Pulitzer Inc. Reports Eleventh-Period Revenue for Four Weeks Ended
November 30, 2003 ST. LOUIS, Dec. 16 /PRNewswire-FirstCall/ --
Pulitzer Inc. today announced that revenues increased 6.0 percent
for the four-week accounting period ended November 30, 2003 and
increased 1.2 percent for the 48-week year-to-date period when
compared to the respective 2002 periods. November 2003 advertising
revenue in St. Louis and at the 12 Pulitzer Newspapers, Inc.
("PNI") markets increased 6.9 percent versus last year, with
increases of 7.9 percent at the combined St. Louis operations and
4.3 percent at PNI. On a comparable basis, excluding the results of
2003 PNI acquisitions absent in 2002, total revenue increased 5.3
percent for the four-week period ended November 30, 2003 and
increased 0.9 percent for the 48-week year-to-date period. Total
comparable advertising revenue increased 6.1 percent for the
four-week period ended November 30, 2003 and increased 1.6 percent
for the 48-week year-to-date period. November 2003 comparable
advertising revenue increased 7.9 percent at the combined St. Louis
operations and 1.5 percent at PNI. Comparable advertising revenue
increased 1.8 percent at the combined St. Louis operations and 1.0
percent at PNI for the 48-week year-to-date period. The principal
components of the eleventh-period comparable advertising revenue
results were: -- Comparable retail advertising revenue, including
preprints, increased 9.8 percent. Comparable retail ROP revenue
increased 8.6 percent, principally due to strength in the
entertainment, home improvement, grocery, and electronics
categories, as well as gains in local territory revenue, which
increased 24.9 percent in St. Louis, partially offset by weakness
in the department store and furniture segments. Comparable St.
Louis and PNI retail ROP revenue increased 14.6 percent and
decreased 3.0 percent, respectively. Comparable total retail
preprint revenue increased 15.5 percent in St. Louis and 4.9
percent at PNI. -- Comparable national advertising revenues,
including preprints, decreased 6.0 percent versus the comparable
2002 period principally due to weakness in the telecommunications
category. This decrease was partially offset by strength in
national preprint revenue, which increased 64.9 percent for the
period. Comparable national ROP revenue decreased 12.3 percent. --
Comparable classified revenue increased 3.4 percent from last year
due to increases in help wanted and real estate revenue in St.
Louis and at PNI. November 2003 comparable help wanted revenue
increased 4.4 percent in St. Louis and 0.8 percent at PNI.
Comparable automotive revenue decreased 8.7 percent in St. Louis
and 2.0 percent at PNI. Comparable November real estate revenue
increased 15.6 percent in St. Louis and 14.3 percent at PNI.
November 2003 revenue associated with the Company's 50 percent
interest in the Tucson Newspaper Agency ("TNI") decreased 0.6
percent and total advertising revenue decreased 1.9 percent. TNI
retail revenue, including preprints, decreased 3.7 percent with a
3.7 percent decrease in both retail preprints and ROP revenue. TNI
national revenue, including preprints, decreased 24.4 percent,
principally due to weakness in the pharmaceutical and entertainment
categories. November classified revenue increased 4.8 percent, with
help wanted and real estate revenue showing increases of 25.7
percent and 3.1 percent, respectively, partially offset by declines
in automotive revenue of 10.3 percent. Earnings Guidance (see
Notes) Based on its performance during the first part of the fourth
quarter, the Company has increased confidence in producing 2003
base earnings per diluted share of at least $1.95. 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, Arizona, and 12 other dailies: 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 37 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. The Company's calculation of "Base
Earnings" and "Base Earnings per Diluted Share," including guidance
contained herein for full-year 2003 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 can not currently determine full-year 2003
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 2003 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 48 48 Weeks Weeks Weeks Weeks Ended Ended
Ended Ended Nov. 30, Dec. 1, Nov. 30, Dec. 1, 2003 2002 Change 2003
2002 Change (Note 4) (Note 4) Consolidated Operating Revenues (Note
1): Advertising: Retail $11,342 $10,366 9.4% $108,675 $108,136 0.5%
National 2,413 2,751 (12.3%) 26,362 24,183 9.0% Classified 8,961
8,560 4.7% 114,892 118,567 (3.1%) Total 22,716 21,677 4.8% 249,929
250,886 (0.4%) Preprints 6,696 5,831 14.8% 57,001 50,302 13.3%
Total Advertising 29,412 27,508 6.9% 306,930 301,188 1.9%
Circulation 6,296 6,175 2.0% 74,329 74,480 (0.2%) Other 622 582
6.9% 6,430 7,439 (13.6%) Total $36,330 $34,265 6.0% $387,689
$383,107 1.2% Operating Revenues of Consolidated Subsidiaries:
Combined St. Louis Operations (Note 2): Advertising (Note 3):
$21,324 $19,757 7.9% $221,962 $217,971 1.8% Circulation 4,666 4,546
2.6% 55,100 55,121 (0.0%) Other 217 105 106.7% 1,622 2,032 (20.2%)
Total $26,207 $24,408 7.4% $278,684 $275,124 1.3% Pulitzer
Newspapers, Inc.: Advertising (Note 3): $ 8,088 $ 7,751 4.3% $
84,968 $ 83,217 2.1% Circulation 1,630 1,629 0.1% 19,229 19,359
(0.7%) Other 405 477 (15.1%) 4,808 5,407 (11.1%) Total $10,123 $
9,857 2.7% $109,005 $107,983 0.9% Operating Revenues of
Unconsolidated Newspaper Joint Venture: Pulitzer's 50% share of
Tucson Newspaper Agency: Advertising (Note 3): $ 3,495 $ 3,563
(1.9%) $ 38,130 $ 37,812 0.8% Circulation 901 868 3.8% 10,564 9,904
6.7% Other 39 30 30.0% 418 525 (20.4%) Total $ 4,435 $ 4,461 (0.6%)
$ 49,112 $ 48,241 1.8% Note 1 Year-to-year comparisons are affected
by current-year weekly newspaper acquisitions that complement the
Company's newspapers in several markets. On a comparable basis,
excluding the impact of the 2003 acquisitions absent in 2002,
advertising and total revenues would have increased as follows:
Four Weeks 48 Weeks Comparable Change Comparable Change Total Total
Pulitzer PNI Pulitzer PNI Advertising Revenue 6.1% 1.5% 1.6% 1.0%
Total Revenue 5.3% 0.2% 0.9% 0.0% 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 periods ended November 30, 2003,
classified employment advertising revenue in St. Louis, including
STLtoday.com, increased 4.4 percent and decreased 11.7 percent,
respectively. At PNI, comparable classified employment advertising
revenue, excluding the impact of 2003 acquisitions absent in 2002,
increased 0.8 percent and decreased 3.1 percent for the four-week
and year-to-date periods, respectively. At the Tucson Newspaper
Agency, classified employment advertising revenue increased 25.7
percent and 5.2 percent for the four-week and year-to-date periods,
respectively. Note 4 Certain reclassifications have been made to
the 2003 and 2002 financial statements and statistical data to
conform with the presentation made for the eleventh period of 2003.
PULITZER INC. AND SUBSIDIARIES PERIOD REVENUE AND STATISTICAL
REPORT SELECTED STATISTICAL INFORMATION Four Four 48 48 Weeks Weeks
Weeks Weeks Ended Ended Ended Ended Nov. 30, Dec. 1, Nov. 30, Dec.
1, 2003 2002 Change 2003 2002 Change (Note 4) (Note 4) Advertising
Linage (in thousands of inches) ST. LOUIS POST-DISPATCH:
Advertising Inches Full run (all zones) Retail 76.9 74.5 3.2% 707.5
694.3 1.9% General 16.7 18.4 (9.1%) 180.4 183.3 (1.6%) Classified
67.7 76.0 (10.9%) 937.4 985.7 (4.9%) Total 161.3 168.9 (4.5%)
1,825.2 1,863.3 (2.0%) Part run (Retail/ Classified) 39.8 47.2
(15.7%) 445.9 518.0 (13.9%) Total Inches 201.1 216.1 (6.9%) 2,271.0
2,381.3 (4.6%) TUCSON NEWSPAPER AGENCY: Star/Citizen Advertising
Inches Full run (all zones) Retail 134.3 142.0 (5.4%) 1,370.5
1,460.5 (6.2%) General 7.7 8.0 (3.8%) 83.8 93.5 (10.4%) Classified
120.0 121.9 (1.6%) 1,447.3 1,437.6 0.7% Total 262.0 271.9 (3.6%)
2,901.6 2,991.6 (3.0%) Part run (Retail/ Classified) 5.1 5.7
(10.5%) 67.8 86.6 (21.7%) Total Inches 267.1 277.6 (3.8%) 2,969.4
3,078.2 (3.5%) Year-to-Date Period Average Average 2003 2002 Change
2003 2002 Change Circulation (Note 5) ST. LOUIS POST-DISPATCH:
Daily 287,791 291,748 (1.4%) 286,740 289,229 (0.9%) Sunday 471,749
470,825 0.2% 459,000 469,203 (2.2%) COMBINED PULITZER NEWSPAPERS,
INC.: Daily 191,292 189,327 1.0% 189,106 188,408 0.4% Sunday
191,312 192,026 (0.4%) 190,441 188,942 0.8% TUCSON NEWSPAPER
AGENCY: Star Daily 109,412 106,471 2.8% 103,671 103,037 0.6%
Citizen Daily 32,458 35,482 (8.5%) 33,464 36,193 (7.5%) Combined
Daily 141,870 141,953 (0.1%) 137,135 139,230 (1.5%) Star Sunday
175,483 176,592 (0.6%) 170,444 171,181 (0.4%) Four Four 48 48 Weeks
Weeks Weeks Weeks Ended Ended Ended Ended Nov. 30, Dec. 1, Nov. 30,
Dec. 1, 2003 2002 Change 2003 2002 (Note 4) (Note 4) Change Online
Page Views (in thousands) Combined St. Louis (Note 6): 25,923
16,043 61.6% 246,562 162,707 51.5% Combined PNI Web sites (Note 7):
6,989 8,796 (20.5%) 81,548 91,690 (11.1%) Combined Tucson Web
sites: 6,333 6,739 (6.0%) 72,671 63,773 14.0% 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 amounts represent combined averages
(unaudited) for the annual periods ending December 31. Note 6
Company estimate for year-to-date 2002. Note 7 Beginning in January
2003, the Company changed the manner in which PNI records page view
data. 2003 data may not be comparable with 2002 reported results.
DATASOURCE: Pulitzer Inc. CONTACT: James V. Maloney, Director of
Shareholder Relations, of Pulitzer Inc., +1-314-340-8402 Web site:
http://www.pulitzerinc.com/
Copyright
Pulitzer (NYSE:PTZ)
Historical Stock Chart
From Sep 2024 to Oct 2024
Pulitzer (NYSE:PTZ)
Historical Stock Chart
From Oct 2023 to Oct 2024