Morris Publishing 8-K Morris Publishing Group LLC Presents at the Jpmorgan

JPMorgan Annual High Yield Conference

February 7, 2006

Exhibit 99.2

1

Agenda

Agenda

Company overview and

current initiatives

William S. Morris IV

President

Morris Communications Company, LLC

Operating results, guidance, and

shared services initiatives

Steve K. Stone

Senior Vice President, Chief Financial Officer

Morris Publishing Group, LLC

Financial overview

Craig S. Mitchell

SVP, Finance Secretary and Treasurer

Morris Communications Company, LLC

2

Forward looking statements

Forward looking statements

This presentation contains forward-looking statements as that term is used under the Private Securities Litigation

Act of 1995.  These forward-looking statements are based on the current assumptions, expectations and

projections of the Company's management about future events. Although we believe that these statements are

based on reasonable assumptions, the Company can give no assurance that they will prove to be correct.

Numerous factors, including those related to market conditions and those detailed in the confidential offering

memorandum and from time-to-time in the Company’s filings with the Securities and Exchange Commission, may

cause results of the Company to differ materially from those anticipated in these forward-looking statements. 

Many of the factors that will determine the Company’s future results are beyond the ability of the Company to

control or predict. These forward-looking statements are subject to risks and uncertainties and, therefore, actual

results may differ materially. The Company cautions you not to place undue reliance on these forward-looking

statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to

make any other forward-looking statements, whether as a result  of new information, future events or otherwise. 

All

references

to

“Company”

and

“MORRIS

PUBLISHING

GROUP,

LLC”

as

used

throughout

this

presentation

refer to MORRIS

PUBLISHING

GROUP,

LLC

and

its

subsidiaries.  All references to “Issuer”

as used throughout

this presentation refer to MORRIS PUBLISHING GROUP, LLC

3

Sources of information

Sources of information

Data

on our market position and market share within our industry is based, in part, on

independent industry publications, government publications, reports by market

research firms or other published independent sources, including

Newspaper

Association of America and Audit Bureau of Circulation statistics.

Overview and Current Initiatives

5

Morris Communications

Morris Communications

Newspapers

(Morris Publishing Group)

70% of total revenues

Outdoor Advertising

Radio

Book Publishing

Online & Computer

National Magazines

Visitor Publications

6

Local newspapers-

Local newspapers-

a vital, living and thriving part of

a vital, living and thriving part of

the communities they serve.

the communities they serve.

Newsrooms, circulation, production

and

marketing

departments all play a vital and

irreplaceable role in producing and delivering a quality newspaper.

Nothing happens until someone sells something.”

Without advertising, these departments would not have the resources necessary to perform their

jobs.

Strong advertising provides the foundation for a strong and sustainable newspaper.

Rumors of our industry’s demise are premature, newspapers will continue to be a vital, living,

thriving part of the communities we serve.

Newspapers:

•

are viewed more favorably than any other medium.

•

carry more local news than any other medium.

•

claim the largest share of local advertising.

•

are the medium most people use to check advertising before they make their purchase.

7

Morris Publishing Group

Morris Publishing Group

at a glance…..

at a glance…..

Morris operates 27 daily and 12 non-daily newspapers, five city

magazines and numerous free community publications in the

Southeast, Midwest, Southwest and Alaska, with average daily

circulation ranging in size from less than 4,000 to just over 171,000.

More than 750,000 people purchase Morris’

newspapers each Sunday

ranking it among the top 20 newspaper publishers in the US.

Daily newspapers reach 1.4 million adults daily and 1.7 million on

Sundays.

Morris’

newspapers operate in small to mid-sized markets and

print/online content, is focused on local news and community events in

addition to national and international news.

8

Geographically diverse, focused on local markets..

Geographically diverse, focused on local markets..

AK

Daily Circulation >45,000

Daily Circulation <45,000

Corporate

Headquarters

in Augusta,

GA

27 Daily

Newspapers

WA

OR

CA

NV

UT

CO

NM

AZ

ID

WY

MT

ND

WA

IA

IL

IN

OH

PA

WV

KY

AL

MS

LA

NY

VT

ME

NH

MA

CT

NY

DE

MD

VA

NC

SC

RI

TX

OK

KS

NE

SD

MN

MO

AR

TN

GA

FL

MI

9

Estimated 2005 newspaper revenues=$465 million

Estimated 2005 newspaper revenues=$465 million

Jacksonville 32%

Other 30%

Augusta 10%

Savannah 8%

Topeka 6%

Amarillo 7%

Lubbock 7%

7.0%

6.0%

Morris’

top six

markets

U.S.

’02-’07 household growth*

*Source:DemographicsNow

Total circulation is 156,798 daily and 212,911

on Sunday.

Population:

Grew 33% between 1990-2005

Expected growth = 10% in next 5 years

Highest cash flow margins in company

Strong advertising market share

Circulation penetration is 31% Daily and 42%

Sunday in the Jacksonville core market

MSA readership :

40% Daily

54% Sunday

69% over seven days

Strong internet presence

Sources:

2005 Experian/Applied Geographic Solutions;

ABC Audit 6/05; . Scarborough Release 2 -

2005

MORRIS’

LARGEST NEWSPAPER

10

11

2005 Morris Market Advertising Share

2005 Morris Market Advertising Share

TV 15%

Competitive

Print 10%

Direct Mail

4%

Yellow

Pages 16%

On-line 2%

Radio 15%

Cable 3%

Morris

Newspapers

35%

12

Morris newspapers are the pre-eminent

Morris newspapers are the pre-eminent

local advertising medium

local advertising medium

2005 market share by medium

Source: Mennenga and Stout, 2005

Jacksonville

Augusta

Savannah

Lubbock

Amarillo

Topeka

Newspaper

Yellow Pages

TV

Radio

Other

$339

$108

$87

$56

$75

$59

31%

34%

37%

34%

40%

47%

Market Totals In Millions

Note:

“Other”

includes competitive print,

direct mail, cable, and Internet .

13

Readership of top six markets . . .

Readership of top six markets . . .

Source: Morris Market Studies, Wilkerson & Associates, 2005

64%

54%

59%

42%

57%

45%

56%

46%

56%

42%

55%

40%

0%

10%

20%

30%

40%

50%

60%

70%

Topeka

Jacksonville

Amarillo

Lubbock

Augusta

Savannah

Sunday

Daily

14

Leader in daily circulation

Leader in daily circulation

0%

3%

97%

Amarillo, TX

0%

4%

96%

Lubbock, TX

4%

3%

93%

Topeka, KS

1%

4%

95%

Savannah, GA

4%

17%

79%

Augusta, GA **

0.5%

0.5%

99%

Jacksonville, FL*

Other local newspaper % share

#2 % share

Morris % share

Market

% share of daily circulation

Source: Audit Bureau of Circulation, Most Recent Audit Reports, 2004 and 2005

*Includes St. Augustine Record circulation

**Includes Aiken, SC

15

Metro newspapers

Metro newspapers

62,456

50,136

Amarillo, TX

Amarillo Daily-News

580,681

458,524

Six largest newspapers

63,463

54,274

Lubbock, TX

Lubbock Avalanche-Journal

65,369

58,602

Topeka, KS

Topeka Capital Journal

66,990

55,121

Savannah, GA

Savannah Morning News

94,040

74,299

Augusta, GA

Augusta Chronicle

228,363

166,092

Jacksonville, FL

Florida Times-Union

Average Sunday Circulation

Avg. Daily

Circulation

City

Newspaper

Circulation

Source: Audit Bureau of Circulation, Most Recent Audit Reports, 2004 and 2005

16

Reinventing the daily newspaper

The new, “hyper-local”

newspaper in Bluffton, S.C.

Free daily newspaper: published 7 days a week

Free daily newspaper: published 7 days a week

Home delivered to every household

Home delivered to every household

Full color tabloid format with consistent length

Full color tabloid format with consistent length

& organization

organization

Combines user-contributed content with news content in its online product.

Enhanced user interface with focus on reader participation

Web content is driven by user participation

Every user receives a Web log that can be linked to the home page

Dominant art on Web site is user contributed

Online user comments about stories also appear in print edition

Recently launched Hilton Head Today to serve extended area

Use of the new “Spotted”

program

New Web site section that allows users to submit pictures to the

site

Each user has a personalized photo gallery on the site

With its focus on reader participation,

Bluffton Today

is expected to be a model for

future newspaper applications at other Morris publications.

Web site and technology innovations…

Web site and technology innovations…

.

.

17

The Hometown Newspaper For Bluffton….

The Hometown Newspaper For Bluffton….

66%

69%

25%

24%

9%

7%

Bluffton Today

Island Packet

No opinion/ no answer

May-05

Dec. 2005

Sources: May –

Braun; December -

Belden

18

The Most News About Bluffton….

The Most News About Bluffton….

69%

68%

16%

22%

15%

9%

Bluffton Today

Island Packet

No opinion/no answer

May,  2005

Dec. 2005

Sources: May –

Braun; December -

Belden

19

25

69

113

212

289

417

573

997

493

1997

1998

1999

2000

2001

2002

2003

2004

2005

Fast growing online segment…

Fast growing online segment…

Source: Company data

Morris page impressions (millions)

NAA Digital Edge Awards

Company

Morris Publishing

23

Tribune

16

New York Times

14

Washington Post

13

E.W. Scripps

11

Knight Ridder

8

McClatchy

6

Landmark

5

Advance

4

Belo

4

Journal Communications

3

Lee Enterprises

3

Gannett

2

Cox Communications

2

Media News Group

2

No. of

awards

20

Maximizing market share with niche publications..

In 2003, Morris acquired Skirt! ,

a Charleston, S.C.-based monthly

magazine that has established a successful track record by attracting

women with its simultaneously edgy and elegant content-essays,

articles and artistic advertising.

Since 2003, Skirt!

magazines have been started in five more cities:

Augusta, Ga.

Savannah, Ga.

Jacksonville, Fla.

Charlotte, N.C.

Columbia, S.C.

Operating Results, 2006 Guidance and Shared

Services Update

22

Operating margins affected by new investments….

Operating margins affected by new investments….

(1) YTD net operating income divided by total operating revenues

20.3%

18.2%

17.9%

17.8%

2002

2003

2004

Estimated

2005

23

Advertising revenue growth…

Advertising revenue growth…

$343.0

$348.8

$367.6

$378

2.9% increase-

estimated 12 months 2005 vs. 2004                  ($ in millions)

% Increase-period over period

2.9%

1.7%

1.7%

5.4%

24

Our current advertising mix….

Our current advertising mix….

Estimated twelve months ending December 31, 2005

Retail

52.1%

Classified

41.3%

National

6.6%

25

Significant growth in classifieds….

Significant growth in classifieds….

0.8%

-11.20%

8.5%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

9 Months 2005

Retail

National

Classified

% change-

Estimated 12 months 2005 vs. 2004

26

2005 circulation revenues benefiting from price increases…

2005 circulation revenues benefiting from price increases…

$71.9

$71.5

$70.2

$70.6

0.6% increase-

estimated 12 months 2005 vs. 2004              ($ in millions)

% Increase (decrease)-period over period

0.6%

(1.8)%

(0.6)%

(0.6)%

27

Increasing total operating costs….

Increasing total operating costs….

$345.0

$358.8

$374.2

$382

2002

2003

2004

Estimated 2005

4.0%

4.0%

2.1%

% Increase-period over period

2.1% increase-

estimated 12 months 2005 vs. 2004          ($ in millions)

3.8%

28

Newsprint expense…

Newsprint expense…

2.8%

9.7%

1.4%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

2003

2004

Estimated 2005

% change-

year over year

29

2006 assumptions…..

2006 assumptions…..

% change-

year over year versus 2005

2% to 4%

Total operating revenues

30

Shared Services……

Shared Services……

A learning organization

dedicated to continuous

improvement….

31

N/A

N/A

N/A

Book Publishing Group

N/A

N/A

Morris Visitor Publications

N/A

N/A

N/A

Morris Digital Works

N/A

N/A

National Magazines

N/A

N/A

N/A

Radio Broadcasting Group

N/A

N/A

N/A

Outdoor Advertising

Newton

Dodge City

Winter Haven

N/A

N/A

Skirt –

Charlotte /

Charleston

Conway Log Cabin

Independence

Pittsburg

Hillsdale

N/A

Kenai /  Homer

Yankton

Brainerd

Hannibal

N/A

Juneau Empire

Shawnee

N/A

N/A

N/A

MStar Solutions

Ardmore

Holland / Flashes

York

Grand Island

Amarillo

Lubbock

St. Augustine

Jacksonville

Savannah

Topeka

Augusta

N/A

Oak Ridge

Athens

Retention

Sales

Subscriber

Service Center

Media

Financials

Travel

P-Card

HR/

Payroll

Location

Financial Overview

33

Senior Debt

Revolver ($150 facility, Sept ’10)

$0

Tranche loan-A ($100 facility, Sept ‘10)

$96

Tranche loan-C ($150 facility, March ‘11)

$149

Total Senior credit facilities-$400 facility

$245

New Senior subordinated notes-bond issuer

$300

Total debt

$545

Debt structure…

Debt structure…

as of September 30, 2005

(in millions)

34

Senior Debt

Revolver ($175 facility, Sept ’12)

$46

Tranche loan-A ($175 facility, Sept ‘12)

$175

Total Senior credit facilities-$350 facility

$221

New Senior subordinated notes-bond issuers

$300

Total debt

$521

Refinanced debt structure…

Refinanced debt structure…

as of December 31, 2005

(in millions)

Proceeds from the refinancing were used to repay existing Tranche Loan A and Tranche

Loan C, and provide liquidity for working capital and general corporate purposes.

Initially reduced interest rates on the new Tranche A Term Loan by 0.50% and 0.75% below

the rate on the Tranche A and Tranche C Term Loans, respectively, and reduced the

interest rate on the Revolving Credit Facility by 1.50%, down to

the same rate as the new

Tranche A Term Loan.

The commitment fee on unborrowed funds available under the revolver decreased from

0.50% to 0.375% and the loan covenants remain for the most part unchanged.

35

Consolidated corporate structure…

Consolidated corporate structure…

Morris Family

Morris

Communications

Company, LLC

Other Operating

Businesses

MCC Outdoor,

LLC

Shivers Trading &

Operating Company

Morris Publishing

Group, LLC

Morris Book

Publishing, LLC

MCC Radio, LLC

Other Restricted

Subsidiaries

• MStar Solutions, LLC

• Morris Digital Works, LLC

• MCC Cutter Courts, LLC

• MCC Harbor Condo, LLC

• MCC Events, LLC

• Morris Air, LLC

Morris Publishing

Finance Co.

Operating

Subsidiaries

Morris Visitor

Publications,

LLC

Shivers Investments, LLC

Unrestricted

Subsidiary

Bank / Bond Issuer

Bank Reporting Group

MCC Magazines,

LLC

36

Morris capital expenditures

Morris capital expenditures

$21.5

$14.5

2004

Estimated 2005

($ millions)

37

Morris pre-tax free cash flow (1)……

Morris pre-tax free cash flow (1)……

$81.1

$90.5

2004

Estimated 2005

(1)

Operating

income

plus

depreciation

and

amortization

and

less

capital

expenditures

Questions and Answers