Lee Enterprises Advertising Revenue Increases 5.1% in June
DAVENPORT, Iowa--(BUSINESS WIRE)--July 21, 2005--Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue increased 5.1 percent in June compared with a year ago.
On a same property(3) basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue increased 4.5 percent. Classified advertising revenue increased 5.6 percent, with employment up 14.0 percent, automotive down 0.5 percent, real estate up 13.4 percent, other newspaper classified categories down 9.7 percent, and classified in non-daily publications up 6.5 percent. National advertising revenue decreased 2.3 percent. Niche publication revenue decreased 9.4 percent, due primarily to the loss of a larger publication in one market, and online advertising revenue increased 36.8 percent. Circulation revenue decreased 1.4 percent.
Total same property operating revenue increased 3.7 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 73.9 percent, and total operating revenue increased 67.3 percent, due primarily to the inclusion of Pulitzer in June for the first time.
PULITZER RESULTS
For the fiscal period ended June 26, 2005, the first month in which Pulitzer is included in Lee's results, advertising revenue increased 0.6 percent, and total revenue increased 1.6 percent.
On a same property basis, comparing the current year period to last year, which is before Lee's ownership, Pulitzer advertising revenue was flat, and total revenue was up 1.1 percent. Advertising revenue in St. Louis declined 2.1 percent, with total revenue down 0.3 percent. Same property advertising revenue in Pulitzer's other newspapers increased 5.4 percent and total revenue increased 4.5 percent.
In the 50 percent partnership in Tucson, which is accounted for using the equity method, Pulitzer advertising revenue for the June period increased 4.5 percent and total revenue was up 3.7 percent.
Tables follow.
With the acquisition of Pulitzer, Lee owns 52 daily newspapers and a joint interest in six others. Lee also operates associated online services and more than 300 weekly newspapers, shoppers and classified and specialty publications. Lee is based in Davenport, Iowa, and 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.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
June Year to Date
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(Thousands) 2005 2004 % 2005 2004 %
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Advertising revenue:
Retail............... $23,774 $22,761 4.5% $222,978 $215,622 3.4%
National............. 1,523 1,559 (2.3) 15,552 13,735 13.2
Classified:
Daily newspapers:
Employment......... 4,514 3,961 14.0 36,887 31,920 15.6
Automotive......... 3,296 3,312 (0.5) 29,200 30,137 (3.1)
Real estate........ 3,301 2,911 13.4 27,554 24,730 11.4
All other.......... 2,236 2,475 (9.7) 17,725 18,194 (2.6)
Other publications.. 2,885 2,710 6.5 24,353 23,928 1.8
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Total classified
revenue............. 16,232 15,369 5.6 135,719 128,909 5.3
Niche publications... 862 951 (9.4) 8,405 8,195 2.6
Online............... 1,304 953 36.8 10,573 7,967 32.7
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Total advertising
revenue.............. 43,695 41,593 5.1 393,227 374,428 5.0
Circulation........... 10,257 10,403 (1.4) 95,201 97,456 (2.3)
Commercial printing... 1,626 1,609 1.1 15,407 14,914 3.3
Online services and
other................ 2,309 2,190 5.4 19,685 17,959 9.6
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Total same property
operating revenue.... 57,887 55,795 3.7 523,520 504,757 3.7
Acquisitions &
divestitures......... 36,621 680 NM 47,114 4,537 NM
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Total operating
revenue.............. $94,508 $56,475 67.3% $570,634 $509,294 12.0%
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DAILY NEWSPAPER ADVERTISING VOLUME
June Year to Date
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(Thousands of Inches) 2005 2004 % 2005 2004 %
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Retail................ 847 852 (0.6)% 7,912 8,109 (2.4)%
National.............. 47 49 (4.1) 435 412 5.6
Classified............ 1,031 958 7.6 8,557 7,952 7.6
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Total, same property.. 1,925 1,859 3.6% 16,904 16,473 2.6%
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LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
Three Months Ended June 30
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(Thousands) 2005 2004 %
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Advertising revenue:
Retail..................................... $74,380 $72,216 3.0%
National................................... 4,676 4,478 4.4
Classified:
Daily newspapers:
Employment............................... 13,880 12,062 15.1
Automotive............................... 10,119 10,479 (3.4)
Real estate.............................. 10,068 8,711 15.6
All other................................ 6,492 7,227 (10.2)
Other publications........................ 8,779 8,659 1.4
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Total classified revenue................... 49,338 47,138 4.7
Niche publications......................... 2,857 3,082 (7.3)
Online..................................... 4,030 2,993 34.6
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Total advertising revenue................... 135,281 129,907 4.1
Circulation................................. 31,646 32,129 (1.5)
Commercial printing......................... 5,099 5,272 (3.3)
Online services and other................... 6,847 6,381 7.3
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Total same property operating revenue....... 178,873 173,689 3.0
Acquisitions & divestitures................. 38,983 2,277 NM
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Total operating revenue 217,856 175,966 23.8%
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DAILY NEWSPAPER ADVERTISING VOLUME
Three Months Ended June 30
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(Thousands of Inches) 2005 2004 %
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Retail...................................... 2,628 2,691 (2.3)%
National.................................... 146 141 3.5
Classified.................................. 3,046 2,861 6.5
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Total, same property 5,820 5,693 2.2%
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NOTES:
(1) The month had one more Thursday and one fewer Tuesday than the
prior period. There were no day exchanges in the quarter. The year
to date had one fewer Wednesday 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. Same
property comparisons also exclude corporate office costs.
(4) The Company's fiscal year ends on September 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, 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, Davenport
Dan Hayes, 563-383-2100
dan.hayes@lee.net
SOURCE: Lee Enterprises, Incorporated