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Pulitzer Inc. Reports Ninth-Period Revenue for Four Weeks Ended
September 26, 2004
ST. LOUIS, Oct. 19 /PRNewswire-FirstCall/ -- Pulitzer Inc. (NYSE:PTZ) today
announced that revenue increased 4.9 percent for the four-week accounting
period ended September 26, 2004 and 5.5 percent for the thirty-nine-week
year-to-date period when compared to the respective 2003 periods. September
2004 advertising revenue in St. Louis and at the 12 Pulitzer Newspapers, Inc.
("PNI") markets increased 5.2 percent, with increases of 1.7 percent at the St.
Louis operations and 14.5 percent at PNI.
On a comparable basis, excluding the results of PNI acquisitions absent in the
comparable periods of 2003 and 2004, total revenue increased 4.4 percent for
the four-week period ended September 26, 2004 and increased 4.7 percent for the
thirty-nine-week year-to-date period. Total comparable advertising revenue
increased 4.6 percent for the four-week period ended September 26, 2004 and
increased 5.6 percent for the thirty-nine-week year-to- date period.
Ninth-period 2004 comparable advertising revenue increased 1.7 percent at the
St. Louis operations and 12.3 percent at PNI. Comparable advertising revenue
increased 4.2 percent at the St. Louis operations and 9.2 percent at PNI for
the thirty-nine-week year-to-date period.
The principal components of the ninth-period comparable advertising revenue
results for St. Louis and PNI were:
-- Comparable retail advertising revenue, including preprints, increased
10.8 percent. Comparable retail ROP revenue increased 4.7 percent,
principally due to gains in the specialty stores, grocery, home
improvement, and department store segments, as well as gains in local
territory revenue, which increased 11.9 percent in St. Louis. These
gains were partially offset by weakness in the electronics,
entertainment, and furniture categories. Comparable retail ROP revenue
increased 2.3 percent in St. Louis and increased 9.5 percent at PNI.
Comparable retail preprint revenue increased 31.5 percent in St. Louis
and 11.5 percent at PNI.
-- Comparable ninth-period national advertising revenue, including
preprints, decreased 21.8 percent versus 2003, principally due to
weakness in the pharmaceutical and travel categories, partially offset
by gains in the telecommunication segment. Comparable national preprint
revenue decreased 41.4 percent for the period and comparable national
ROP revenue decreased 16.7 percent. Comparable national advertising
revenue, including preprints, decreased 22.9 percent in St. Louis and
increased 2.4 percent at PNI.
-- Comparable ninth-period classified revenue increased 4.3 percent versus
2003.
Comparable Classified Advertising Revenue
Percentage Change 2004 Versus 2003
Total
Pulitzer,
including
Tucson Tucson
Total Newspaper Newspaper
PERIOD 9 St. Louis PNI Pulitzer Agency Agency
Help Wanted 3.8% 35.3% 11.1% 14.8% 11.6%
Automotive (12.8%) (3.8%) (10.8%) 17.7% (7.8%)
Real Estate 5.3% 18.3% 9.2% (2.2%) 8.2%
Total Classified
Revenue 0.0% 16.4% 4.3% 6.2% 4.5%
Comparable Classified Advertising Revenue
Percentage Change 2004 Versus 2003
Total
Pulitzer,
including
Tucson Tucson
Total Newspaper Newspaper
Year-to-date St. Louis PNI Pulitzer Agency Agency
Help Wanted 9.6% 33.6% 15.0% 32.9% 17.1%
Automotive 4.8% 2.3% 4.2% 7.9% 4.6%
Real Estate 7.9% 17.4% 10.7% (3.5%) 9.4%
Total Classified
Revenue 7.3% 16.1% 9.6% 12.6% 9.9%
September 2004 revenue associated with the Company's 50 percent interest in the
Tucson Newspaper Agency ("TNI") increased 10.4 percent and total advertising
revenue increased 11.9 percent. TNI retail revenue, including preprints,
increased 14.3 percent with a 6.4 percent increase in retail ROP and a 38.3
percent increase in retail preprint revenue. Local territory revenues increased
12.9 percent for the period. TNI national revenue, including preprints,
increased 41.7 percent. September classified revenue increased 6.2 percent.
Pulitzer Inc., through various subsidiaries and affiliated entities, is engaged
in newspaper publishing and related new media activities. The Company's
newspaper operations include two major metropolitan dailies, the St. Louis
Post-Dispatch and the Arizona Daily Star in Tucson, Ariz., and, through its
Pulitzer Newspapers, Inc. ("PNI") subsidiary, 12 other dailies and more than 65
weekly newspapers, shoppers and niche publications. The PNI dailies are The
Pantagraph, Bloomington, Ill.; The Daily Herald, Provo, Utah; the Santa Maria
Times, Santa Maria, Calif.; The Napa Valley Register, Napa, Calif.; The World,
Coos Bay, Ore.; The Sentinel, Hanford, Calif.; the Arizona Daily Sun,
Flagstaff, Ariz.; The Daily Chronicle, DeKalb, Ill.; The Garden Island, Lihue,
Hawaii; the Daily Journal, Park Hills, Mo.; The Lompoc Record, Lompoc, Calif.;
and The Daily News, Rhinelander, Wis. The Company's newspaper operations also
include the Suburban Journals of Greater St. Louis, a group of 38 weekly papers
and various niche publications.
The Company's new media and interactive initiatives include STLtoday.com in St.
Louis, azstarnet.com in Tucson, and Web sites for all of its other dailies.
Pulitzer Inc. is the successor to the company originally founded by Joseph
Pulitzer in St. Louis in 1878. For further information, visit our Web site at
http://www.pulitzerinc.com/.
NOTES:
Statements in this press release concerning the Company's business outlook or
future economic performance, anticipated profitability, revenues, expenses or
other financial items, together with other statements that are not historical
facts, are "forward-looking statements" as that term is defined under the
Federal Securities Laws. Forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to differ
materially from those stated in such statements. Such risks, uncertainties and
other factors include, but are not limited to, industry cyclicality, the
seasonal nature of the business, changes in pricing or other actions by
competitors or suppliers (including newsprint), outcome of labor negotiations,
capital or similar requirements, and general economic conditions, any of which
may impact advertising and circulation revenues and various types of expenses,
as well as other risks detailed in the Company's filings with the Securities
and Exchange Commission. Although the Company believes that the expectations
reflected in "forward-looking statements" are reasonable, it cannot guarantee
future results, levels of activity, performance or achievements. Accordingly,
investors are cautioned not to place undue reliance on any such
"forward-looking statements," and the Company disclaims any obligation to
update the information contained herein or to publicly announce the result of
any revisions to such "forward-looking statements" to reflect future events or
developments.
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
(Revenue in thousands--Unaudited)
Four Four 39 39
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Sept. Sept. Sept. Sept.
26, 28, 26, 28,
2004 2003 Change 2004 2003 Change
(Note 3) (Note 3)
Consolidated Operating
Revenue (Note 1):
Advertising:
Retail $ 9,823 $ 9,300 5.6% $ 88,854 $ 85,000 4.5%
National 2,001 2,402 (16.7%) 18,689 20,768 (10.0%)
Classified 10,768 10,267 4.9% 103,383 93,318 10.8%
Total 22,592 21,969 2.8% 210,926 199,086 5.9%
Preprints 5,429 4,669 16.3% 48,017 44,023 9.1%
Total
Advertising 28,021 26,638 5.2% 258,943 243,109 6.5%
Circulation 6,239 6,142 1.6% 61,119 60,323 1.3%
Other 696 536 29.9% 5,456 5,164 5.7%
Total $34,956 $33,316 4.9% $325,518 $308,596 5.5%
Operating Revenue of Consolidated Subsidiaries:
St. Louis Operations
(Note 2):
Advertising $19,714 $19,382 1.7% $183,294 $175,986 4.2%
Circulation 4,673 4,569 2.3% 45,611 44,746 1.9%
Other 331 131 152.7% 1,662 1,200 38.5%
Total $24,718 $24,082 2.6% $230,567 $221,932 3.9%
Pulitzer Newspapers, Inc.
Advertising $ 8,307 $ 7,256 14.5% $ 75,649 $ 67,123 12.7%
Circulation 1,566 1,573 (0.4%) 15,508 15,577 (0.4%)
Other 365 405 (9.9%) 3,794 3,964 (4.3%)
Total $10,238 $ 9,234 10.9% $ 94,951 $ 86,664 9.6%
Operating Revenue of Unconsolidated Newspaper Joint Venture:
Pulitzer's 50% share of
Tucson Newspaper Agency:
Advertising $ 3,446 $ 3,079 11.9% $ 31,927 $ 30,496 4.7%
Circulation 841 846 (0.6%) 8,492 8,576 (1.0%)
Other 85 35 142.9% 389 348 11.8%
Total $ 4,372 $ 3,960 10.4% $ 40,808 $ 39,420 3.5%
Note 1
Year-to-year comparisons are affected by acquisitions of weekly
newspapers, shoppers, and niche publications within the last 12
months that complement the Company's newspapers in several
markets. On a comparable basis, excluding the impact of the
acquisitions for comparable ownership periods in each year,
advertising and total revenues would have increased as follows:
Four Weeks 39 Weeks
Comparable Change Comparable Change
Total Total
Pulitzer PNI Pulitzer PNI
Advertising Revenue 4.6% 12.3% 5.6% 9.2%
Total Revenue 4.4% 9.1% 4.7% 6.6%
Note 2
Includes revenues of the St. Louis Post-Dispatch, Suburban Journals
of Greater St. Louis, St. Louis e-media operations, and STL
Distribution Services.
Note 3
Certain reclassifications have been made to the 2003 financial
statements and statistical data to conform with the presentation
made in 2004.
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
SELECTED STATISTICAL INFORMATION
Four Four 39 39
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Sept. Sept. Sept. Sept.
26, 28, 26, 28,
2004 2003 Change 2004 2003 Change
(Note 3) (Note 3)
Advertising Linage
(in thousands of inches)
ST. LOUIS POST-DISPATCH:
Advertising Inches
Full run (all zones)
Retail 56.3 60.4 (6.8%) 539.0 542.9 (0.7%)
National 12.3 15.6 (21.2%) 124.0 142.0 (12.7%)
Classified 80.0 86.2 (7.2%) 744.1 773.5 (3.8%)
Total 148.6 162.2 (8.4%) 1,407.1 1,458.4 (3.5%)
Part run (Retail/
Classified) 33.6 41.9 (19.8%) 371.9 360.1 3.3%
Total Inches 182.2 204.1 (10.7%) 1,779.0 1,818.5 (2.2%)
TUCSON NEWSPAPER AGENCY:
Star/Citizen advertising inches
Full run (all zones)
Retail 108.6 106.4 2.1% 1,055.9 1,093.3 (3.4%)
National 5.6 5.9 (5.1%) 52.9 65.5 (19.2%)
Classified 135.8 123.6 9.9% 1,260.6 1,172.1 7.6%
Total 250.0 235.9 6.0% 2,369.4 2,330.9 1.7%
Part run (Retail/
Classified)
(Note 3) 1.8 2.2 (18.2%) 15.7 22.5 (30.2%)
Total Inches 251.8 238.1 5.8% 2,385.1 2,353.4 1.3%
Circulation (Note 4):
Year-to-Date
Period Average Average
2004 2003 Change 2004 2003 Change
ST. LOUIS POST-DISPATCH:
Daily 293,789 296,749 (1.0%) 283,362 286,619 (1.1%)
Sunday 462,674 461,852 0.2% 452,626 463,850 (2.4%)
COMBINED PULITZER NEWSPAPERS, INC.:
Daily 191,967 190,904 0.6% 189,845 190,324 (0.3%)
Sunday 187,598 190,659 (1.6%) 188,609 190,207 (0.8%)
TUCSON NEWSPAPER AGENCY:
Star Daily 108,066 101,042 7.0% 104,988 103,068 1.9%
Citizen Daily 30,652 32,021 (4.3%) 31,088 33,709 (7.8%)
Combined
Daily 138,718 133,063 4.2% 136,076 136,777 (0.5%)
Star Sunday 163,095 164,850 (1.1%) 167,904 169,950 (1.2%)
Online Page Views (in thousands)
Four Four 39 39
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Sept. Sept. Sept. Sept.
26, 28, 26, 28,
2004 2003 Change 2004 2003 Change
(Note 3) (Note 3)
St. Louis 30,938 21,677 42.7% 284,964 180,957 57.5%
Combined PNI
Web sites 9,222 8,020 15.0% 80,870 66,568 21.5%
Combined Tucson
Web sites 6,784 6,934 (2.2%) 58,978 59,599 (1.0%)
Totals 46,944 36,631 28.2% 424,812 307,124 38.3%
Note 4
Year-to-date circulation levels represent averages (unaudited) for the
current ABC annual audit periods ending September 30 and December 31 for
the St. Louis Post-Dispatch and Tucson Newspaper Agency, respectively.
Year-to-date PNI amounts represent combined averages (unaudited) for the
annual periods ending December 31.
DATASOURCE: Pulitzer Inc.
CONTACT: James V. Maloney, Director of Shareholder Relations of Pulitzer
Inc., +1-314-340-8402
Web site: http://www.pulitzerinc.com/