Lee Enterprises Reports January Revenue Statistics
The decline in employment classified advertising accounted for more than 100 percent of the overall change in publishing revenue between years.
Total advertising revenue decreased 4.6 percent. Retail revenue decreased 0.6 percent. National advertising, which accounts for less than 5 percent of Lee's total advertising revenue, declined 3.4 percent. Classified revenue, which was up in all categories except employment advertising, decreased 10.3 percent. Employment advertising revenue was down 35.5 percent; automotive and real estate were both up 4.0 percent; and classified revenue in alternative publications was up 4.2 percent.
Circulation revenue increased 0.7 percent as a result of unit gains both daily and Sunday.
Online revenue increased 7.3 percent.
Including the results of acquisitions and dispositions, total publishing revenue decreased 3.1 percent.
In January, Lee sold specialty publications in Las Vegas, Nevada; St. George, Utah; and Great Falls, Montana.
On Feb. 12, Lee announced plans to acquire 16 daily newspapers from Howard Publications. Closing is expected within 90 days.
Lee currently owns 23 daily newspapers and a joint interest in five others. Lee also owns more than 100 weekly newspapers, shoppers and classified and specialty publications, along with associated online services.
Lee is based in Davenport, Iowa. 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 monthly and year-to-date statistical information follows.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
January 2002
(Unaudited)
Publishing Revenue -- Operations Basis (1)
January Year To Date
(Thousands) ------------------------- --------------------------
2002 2001 % 2002 2001 %
-------- -------- ------- --------- ----------------
(2) (2)(3) (2) (2)(3)
Advertising
Retail..........$13,744 $13,832 (0.6)% $ 71,227 $ 74,114 (3.9)%
National........ 1,007 1,042 (3.4) 4,171 4,735 (11.9)
Classified:
Daily
Newspapers:
Employment.. 2,363 3,666 (35.5) 9,646 14,543 (33.7)
Automotive.. 1,971 1,895 4.0 8,809 8,606 2.4
Real Estate. 1,598 1,537 4.0 6,755 6,653 1.5
All Other... 1,443 1,367 5.6 6,329 5,650 12.0
Alternative
publications. 1,548 1,486 4.2 6,939 6,794 2.1
-------- -------- --------- ---------
8,923 9,951 (10.3) 38,478 42,246 (8.9)
-------- -------- --------- ---------
23,674 24,825 (4.6) 113,876 121,095 (6.0)
Circulation....... 8,345 8,287 0.7 34,198 34,913 (2.0)
Online............ 383 357 7.3 1,583 1,480 7.0
Other............. 5,746 5,853 (1.8) 24,050 25,676 (6.3)
-------- -------- --------- ---------
Total -- Same
Property
Operations
Basis........ 38,148 39,322 (3.0) 173,707 183,164 (5.2)
Equity Basis
Adjustment....... (7,163) (7,640) NM (31,716) (34,930) NM
Acquired/Disposed
Properties and
Other......... 144 442 NM 765 2,610 NM
-------- -------- --------- ---------
$31,129 $32,124 (3.1) $142,756 $150,844 (5.4)
======== ======== ========= =========
Daily Newspaper Advertising -- Operations Basis (1)
January Year To Date
------------------------ ------------------------
(Thousands of
Inches) 2002 2001 % 2002 2001 %
------- ------- ------ ------- ------- ------
(2) (2)(3) (2) (2)(3)
Retail............ 478 491 (2.6)% 2,573 2,703 (6.7)%
National.......... 30 23 30.4 127 147 (13.6)
Classified........ 473 493 (4.1) 2,088 2,154 (3.1)
------- ------- ------- -------
981 1,007 (2.6) 4,738 5,004 (5.3)
======= ======= ======= =======
Notes to Revenue and Statistical Summary:
(1) Operations 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 has one more Thursday and one fewer Monday than the
prior period. The year to date has one more Thursday and one fewer
Sunday than the prior period.
(3) Previously reported data has been restated for comparative
purposes to exclude acquired/disposed properties.
(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 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 undertake to publicly update or revise its forward-looking
statements.
CONTACT: Lee Enterprises, Incorporated, Davenport
Dan Hayes, 563/383-2163
dan.hayes@lee.net
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