to be gratified also by the strong results of our initiatives in classified, where we're focused on strengthening even further our position as the market leader in every advertising category."
Tables 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.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
September Year to Date
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(Thousands) 2004 2003 % 2004 2003 %
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Advertising
revenue:
Retail........... $23,859 $21,512 10.9 % $281,769 $272,213 3.5 %
National......... 1,510 1,356 11.4 17,828 15,612 14.2
Classified:
Daily
newspapers:
Employment..... 4,032 3,495 15.4 44,414 39,058 13.7
Automotive..... 3,542 3,418 3.6 40,849 41,832 (2.3)
Real estate.... 2,932 2,745 6.8 34,003 30,569 11.2
All other...... 2,420 2,146 12.8 25,212 23,728 6.3
Other
publications... 2,976 2,887 3.1 36,310 34,682 4.7
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Total classified
revenue......... 15,902 14,691 8.2 180,788 169,869 6.4
Niche
publications.... 1,360 1,489 (8.7) 11,103 9,227 20.3
Online........... 1,061 841 26.2 11,084 8,359 32.6
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Total advertising
revenue.......... 43,692 39,889 9.5 502,572 475,280 5.7
Circulation....... 10,545 10,655 (1.0) 129,780 130,197 (0.3)
Commercial
printing......... 1,859 1,486 25.1 19,528 18,683 4.5
Online services
and other........ 1,996 1,607 24.2 25,753 23,173 11.1
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Total same
property
operating revenue 58,092 53,637 8.3 677,633 647,333 4.7
Acquisitions...... 1,103 - NM 5,691 - NM
----------------------------------------------------------------------
Total operating
revenue.......... $59,195 $53,637 10.4 % $683,324 $647,333 5.6 %
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DAILY NEWSPAPER ADVERTISING VOLUME
September Year to Date
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(Thousands of
Inches) 2004 2003 % 2004 2003 %
----------------------------------------------------------------------
Retail............ 853 834 2.3 % 10,490 10,450 0.4 %
National.......... 42 41 2.4 537 475 13.1
Classified........ 980 907 8.0 10,977 10,560 3.9
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Total, same
property......... 1,875 1,782 5.2 % 22,004 21,485 2.4 %
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LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
Three Months Ended Sept. 30
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(Thousands) 2004 2003 %
----------------------------------------------------------------------
Advertising revenue:
Retail.............................. $68,744 $65,741 4.6 %
National............................ 4,115 3,860 6.6
Classified:
Daily newspapers:
Employment........................ 12,495 10,951 14.1
Automotive........................ 10,711 10,794 (0.8)
Real estate....................... 9,273 8,370 10.8
All other......................... 7,018 6,075 15.5
Other publications................. 9,451 9,093 3.9
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Total classified revenue............ 48,948 45,283 8.1
Niche publications.................. 2,909 3,005 (3.2)
Online.............................. 3,117 2,506 24.4
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Total advertising revenue............ 127,833 120,395 6.2
Circulation.......................... 32,324 32,631 (0.9)
Commercial printing.................. 4,925 4,469 10.2
Online services and other............ 6,075 5,290 14.8
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Total same property operating revenue 171,157 162,785 5.1
Acquisitions......................... 2,873 - NM
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Total operating revenue.............. $174,030 $162,785 6.9 %
======================================================================
DAILY NEWSPAPER ADVERTISING VOLUME
Three Months Ended Sept. 30
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(Thousands of Inches) 2004 2003 %
----------------------------------------------------------------------
Retail............................... 2,508 2,532 (0.9)%
National............................. 125 120 4.2
Classified........................... 2,999 2,787 7.6
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Total, same property................. 5,632 5,439 3.5 %
======================================================================
NOTES:
(1) September and the year had one more Wednesday and Thursday and one
fewer Monday and Tuesday than the prior year. The quarter had one
more Thursday and one fewer Tuesday than the prior period.
(2) 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.
(3) Same property comparisons exclude acquisitions and divestitures
made in the current and prior year. Same property revenue also
excludes revenue of Madison Newspapers, Inc. (MNI). 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 ends on September 30.
(5) The Company disclaims responsibility for updating information
beyond 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, 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, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated