Pulitzer (NYSE:PTZ)
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Pulitzer Inc. Reports Second-Period Revenue For Four Weeks Ended February 29,
2004
ST. LOUIS, March 16 /PRNewswire-FirstCall/ -- Pulitzer Inc. today announced
that revenue increased 4.6 percent for the four-week accounting period ended
February 29,2004 and increased 3.3 percent for the nine-week year-to-date
period when compared to the respective 2003 period. February 2004 advertising
revenue in St. Louis and at the 12 Pulitzer Newspapers, Inc. (the "PNI Group")
markets increased 4.5 percent, with increases of 2.0 percent at the St. Louis
operations and 11.6 percent at the PNI Group.
On a comparable basis, excluding the results of the PNI Group acquisitions
absent in the comparable period of 2003, total revenue increased 3.8 percent for
the four-week period ended February 29, 2004 and increased 2.5 percent for the
nine-week year-to-date period. Total comparable advertising revenue increased
3.6 percent for the four-week period ended February 29, 2004 and increased 2.7
percent for the nine-week year-to-date period. February 2004 comparable
advertising revenue increased 2.0 percent at the St. Louis operations and 8.1
percent at the PNI Group. Comparable advertising revenue increased 1.4 percent
at the St. Louis operations and 6.6 percent at the PNI Group for the nine-week
year-to-date period.
The principal components of the second-period comparable advertising revenue
results for St. Louis and the PNI Group were:
-- Comparable retail advertising revenue, including preprints, increased
1.3 percent. Comparable retail ROP revenue increased 2.6 percent,
principally due to strength in the grocery and electronic categories,
as well as gains in local territory revenue, which increased
6.3 percent in St. Louis. These gains were partially offset by weakness
in the department store, entertainment, home improvement and furniture
segments. Comparable St. Louis and the PNI Group retail ROP revenue
increased 2.0 percent and 3.7 percent, respectively. Comparable retail
preprint revenue decreased 4.1 percent in St. Louis and increased
4.6 percent at the PNI Group.
-- Comparable national advertising revenue, including preprints, decreased
10.4 percent versus the comparable 2003 period principally due to
weakness in the pharmaceutical, package goods, and travel categories,
particularly in St. Louis. Comparable national preprint revenue
increased 18.6 percent for the period and comparable national ROP
revenue decreased 14.0 percent. Comparable national advertising
revenue, including preprints, decreased 11.2 percent in St. Louis and
increased 4.8 percent at the PNI Group.
-- Comparable classified revenue increased 11.0 percent from last year,
with growth in all major categories.
February 2004 revenue associated with the Company's 50 percent interest in the
Tucson Newspaper Agency ("TNI") decreased 2.6 percent and total advertising
revenue decreased 3.2 percent. TNI retail revenue, including preprints,
decreased 5.6 percent with a 16.2 percent decrease in retail ROP partially
offset by a 34.6 percent increase in retail preprint revenue. Local territory
revenues decreased 6.1 percent for the period. TNI national revenue, including
preprints, decreased 34.6 percent due to weakness in the pharmaceutical segment.
February classified revenue increased 5.9 percent.
Comparable Classified Advertising Revenue
Percentage change 2004 versus 2003
PERIOD 2 PNI Total Total Pulitzer,
St. Louis Group Pulitzer TNI including TNI
Help Wanted 8.5% 24.3% 11.7% 41.5% 15.1%
Automotive 1.7% 6.3% 2.8% (6.1%) 1.7%
Real Estate 12.0% 26.0% 15.7% (8.3%) 13.1%
Total classified revenue 9.4% 15.8% 11.0% 5.9% 10.4%
Earnings Guidance (see Notes)
In December, the Company provided guidance for full-year 2004 base earnings of
at least $2.10 per fully diluted share. However, unanticipated softness from
major retail advertisers, particularly in St. Louis, and costs related to the
start-up of the new direct mail business in St. Louis, principally in the first
and second quarters, make achieving this level of base earnings more
challenging. The Company will provide additional guidance as the impact of these
factors becomes clearer.
Pulitzer Inc., through various subsidiaries and affiliated entities, isengaged
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 Group) subsidiary, 12 other dailies and more than
65 weekly newspapers, shoppers and niche publications. The PNI Group 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, Wisc. 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 tosuch
"forward-looking statements" to reflect future events or developments.
The Company's calculation of "Base Earnings" and "Base Earnings per Diluted
Share," including guidance contained herein for full-year 2004 base earnings per
diluted share, exclude gains and losses related to certain non- operating
investments that are not a strategic component of the Company's capital
structure or operating plans (principally, investments in new media companies
and partnerships making similar investments), and employment termination
inducements associated with positions that will not be staffed. Gains or losses
on the sale of marketable securities reflect activity in a strategic component
of the Company's capital structure and are, therefore, included in the
determination of "Base Earnings," and "Base Earnings per Diluted Share."
The Company cannot currently determine full-year 2004 investment gains and
losses, if any, related to certain non-operating investments or future
employment termination inducements, if any. The Company's calculation of "Base
Earnings" and "Base Earnings per Diluted Share," including guidance contained
herein for full-year 2004 base earnings per diluted share, may not be comparable
to similarly titled measures reported by other companies. "Base Earnings" and
"Base Earnings per Diluted Share," as defined above, are not measures of
performance under generally accepted accounting principles ("GAAP") and should
not be construed as substitutes for consolidated net income and diluted earnings
per share as a measure of performance. However, management uses "Base Earnings"
and "Base Earnings per Diluted Share" for comparing the Company's past, current,
and future performance and believes that they provide meaningful and comparable
information to investors to aid in their analysis of the Company's performance
relative to other periods and to its peers.
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
(Revenue in thousands--Unaudited)
Four Four Nine Nine
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Feb. 29, Mar. 2, Feb. 29, Mar. 2,
2004 2003 Change 2004 2003 Change
(Note 4) (Note 4)
Consolidated Operating
Revenue (Note 1):
Advertising:
Retail $ 8,896 $ 8,583 3.6% $ 18,622 $ 17,755 4.9%
National 2,045 2,378 (14.0%) 3,950 4,680 (15.6%)
Classified 10,094 8,988 12.3% 21,730 20,000 8.7%
Total 21,035 19,949 5.4% 44,302 42,435 4.4%
Preprints 4,311 4,297 0.3% 9,096 9,093 0.0%
Total
Advertising 25,346 24,246 4.5% 53,398 51,528 3.6%
Circulation 6,536 6,144 6.4% 14,240 13,914 2.3%
Other 611 669 (8.7%) 1,213 1,221 (0.7%)
Total $32,493 $31,059 4.6% $ 68,851 $ 66,663 3.3%
Operating Revenue of Consolidated Subsidiaries:
St. Louis Operations
(Note 2):
Advertising
(Note 3): $18,178 $17,824 2.0% $ 38,111 $ 37,602 1.4%
Circulation 4,913 4,499 9.2% 10,657 10,308 3.4%
Other 194 185 4.9% 370 296 25.0%
Total $23,285 $22,508 3.5% $ 49,138 $ 48,206 1.9%
Pulitzer Newspapers, Inc.
Advertising
(Note 3): $ 7,168 $ 6,422 11.6% $ 15,287 $ 13,926 9.8%
Circulation 1,623 1,645 (1.3%) 3,583 3,606 (0.6%)
Other 417 484 (13.8%) 843 925 (8.9%)
Total $ 9,208 $ 8,551 7.7% $ 19,713 $ 18,457 6.8%
Operating Revenue of Unconsolidated Newspaper Joint Venture:
Pulitzer's 50% share of
Tucson Newspaper Agency:
Advertising
(Note 3): $ 3,327 $ 3,436 (3.2%) $ 7,046 $ 7,216 (2.4%)
Circulation 935 945 (1.1%) 2,091 2,107 (0.8%)
Other 32 26 23.1% 91 66 37.9%
Total $ 4,294 $ 4,407 (2.6%) $ 9,228 $ 9,389 (1.7%)
Note 1
Year-to-year comparisons are affected by prior-year weekly newspaper
acquisitions that complement the Company's newspapers in several markets.
On a comparable basis, excluding the impactof the acquisitions for
comparable ownership periods in each year, advertising and total revenues
would have increased as follows:
Four Weeks Nine Weeks
Comparable Change Comparable Change
Total PNI Total PNI
Pulitzer Group Pulitzer Group
Advertising Revenue 3.6% 8.1% 2.7% 6.6%
Total Revenue 3.8% 4.8% 2.5% 4.1%
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
For the four-week and year-to-date periodsended February 29, 2004,
classified employment advertising revenue in St. Louis, including
STLtoday.com, increased 8.5 percent and 3.6 percent, respectively. At the
PNI Group, comparable classified employment advertising revenue,
excluding the impact of acquisitions for comparable ownership periods in
each year, increased 24.3 percent and 24.5 percent for the four-week and
year-to-date periods, respectively. At the Tucson Newspaper Agency,
classified employment advertising revenue increased 41.5 percent and
31.8 percent for the four-week and year-to-date periods, respectively.
Note 4
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 Nine Nine
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Feb. 29, Mar. 2, Feb. 29, Mar. 2,
2004 2003 Change 2004 2003 Change
(Note 4) (Note 4)
Advertising Linage
(in thousands of inches)
ST. LOUIS POST-DISPATCH:
Advertising Inches
Full run (all zones)
Retail 54.3 57.0 (4.7%) 115.8 112.1 3.3%
General 13.6 16.2 (16.1%) 27.4 31.8 (13.7%)
Classified 67.0 74.3 (9.8%) 154.8 166.3 (6.9%)
Total 134.9 147.6 (8.6%) 297.9 310.1 (3.9%)
Part run (Retail/
Classified) 46.9 37.0 26.6% 94.7 73.2 29.4%
Total Inches 181.8 184.6 (1.5%) 392.6 383.3 2.4%
TUCSON NEWSPAPER AGENCY:
Star/Citizen advertising inches
Full run (all zones)
Retail 114.0 121.0 (5.8%) 246.5 259.5 (5.0%)
General 7.0 10.0 (30.0%) 14.6 17.5 (16.5%)
Classified 120.1 122.8 (2.2%) 262.1 262.0 0.0%
Total 241.1 253.8 (5.0%) 523.2 539.0 (2.9%)
Part run (Retail/
Classified) 3.2 5.8 (44.8%) 9.7 12.9 (24.8%)
Total Inches 244.3 259.6 (5.9%) 532.9 551.9 (3.4%)
Year-to-Date
Period Average Average
2004 2003 Change 2004 2003 Change
Circulation (Note 5):
ST. LOUIS POST-DISPATCH:
Daily 276,178 280,380 (1.5%) 281,337 283,652 (0.8%)
Sunday 444,090 461,278 (3.7%) 454,210 467,055 (2.8%)
COMBINED PULITZER NEWSPAPERS, INC.:
Daily 191,006 191,159 (0.1%) 189,139 189,557 (0.2%)
Sunday 189,375 191,673 (1.2%) 188,309 190,909 (1.4%)
TUCSON NEWSPAPER AGENCY:
Star Daily 114,698 112,152 2.3% 113,163 111,126 1.8%
Citizen Daily 33,353 35,713 (6.6%) 33,026 35,534 (7.1%)
Combined Daily 148,051 147,865 0.1% 146,189 146,660 (0.3%)
Star Sunday 181,135 184,039 (1.6%) 180,394 183,180 (1.5%)
Four Four Nine Nine
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Feb. 29, Mar. 2, Feb. 29, Mar. 2,
2004 2003 Change 2004 2003
(Note 4) (Note 4) Change
Online Page Views (in thousands)
St. Louis 29,538 18,469 59.9% 65,463 38,827 68.6%
Combined PNI Group
Web sites 8,284 6,671 24.2% 16,697 14,042 18.9%
Combined Tucson
Web sites: 6,591 5,930 11.1% 13,310 12,730 4.6%
Note 5
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 Group 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/