Lee Enterprises Reports Ad Revenue Growth in September
DAVENPORT, Iowa, Nov 14, 2005 (BUSINESS WIRE) -- Lee Enterprises, Incorporated (NYSE:LEE), reported today that same property advertising revenue in September increased 3.2 percent over 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 2.6 percent. Classified advertising revenue increased 2.6 percent, with employment up 13.7 percent, automotive down 11.7 percent, real estate up 12.1 percent, other newspaper classified categories down 10.8 percent, and classified in non-daily publications up 6.5 percent. National advertising revenue increased 8.2 percent. Niche publication revenue decreased 6.1 percent, and online advertising revenue increased 32.5 percent. Circulation revenue decreased 3.1 percent.
Total same property operating revenue increased 1.9 percent. Including the effect of acquisitions and divestitures, total advertising revenue increased 67.6 percent, and total operating revenue increased 61.6 percent, due primarily to the acquisition of Pulitzer Inc. in June 2005.
PULITZER RESULTS
Pulitzer results are reported in statistical periods. For the statistical reporting period ended Sept. 25, 2005, on a same property basis, comparing the current year period to last year, which is before Lee's ownership, Pulitzer advertising revenue increased 1.0 percent, with total revenue up 0.4 percent. In St. Louis, advertising revenue increased 0.2 percent, and total revenue was down 0.6 percent. In Pulitzer's other newspapers, on a same property basis, advertising revenue increased 2.9 percent, and total revenue rose 3.0 percent.
In the 50 percent partnership in Tucson, which is accounted for using the equity method and is not included in the Pulitzer revenue described above, advertising revenue for the September statistical reporting period increased 5.5 percent, and total revenue climbed 4.3 percent.
Tables follow.
Lee Enterprises is a premier publisher of newspapers in midsize markets, with 52 dailies and a joint interest in six others, a rapidly growing online business 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, and its weekly publications have distribution of more than 4.5 million households. Lee's newspapers include such diverse markets as Napa, Calif.; Bloomington, Ill.; Billings, Mont.; Escondido, Calif.; Madison, Wis.; and St. Louis, Mo. Lee is based in Davenport, Iowa, and its stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee Enterprises, please visit www.lee.net.
LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
September Year to Date
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(Thousands) 2005 2004 % 2005 2004 %
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Advertising
revenue:
Retail......... $24,779 $24,150 2.6 % $295,599 $285,538 3.5 %
National....... 1,637 1,513 8.2 20,074 17,858 12.4
Classified:
Daily
newspapers:
Employment... 4,584 4,032 13.7 51,566 44,414 16.1
Automotive... 3,128 3,542 (11.7) 39,088 40,849 (4.3)
Real estate.. 3,286 2,931 12.1 37,877 34,003 11.4
All other.... 2,159 2,420 (10.8) 24,081 25,212 (4.5)
Other
publications. 2,821 2,650 6.5 32,595 32,117 1.5
----------------------------------------------------------------------
Total classified
revenue....... 15,978 15,575 2.6 185,207 176,595 4.9
Niche
publications.. 1,277 1,360 (6.1) 11,223 11,103 1.1
Online......... 1,411 1,065 32.5 14,834 11,088 33.8
----------------------------------------------------------------------
Total advertising
revenue........ 45,082 43,663 3.2 526,937 502,182 4.9
Circulation..... 10,217 10,545 (3.1) 126,953 129,780 (2.2)
Commercial
printing....... 1,580 1,895 (16.6) 19,876 19,926 (0.3)
Online services
and other...... 2,171 1,854 17.1 25,775 23,524 9.6
----------------------------------------------------------------------
Total same
property
operating
revenue........ 59,050 57,957 1.9 699,541 675,412 3.6
Acquisitions &
divestitures... 36,614 1,233 NM 161,318 7,912 NM
----------------------------------------------------------------------
Total operating
revenue........ $95,664 $59,190 61.6 % $860,859 $683,324 26.0 %
======================================================================
DAILY NEWSPAPER ADVERTISING VOLUME
September Year to Date
----------------------------------------------------------------------
(Thousands of Inches) 2005 2004 % 2005 2004 %
----------------------------------------------------------------------
Retail........... 884 867 2.0 % 10,463 10,656 (1.8)%
National......... 43 42 2.4 561 537 4.5
Classified....... 1,020 977 4.4 11,700 10,942 6.9
----------------------------------------------------------------------
Total, same
property........ 1,947 1,886 3.2 % 22,724 22,135 2.7 %
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LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)
OPERATING REVENUE
Three Months Ended Sept. 30
----------------------------------------------------------------------
(Thousands) 2005 2004 %
----------------------------------------------------------------------
Advertising revenue:
Retail.................... $ 72,263 $ 69,565 3.9 %
National.................. 4,522 4,123 9.7
Classified:
Daily newspapers:
Employment............ 14,679 12,494 17.5
Automotive............ 9,888 10,712 (7.7)
Real estate........... 10,323 9,273 11.3
All other............. 6,356 7,018 (9.4)
Other publications...... 8,599 8,538 0.7
----------------------------------------------------------------------
Total classified revenue.. 49,845 48,035 3.8
Niche publications........ 2,818 2,908 (3.1)
Online.................... 4,261 3,118 36.7
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Total advertising revenue... 133,709 127,749 4.7
Circulation................. 31,752 32,324 (1.8)
Commercial printing......... 4,469 5,012 (10.8)
Online services and other... 6,090 5,595 8.8
----------------------------------------------------------------------
Total same property
operating revenue.......... 176,020 170,680 3.1
Acquisitions &
divestitures............... 114,204 3,350 NM
----------------------------------------------------------------------
Total operating revenue 290,224 174,030 66.8 %
======================================================================
DAILY NEWSPAPER ADVERTISING VOLUME
Three Months Ended Sept. 30
----------------------------------------------------------------------
(Thousands of Inches) 2005 2004 %
----------------------------------------------------------------------
Retail...................... 2,551 2,547 0.2 %
National.................... 126 125 0.8
Classified.................. 3,143 2,990 5.1
----------------------------------------------------------------------
Total, same property........ 5,820 5,662 2.8 %
======================================================================
NOTES:
(1) September had one more Friday and one fewer Wednesday than the
prior period. The quarter had one more Friday and one fewer
Thursday than the prior period. The year had one more Friday and
one fewer Wednesday and Thursday 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), in which Lee
owns a 50% share, and Lee's 50% newspaper partnership in TNI
Partners in Tucson. Both are 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.
SOURCE: Lee Enterprises
Lee Enterprises
Dan Hayes, 563-383-2100
dan.hayes@lee.net