EXHIBIT 99
CHICAGO, April 16, 2003 — Tribune Company (NYSE: TRB) today reported first quarter 2003 diluted earnings per share (EPS) of $.41 compared with a diluted loss per share of $.33 in the first quarter of 2002. The 2003 first quarter results included a net non-operating gain of $.02 per diluted share. In the 2002 first quarter, Tribune recorded a net non-operating loss of $.09 per diluted share, a restructuring charge of $.05 per diluted share and a one-time $.51 loss per diluted share for the cumulative effect of a change in accounting principle related to the initial application of the impairment provisions of FAS 142.
“Our first quarter results clearly demonstrate the strength of our local mass media franchises—revenues and operating cash flow are both up,” said Dennis FitzSimons, Tribune president and chief executive officer. “During this difficult time, with the war in Iraq dominating news coverage, more and more readers and viewers are turning to our newspapers, television stations and Web sites for news and information they can trust.”
Beginning with 2003 results, Tribune is presenting earnings per share amounts on a generally accepted accounting principles (“GAAP”) basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call. In addition, Tribune now reports the results of its interactive businesses in the publishing segment in accordance with segment reporting guidelines, following recent organizational changes that integrated the two groups. For comparison purposes, prior year results are also shown on this basis.
The following discussion of “operating profit” for each segment excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. “Operating profit before restructuring charges” is a key metric used by the Company to make decisions about resources to be allocated to its segments and assess their performance.
“Operating cash flow” is defined as operating profit before restructuring charges and depreciation and amortization. Tables accompanying this release include a reconciliation of operating profit to operating cash flow.
“Cash operating expenses” are defined as operating expenses before restructuring charges and depreciation and amortization. Tables accompanying this release include a reconciliation of operating expenses to cash operating expenses.
CONSOLIDATED
Tribune’s 2003 first quarter operating revenues increased 5 percent to $1.29 billion from $1.23 billion in the 2002 first quarter. Consolidated cash operating expenses increased 3 percent in the first quarter. Operating cash flow was up 9 percent to $333 million, compared with $307 million in the first quarter of 2002. Tribune’s operating profit before restructuring charges increased 10 percent to $276 million, compared with $252 million in 2002.
PUBLISHING
As a result of various management and reporting changes implemented during 2003, operating results for Tribune’s interactive businesses are reported and monitored as part of the operating results of the publishing segment. Operating results of the former interactive segment are now included in the publishing segment and prior year results are presented on a comparable basis.
Publishing’s first quarter operating revenues were $974 million, up 2 percent from last year’s first quarter. Publishing operating cash flow was $243 million, a 5 percent increase from $231 million in 2002, while cash operating expenses rose by 2 percent. Publishing operating profit before restructuring charges increased 5 percent to $198 million, up from $188 million in 2002.
Management Discussion
| o | In first quarter 2003, publishing's operating cash flow margin was 25 percent, up 1 percentage point from first quarter 2002, due primarily to higher revenues and lower newsprint expense. Operating cash flow margins improved from the first quarter 2002 in most markets. |
| o | Retail print advertising rose by 2 percent for the quarter. Preprints, the primary driver of retail advertising growth in the quarter, increased 13 percent, led by a 16 percent increase in Los Angeles where new preprint facilities for Sunday inserting are now operational. Preprint revenue in Chicago and New York was up 13 percent and 10 percent, respectively. Increases in health care, food and furniture/home furnishing were partially offset by a decline in electronics. |
| o | National print advertising was up 6 percent for the quarter. Increases in hi-tech, auto manufacturers, movies/entertainment and financial categories were partially offset by a decrease in travel/resorts. |
| o | Classified print advertising decreased 1 percent for the quarter.Help wanted revenue for the group was down 12 percent; Chicago fell 18 percent; Los Angeles was off 15 percent; and New York was down 9 percent.Auto increased 1 percent and real estate was up 12 percent. |
| o | Interactive revenues were up 14 percent due to strength in classified and national advertising. |
| o | Cash operating expenses increased 2 percent from first quarter 2002. Newsprint and ink expense was 5 percent below 2002 as newsprint cost per ton was down |
5 percent and consumption declined 1 percent. Excluding newsprint, cash operating expenses were up 3 percent. |
BROADCASTING AND ENTERTAINMENT
Broadcasting and Entertainment’s first quarter operating revenues increased 12 percent to $316 million, up from $284 million in 2002. Operating cash flow was $101 million, up 20 percent from $84 million in 2002. Operating profit before restructuring charges increased 24 percent to $90 million from $73 million last year.
Television's first quarter revenues jumped 13 percent to $289 million, up from $256 million in 2002. Television cash operating expenses increased 8 percent from last year. Television operating cash flow increased 23 percent to $104 million from $85 million last year. Television operating profit before restructuring charges increased 26 percent to $94 million from $75 million last year.
Management Discussion
| o | In first quarter 2003, television’s operating cash flow margin was 36 percent, an increase of 3 percentage points from first quarter 2002. |
| o | The acquisition of KPLR-TV, St. Louis and KWBP-TV, Portland, Ore. was completed on March 21, 2003. In July 2002, the company completed the acquisition of WTTV-TV, Indianapolis. The following discussion of television results excludes these acquisitions. |
| o | Television advertising revenues increased 11 percent in the quarter. |
| o | Television cash operating expenses were up 6 percent compared with last year. Programming costs increased 6 percent, due to the fall 2002 launch of “Will and Grace” and the addition of Clippers basketball games at KTLA-TV, Los Angeles. Other television cash expenses were up 5 percent compared with last year, due to higher selling costs related to greater revenues and increased promotion, partially offset by lower News and G&A expenses. |
| o | In February, the WB Network was the fastest growing network in the key adults 18-34 demographic, up 35 percent, and delivered record ratings in several other key audience segments. |
EQUITY RESULTS
Equity loss was $9 million in the first quarter, compared with a loss of $21 million in the first quarter of 2002. First quarter 2002 results included the Company’s $7.5 million share of a restructuring charge for CareerBuilder.
NON-OPERATING ITEMS
In the 2003 first quarter, Tribune recorded a net after-tax non-operating gain of $8 million, or $.02 per diluted share. In the 2003 first quarter, Tribune recorded a pretax loss on derivatives and related investments of $37 million ($23 million after-tax), primarily from marking-to-market the Company’s PHONES derivatives and related AOL Time Warner investment. Tribune also recorded a pretax gain on sales of subsidiaries and
investments of $50 million ($31 million after-tax) related primarily to the divestiture of the assets of Denver radio station KKHK-FM, now known as KQMT-FM, which were exchanged for the assets of KWBP-TV, Portland, Ore.
In the 2002 first quarter, Tribune recorded a net after-tax non-operating loss of $28 million, or $.09 per diluted share, primarily from marking-to-market the Company’s PHONES derivatives and related AOL Time Warner investment.
Net interest expense for the 2003 first quarter decreased to $49 million, down 8 percent from $53 million in the first quarter 2002. The decrease was due to a reduction in outstanding debt and lower interest rates. Debt at the end of the first quarter, excluding the PHONES, was just under $2.7 billion.
The effective tax rate in the 2003 first quarter was 39 percent, compared with a rate of 39.1 percent in the first quarter of 2002.
Capital expenditures were about $30 million in the first quarter.
Assuming that there is a rebound in the economy in the second half of the year, the Company anticipates that its full year 2003 diluted earnings per share will be within the range of the current Wall Street analyst estimates of $2.04 to $2.20. This projection assumes that non-operating items will not be material in the remainder of 2003.
Today at 8 a.m. (CDT), a live Webcast of the 2003 first quarter conference call will be accessible through www.tribune.com and www.ccbn.com. An archive of the Webcast will be available on these sites from April 16 through April 23. More information about Tribune is available at www.tribune.com or by calling 800/757-1694.
TRIBUNE (NYSE: TRB) is one of the country’s premier media companies, operating businesses in broadcasting, publishing and on the Internet. It reaches more than 80 percent of U.S. households, and is the only media company with television stations, newspapers and Web sites in the nation’s top three markets. In publishing, Tribune operates 12 market-leading daily newspapers such as theLos Angeles Times,Chicago Tribune andNewsdayplus a wide range of targeted publications including Spanish-language newspapers. In broadcasting, Tribune properties include 26 television stations and Superstation WGN on national cable. These publishing and broadcasting interests are complemented by high-traffic news and information Web sites in 18 of the nation’s top 30 markets.
This press release contains certain comments or forward-looking statements that are based largely on the Company’s current expectations and are subject to certain risks, trends and uncertainties. Such comments and statements should be understood in the context of Tribune’s publicly available reports filed with the SEC, including the most current annual report, 10-K and 10-Q, which contain a discussion of various factors that may affect the company’s business. These factors could cause actual future performance to differ materially from current expectations. Tribune Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet service providers. This press release is being furnished to the Securities and Exchange Commission through a Form 8-K.
MEDIA CONTACT: | INVESTOR CONTACT: |
| FIRST QUARTER (A) | |||||||
|---|---|---|---|---|---|---|---|
| 2003 | 2002 | % Change | |||||
| OPERATING REVENUES | $ 1,290,047 | $ 1,233,638 | 5 | ||||
| OPERATING EXPENSES BEFORE RESTRUCTURING CHARGES | 1,013,638 | 981,904 | 3 | ||||
| OPERATING PROFIT BEFORE RESTRUCTURING CHARGES (B) | 276,409 | 251,734 | 10 | ||||
| Restructuring Charges (C) | – | (27,253 | ) | (100 | ) | ||
| OPERATING PROFIT | 276,409 | 224,481 | 23 | ||||
| Net Loss on Equity Investments | (9,014 | ) | (20,697 | ) | (56 | ) | |
| Interest Income | 2,075 | 2,072 | – | ||||
| Interest Expense | (50,947 | ) | (55,092 | ) | (8 | ) | |
| Non-Operating Items (D) | 12,831 | (45,578 | ) | NM | |||
| Income Before Income Taxes and Cumulative Effect of Change | |||||||
| in Accounting Principle | 231,354 | 105,186 | 120 | ||||
| Income Taxes | (90,202 | ) | (41,169 | ) | 119 | ||
| Income Before Cumulative Effect of Change in Accounting Principle | 141,152 | 64,017 | 120 | ||||
| Cumulative Effect of Change in Accounting Principle, net of tax (E) | – | (165,587 | ) | (100 | ) | ||
| NET INCOME (LOSS) | 141,152 | (101,570 | ) | NM | |||
| Preferred Dividends, net of tax | (6,231 | ) | (6,395 | ) | (3 | ) | |
| Net Income (Loss) Attributable to Common Shares | $ 134,921 | $ (107,965 | ) | NM | |||
| EARNINGS (LOSS) PER SHARE | |||||||
| Basic: | |||||||
| Before cumulative effect of change in accounting principle, net | $ .44 | $ .19 | 132 | ||||
| Cumulative effect of change in accounting principle, net | – | (.55 | ) | (100 | ) | ||
| Total | $ .44 | $ (.36 | ) | NM | |||
| Diluted: | |||||||
| Before cumulative effect of change in accounting principle, net | $ .41 | $ .18 | 128 | ||||
| Cumulative effect of change in accounting principle, net | – | (.51 | ) | (100 | ) | ||
| Total (F) | $ .41 | $ (.33 | ) | NM | |||
| DIVIDENDS PER COMMON SHARE | $ .11 | $ .11 | – | ||||
| Weighted Average Common Shares Outstanding (G) | 306,966 | 299,089 | 3 | ||||
| (A) | 2003 first quarter: Dec. 30, 2002 to March 30, 2003. (13 weeks) |
| (B) | Operating profit excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. Operating profit before restructuring charges is a key metric used by the Company's chief operating decision maker, as defined by Financial Accounting Standard No. 131 "Segment Reporting," to make decisions about resources to be allocated to a segment and assess its performance. |
| (C) | In the first quarter of 2002, the Company recorded pretax restructuring charges of $27 million ($17 million after-tax) primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.05. |
| (D) | The first quarter 2003 included the following non-operating items: |
| Pretax Gain (Loss) | After-tax Gain (Loss) | Diluted EPS | |||||
|---|---|---|---|---|---|---|---|
| Loss on derivatives and related investments (1) | $(37,220 | ) | $(22,779 | ) | $ (.07) | ||
| Gain on sales of subsidiaries and investments, net (2) | 50,279 | 30,771 | .09 | ||||
| Loss on investment write-downs | (228 | ) | (139 | ) | – | ||
| Total non-operating items | $ 12,831 | $ 7,853 | $ .02 | ||||
The first quarter 2002 included the following non-operating items: |
| Pretax Gain (Loss) | After-tax Gain (Loss) | Diluted EPS | |||||
|---|---|---|---|---|---|---|---|
| Loss on derivatives and related investments (1) | $(45,515 | ) | $(27,855 | ) | $ (.09) | ||
| Gain on sale of investment | 1,426 | 872 | – | ||||
| Loss on investment write-downs | (1,489 | ) | (911 | ) | – | ||
| Total non-operating items | $(45,578 | ) | $(27,894 | ) | $ (.09) | ||
| (1) | Loss on derivatives and related investments relates primarily to the net change in fair values of the Company's PHONES derivatives and related AOL Time Warner shares. |
| (2) | Gain on sales of subsidiaries and investments relates primarily to the divestiture of the assets of Denver radio station KKHK-FM, now known as KQMT-FM, which were exchanged for the assets of KWBP-TV, Portland, Ore. |
| (E) | As a result of initially applying the new impairment provisions of FAS 142, the Company recorded a pretax charge of $271 million ($166 million after-tax) in the first quarter of 2002, which decreased diluted EPS by $.51. This cumulative effect relates to certain of the Company's newspaper mastheads, a FCC license and a television network affiliation agreement. |
| (F) | For the first quarter of 2003, diluted EPS was computed assuming that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares. For the first quarter of 2002, the calculation of diluted EPS did not assume the conversion of the LYONs debt securities because the conversion would have had an antidilutive effect on diluted EPS before the cumulative effect of change in accounting principle. Also, for both years, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. The Company has certain other convertible securities which were not included in the calculation of diluted EPS because their effects were antidilutive. Following are the calculations for the first quarter: |
| First Quarter | |||||
|---|---|---|---|---|---|
| 2003 | 2002 | ||||
| Net income (loss) | $ 141,152 | $(101,570 | ) | ||
| Additional ESOP contribution required assuming Series B | |||||
| preferred shares were converted, net of tax | (2,447 | ) | (2,570 | ) | |
| Dividends for Series C, D-1 and D-2 preferred stock | (2,063 | ) | (2,014 | ) | |
| LYONs interest expense, net of tax | 1,560 | – | |||
| Adjusted net income (loss) | $ 138,202 | $(106,154 | ) | ||
| Weighted average common shares outstanding | 306,966 | 299,089 | |||
| Assumed conversion of Series B preferred shares into common | 16,225 | 17,225 | |||
| Assumed exercise of stock options, net of common | |||||
| shares assumed repurchased | 6,521 | 6,025 | |||
| Assumed conversion of LYONs debt securities | 6,975 | – | |||
| Adjusted weighted average common | |||||
| shares outstanding | 336,687 | 322,339 | |||
| Diluted earnings (loss) per share | $ .41 | $ (.33 | ) | ||
| (G) | The number of common shares outstanding, in thousands, at March 30, 2003 was 307,811. |
| FIRST QUARTER | |||||||
|---|---|---|---|---|---|---|---|
| 2003 | 2002 | % Change | |||||
| PUBLISHING | |||||||
| Operating Revenues | $ 973,583 | $ 950,104 | 2 | ||||
| Cash Operating Expenses (A) | (730,990 | ) | (719,395 | ) | 2 | ||
| Operating Cash Flow (B) (C) | 242,593 | 230,709 | 5 | ||||
| Depreciation and Amortization Expense | (44,992 | ) | (42,810 | ) | 5 | ||
| Operating Profit before Restructuring Charges (C) | 197,601 | 187,899 | 5 | ||||
| Restructuring Charges | – | (24,923 | ) | (100 | ) | ||
| Total Operating Profit (C) | $ 197,601 | $ 162,976 | 21 | ||||
| BROADCASTING AND ENTERTAINMENT | |||||||
| Operating Revenues | |||||||
| Television | $ 289,256 | $ 256,348 | 13 | ||||
| Radio/Entertainment | 27,208 | 27,186 | – | ||||
| Total Operating Revenues | 316,464 | 283,534 | 12 | ||||
| Cash Operating Expenses (A) | |||||||
| Television | (185,323 | ) | (171,608 | ) | 8 | ||
| Radio/Entertainment | (29,674 | ) | (27,432 | ) | 8 | ||
| Total Cash Operating Expenses | (214,997 | ) | (199,040 | ) | 8 | ||
| Operating Cash Flow (B)(C) | |||||||
| Television | 103,933 | 84,740 | 23 | ||||
| Radio/Entertainment | (2,466 | ) | (246 | ) | NM | ||
| Total Operating Cash Flow | 101,467 | 84,494 | 20 | ||||
| Depreciation and Amortization Expense | |||||||
| Television | (9,895 | ) | (9,960 | ) | (1 | ) | |
| Radio/Entertainment | (1,375 | ) | (1,557 | ) | (12 | ) | |
| Total Depreciation and Amortization Expense | (11,270 | ) | (11,517 | ) | (2 | ) | |
| Operating Profit (Loss) (C) | |||||||
| Television | 94,038 | 74,780 | 26 | ||||
| Radio/Entertainment | (3,841 | ) | (1,803 | ) | 113 | ||
| Total Operating Profit before Restructuring Charges (C) | 90,197 | 72,977 | 24 | ||||
| Restructuring Charges | – | (1,087 | ) | (100 | ) | ||
| Total Operating Profit | $ 90,197 | $ 71,890 | 25 | ||||
| CORPORATE EXPENSES | |||||||
| Operating Cash Flow (B) (C) | $ (10,860 | ) | $ (8,584 | ) | 27 | ||
| Depreciation and Amortization Expense | (529 | ) | (558 | ) | (5 | ) | |
| Operating Loss before Restructuring Charges (C) | (11,389 | ) | (9,142 | ) | 25 | ||
| Restructuring Charges | – | (1,243 | ) | (100 | ) | ||
| Total Operating Loss (C) | $ (11,389 | ) | $ (10,385 | ) | 10 | ||
| CONSOLIDATED | |||||||
| Operating Revenues | $ 1,290,047 | $ 1,233,638 | 5 | ||||
| Cash Operating Expenses (A) | (956,847 | ) | (927,019 | ) | 3 | ||
| Operating Cash Flow (B) (C) | 333,200 | 306,619 | 9 | ||||
| Depreciation and Amortization Expense | (56,791 | ) | (54,885 | ) | 3 | ||
| Operating Profit before Restructuring Charges (C) | 276,409 | 251,734 | 10 | ||||
| Restructuring Charges | – | (27,253 | ) | (100 | ) | ||
| Total Operating Profit (C) | $ 276,409 | $ 224,481 | 23 | ||||
| (A) | Cash operating expenses exclude restructuring charges. The Company uses cash operating expenses to evaluate internal performance. The Company has presented cash operating expenses because it is a common measure used by rating agencies, financial analysts and investors. Cash operating expense is not a measure of financial performance under generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. |
Following is a reconciliation of operating expenses to cash operating expenses for first quarter 2003: |
| Publishing | Broadcasting and Entertainment | Corporate | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Operating expenses | $775,982 | $226,267 | $11,389 | $1,013,638 | |||||
| Less: depreciation and amortization expenses | 44,992 | 11,270 | 529 | 56,791 | |||||
| Cash operating expenses | $730,990 | $214,997 | $10,860 | $ 956,847 | |||||
Following is a reconciliation of operating expenses before restructuring charges to cash operating expenses for first quarter 2002: |
| Publishing | Broadcasting and Entertainment | Corporate | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Operating expenses before restructuring charges | $762,205 | $210,557 | $9,142 | $981,904 | |||||
| Less: depreciation and amortization expenses | 42,810 | 11,517 | 558 | 54,885 | |||||
| Cash operating expenses | $719,395 | $199,040 | $8,584 | $927,019 | |||||
| (B) | Operating cash flow is defined as operating profit before restructuring charges and depreciation and amortization. The Company uses operating cash flow along with operating profit and other measures to evaluate the financial performance of the Company's business segments. The Company has presented operating cash flow because it is a common alternative measure of financial performance used by rating agencies, financial analysts and investors. These groups use operating cash flow along with other measures as a way to estimate the value of a company. The Company's definition of operating cash flow may not be consistent with that of other companies. Operating cash flow does not represent cash provided by operating activities as reflected in the Company's consolidated statements of cash flows, is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. |
| (C) | Operating profit for each segment excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. Operating profit before restructuring charges is a key metric used by the Company's chief operating decision maker, as defined by Financial Accounting Standard No. 131 "Segment Reporting," to make decisions about resources to be allocated to a segment and assess its performance. |
| Publishing | Broadcasting and Entertainment | Corporate | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Operating profit (loss) | $197,601 | $ 90,197 | $(11,389 | ) | $276,409 | ||||
| Add back: depreciation and amortization expense | 44,992 | 11,270 | 529 | 56,791 | |||||
| Operating cash flow | $242,593 | $101,467 | $(10,860 | ) | $333,200 | ||||
Following is a reconciliation of operating profit (loss) to operating cash flow for first quarter 2002: |
| Publishing | Broadcasting and Entertainment | Corporate | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Operating profit (loss) | $162,976 | $71,890 | $(10,385 | ) | $224,481 | ||||
| Add back: restructuring charges | 24,923 | 1,087 | 1,243 | 27,253 | |||||
| Operating profit (loss) before restructuring charges | $187,899 | $72,977 | $(9,142 | ) | $251,734 | ||||
| Add back: depreciation and amortization expense | 42,810 | 11,517 | 558 | 54,885 | |||||
| Operating cash flow | $230,709 | $84,494 | $(8,584 | ) | $306,619 | ||||
| Period 3 (4 weeks) | Year-to-Date (13 weeks) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | % Change | 2003 | 2002 | % Change | ||||||||
| Publishing | |||||||||||||
| Advertising | |||||||||||||
| Retail | $ 92,830 | $ 93,468 | (1 | ) | $ 289,277 | $ 283,636 | 2 | ||||||
| National | 55,349 | 57,380 | (4 | ) | 191,145 | 179,952 | 6 | ||||||
| Classified | 76,624 | 74,841 | 2 | 239,086 | 241,012 | (1 | ) | ||||||
| Interactive | 6,868 | 5,807 | 18 | 20,666 | 18,058 | 14 | |||||||
| Sub-Total | 231,671 | 231,496 | – | 740,174 | 722,658 | 2 | |||||||
| Circulation | 52,433 | 51,804 | 1 | 169,463 | 168,548 | 1 | |||||||
| Other | 20,659 | 18,575 | 11 | 63,946 | 58,898 | 9 | |||||||
| Segment Total (A) (B) | 304,763 | 301,875 | 1 | 973,583 | 950,104 | 2 | |||||||
| Broadcasting & Entertainment | |||||||||||||
| Television (C) | 99,019 | 88,891 | 11 | 289,256 | 256,348 | 13 | |||||||
| Radio/Entertainment | 12,320 | 11,876 | 4 | 27,208 | 27,186 | – | |||||||
| Segment Total (D) | 111,339 | 100,767 | 10 | 316,464 | 283,534 | 12 | |||||||
| Consolidated Revenues (E) | $416,102 | $402,642 | 3 | $1,290,047 | $1,233,638 | 5 | |||||||
| (A) | Publishing revenues for 2002 have been reclassified to conform with the 2003 presentation. There was no effect on total revenues. |
| (B) | Includes Chicago magazine, acquired in August 2002. Excluding this acquisition, publishing revenues increased 1% for the period and 2% for the year-to-date. Excluding this acquisition, retail revenues decreased 1%, national revenues decreased 4% and total advertising revenues were flat for the period. Excluding this acquisition, retail revenues increased 1%, national revenues increased 6% and total advertising revenues increased 2% for the year-to-date. |
| (C) | Includes WTTV-TV, Indianapolis, acquired in July 2002, KPLR-TV, St. Louis and KWBP-TV, Portland, both acquired in March 2003. Excluding these acquisitions, television revenues increased 9% for the period and 11% for the year-to-date. |
| (D) | Excluding these acquisitions, broadcasting and entertainment revenues increased 8% for the period and 10% for the year-to-date. |
| (E) | Excluding acquisitions, consolidated revenues increased 3% for the period and 4% for the year-to-date. |
| Period 3 (4 weeks) | Year-to-Date (13 weeks) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | % Change | 2003 | 2002 | % Change | ||||||||
| Full Run | |||||||||||||
| L.A. Times | 195 | 198 | (2 | ) | 638 | 637 | – | ||||||
| Chicago Tribune | 163 | 164 | (1 | ) | 514 | 504 | 2 | ||||||
| Newsday | 109 | 116 | (6 | ) | 333 | 375 | (11 | ) | |||||
| Other Daily Newspapers (B) | 1,033 | 1,033 | – | 3,264 | 3,240 | 1 | |||||||
| Total | 1,500 | 1,511 | (1 | ) | 4,749 | 4,756 | – | ||||||
| Part Run | |||||||||||||
| L.A. Times | 419 | 409 | 2 | 1,400 | 1,331 | 5 | |||||||
| Chicago Tribune | 427 | 403 | 6 | 1,286 | 1,237 | 4 | |||||||
| Newsday | 141 | 124 | 14 | 410 | 375 | 9 | |||||||
| Other Daily Newspapers (B) | 506 | 482 | 5 | 1,527 | 1,497 | 2 | |||||||
| Total | 1,493 | 1,418 | 5 | 4,623 | 4,440 | 4 | |||||||
| Total Advertising Inches | |||||||||||||
| Full Run | |||||||||||||
| Retail | 424 | 465 | (9 | ) | 1,349 | 1,439 | (6 | ) | |||||
| National | 277 | 277 | – | 919 | 870 | 6 | |||||||
| Classified | 799 | 769 | 4 | 2,481 | 2,447 | 1 | |||||||
| Sub-Total | 1,500 | 1,511 | (1 | ) | 4,749 | 4,756 | – | ||||||
| Part Run | 1,493 | 1,418 | 5 | 4,623 | 4,440 | 4 | |||||||
| Total | 2,993 | 2,929 | 2 | 9,372 | 9,196 | 2 | |||||||
| Preprint Pieces | |||||||||||||
| L.A. Times | 223,364 | 213,697 | 5 | 665,700 | 639,899 | 4 | |||||||
| Chicago Tribune | 233,779 | 229,891 | 2 | 760,884 | 704,731 | 8 | |||||||
| Newsday | 212,367 | 208,499 | 2 | 671,236 | 613,015 | 9 | |||||||
| Other Daily Newspapers (B) | 293,765 | 270,217 | 9 | 909,705 | 858,314 | 6 | |||||||
| Total | 963,275 | 922,304 | 4 | 3,007,525 | 2,815,959 | 7 | |||||||
| (A) | Volume for 2002 has been modified to conform with the 2003 presentation. Volume is based on preliminary internal data, which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers. |
| (B) | Other daily newspapers include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The Morning Call, Daily Press, The Advocate and Greenwich Time. |
