Lee Enterprises Reports Ad Revenue Growth in August
DAVENPORT, Iowa--(BUSINESS WIRE)--Sept. 17, 2004--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in August increased 3.1 percent over a year ago.
On a same property(2) basis, which excludes the effects of acquisitions and divestitures, retail advertising revenue increased 1.1 percent. Classified advertising revenue increased 5.4 percent, with employment up 14.1 percent, real estate up 14.1 percent, other newspaper classified categories up 15.7 percent, and classified in non-daily publications down 4.8 percent. Automotive classified revenue was down 8.4 percent, influenced by the loss of a Saturday compared with 2003. National advertising revenue, a small category for Lee, declined 1.2 percent. Niche publication revenue increased 1.7 percent and online advertising revenue increased 22.7 percent. Circulation revenue declined 1.1 percent.
Total same property operating revenue increased 2.5 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 5.0 percent, and total operating revenue increased 4.2 percent.
Mary Junck, chairman and chief executive officer, said: "We continued to drive strong growth in several key classified categories. At the same time, retail growth continued at a slower pace, influenced to some degree by a later Labor Day holiday and an unfavorable day exchange."
Revenue statistics for August and year to date 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
August Year to Date
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(Thousands) 2004 2003 % 2004 2003 %
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Advertising
revenue:
Retail........... $23,633 $23,380 1.1 % $254,383 $247,668 2.7 %
National......... 1,430 1,448 (1.2) 16,318 14,256 14.5
Classified:
Daily
newspapers:
Employment..... 4,601 4,033 14.1 39,754 34,905 13.9
Automotive..... 3,443 3,758 (8.4) 36,538 37,401 (2.3)
Real estate.... 3,457 3,029 14.1 31,946 28,754 11.1
All other...... 2,774 2,398 15.7 27,053 25,357 6.7
Other
publications... 3,197 3,357 (4.8) 33,128 31,794 4.2
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Total classified
revenue......... 17,472 16,575 5.4 168,419 158,211 6.5
Niche
publications.... 645 634 1.7 9,743 7,738 25.9
Online........... 1,077 878 22.7 10,023 7,518 33.3
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Total advertising
revenue.......... 44,257 42,915 3.1 458,886 435,391 5.4
Circulation....... 11,230 11,358 (1.1) 119,235 119,542 (0.3)
Commercial
printing......... 1,672 1,641 1.9 17,665 17,197 2.7
Online services
and other........ 2,058 1,858 10.8 23,755 21,566 10.2
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Total same
property
operating revenue 59,217 57,772 2.5 619,541 593,696 4.4
Acquisitions...... 965 - NM 4,588 - NM
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Total operating
revenue.......... $60,182 $57,772 4.2 % $624,129 $593,696 5.1 %
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DAILY NEWSPAPER ADVERTISING VOLUME
August Year to Date
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(Thousands of
Inches) 2004 2003 % 2004 2003 %
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Retail............ 828 862 (3.9)% 9,346 9,362 (0.2)%
National.......... 41 43 (4.7) 495 434 14.1
Classified........ 1,058 1,007 5.1 10,357 9,909 4.5
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Total, same
property......... 1,927 1,912 0.8 % 20,198 19,705 2.5 %
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NOTES:
(1) The month had one more Monday and Tuesday and one fewer Friday and
Saturday than the prior period. The year to date had one more
Monday than the prior period.
(2) 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.
(3) The Company's fiscal year ends on September 30.
(4) 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