(PULITZER INC. LOGO)
For Immediate Release
900 North Tucker Boulevard
St. Louis, Missouri 63101
Tel 314/340-8402
Fax 314/340-3125
For further information, contact
James V. Maloney, Director of
Shareholder Relations
(314) 340-8402
PULITZER INC. REPORTS THIRD PERIOD
REVENUE FOR FOUR WEEKS ENDED MARCH 30, 2003
ST. LOUIS, April 22, 2003-- Pulitzer Inc. (NYSE:PTZ) today announced that
revenues from continuing operations decreased 3.1 percent for the four-week
accounting period ended March 30, 2003 and decreased 1.8 percent for the
thirteen-week year-to-date period when compared to the comparable 2002 periods.
March 2003 advertising revenue from continuing operations in St. Louis and at
the 12 Pulitzer Newspapers, Inc. ("PNI") markets decreased 3.5 percent versus
last year. This reflects a year-on-year advertising revenue decrease of 2.8
percent at the combined St. Louis operations and a year-on-year decrease of 5.4
percent at PNI. The principal components of the third-period advertising revenue
results were:
o Retail advertising revenue, including preprints, decreased 1.0 percent.
Retail ROP decreased 6.7 percent due to weakness in the major department
store, financial and furniture categories in St. Louis. Declines in
retail ROP were partially offset by a 13.7 percent increase in retail
preprint revenue. Revenue from local retail accounts in St. Louis
increased in the mid-single digits. Advertiser caution related to the
war and the late Easter holiday slowed advertising growth.
o National advertising revenues, including preprints, increased 9.9
percent over the comparable 2002 period due to increased preprint
revenue and strong telecommunication advertising in St. Louis.
o Classified revenue decreased 10.1 percent from last year due to
continued weakness in help wanted and lower automotive revenue in St.
Louis and at PNI. In March 2003, help wanted revenue decreased 13.9
percent in St. Louis and 10.6 percent at PNI. Automotive revenue
decreased 21.3 percent in St. Louis and 15.9 percent at PNI.
In March 2003, advertising revenue associated with the Company's 50 percent
interest in the Tucson Newspaper Agency ("TNI") increased 3.0 percent, while
total revenue increased 4.9 percent. TNI retail revenue, including preprints,
increased 3.7 percent with a 3.0 percent increase in ROP. Local territory
accounts increased 12.3 percent compared to last year results. TNI national
revenue, including preprints, decreased 1.3 percent, and classified revenue
increased 2.4 percent, reflecting strength in automotive and real estate, which
increased 1.9 percent and 15.1 percent, respectively.
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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 also owns 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
www.pulitzerinc.com.
NOTE:
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.
-tables attached-
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
(Revenue in thousands--Unaudited)
<Table>
<Caption>
Four Weeks 13 Weeks
Four Weeks Ended 13 Weeks Ended
Ended March 31 Ended March 31
March 30 2002 March 30 2002
2003 (Note 1) Change 2003 (Note 1) Change
--------- ---------- -------- -------- -------- --------
CONSOLIDATED OPERATING REVENUES:
Advertising:
Retail $ 9,051 $ 9,703 -6.7% $ 27,208 $ 28,751 -5.4%
National 2,141 1,963 9.1% 6,821 6,377 7.0%
Classified 8,840 9,831 -10.1% 28,438 30,493 -6.7%
--------- ---------- -------- -------- -------- --------
Total 20,032 21,497 -6.8% 62,467 65,621 -4.8%
Preprints 4,639 4,073 13.9% 13,732 11,956 14.9%
--------- ---------- -------- -------- -------- --------
Total Advertising 24,671 25,570 -3.5% 76,199 77,577 -1.8%
Circulation 6,282 6,292 -0.2% 20,196 20,462 -1.3%
Other 616 712 -13.5% 1,837 2,004 -8.3%
--------- ---------- -------- -------- -------- --------
Total $ 31,569 $ 32,574 -3.1% $ 98,232 $100,043 -1.8%
========= ========== ======== ======== ======== ========
OPERATING REVENUES OF CONSOLIDATED
SUBSIDIARIES:
Combined St. Louis Operations
(Note 2)
Advertising (Note 3) $ 17,944 $ 18,462 -2.8% $ 55,546 $ 56,598 -1.9%
Circulation 4,650 4,643 0.2% 14,958 15,251 -1.9%
Other 149 272 -45.2% 445 620 -28.2%
--------- ---------- -------- -------- -------- --------
Total $ 22,743 $ 23,377 -2.7% $ 70,949 $ 72,469 -2.1%
========= ========== ======== ======== ======== ========
Pulitzer Newspapers, Inc.
Advertising (Note 3): $ 6,727 $ 7,108 -5.4% $ 20,653 $ 20,979 -1.6%
Circulation 1,632 1,649 -1.0% 5,238 5,211 0.5%
Other 467 440 6.1% 1,392 1,384 0.6%
--------- ---------- -------- -------- -------- --------
Total $ 8,826 $ 9,197 -4.0% $ 27,283 $ 27,574 -1.1%
========= ========== ======== ======== ======== ========
OPERATING REVENUES OF UNCONSOLIDATED
NEWSPAPER JOINT VENTURE:
Pulitzer's 50% share of Tucson
Newspaper Agency:
Advertising (Note 3) $ 3,357 $ 3,259 3.0% $ 10,573 $ 10,091 4.8%
Circulation 941 871 8.0% 3,048 2,848 7.0%
Other 58 24 141.7% 124 159 -22.0%
--------- ---------- -------- -------- -------- --------
Total $ 4,356 $ 4,154 4.9% $ 13,745 $ 13,098 4.9%
========= ========== ======== ======== ======== ========
</Table>
- ----------
Note 1
Certain reclassifications have been made to the 2002 financial statements and
statistical data to conform with the presentation made in 2003.
Note 2
Includes revenues of the 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 March 30, 2003, classified
employment advertising revenue in St. Louis, including STLtoday.com, declined
13.9 percent and 12.8 percent, respectively. At PNI, classified employment
advertising revenue decreased 10.6 percent and 8.0 percent for the four-week and
year-to-date periods, respectively. At the Tucson Newspaper Agency, classified
employment advertising revenue decreased 9.9 percent and 0.8 percent for the
four-week and year-to-date periods, respectively.
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PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
SELECTED STATISTICAL INFORMATION
<Table>
<Caption>
Four Weeks 13 Weeks
Four Weeks Ended 13 Weeks Ended
Ended March 31 Ended March 31
March 30 2002 March 30 2002
2003 (Note 1) Change 2003 (Note 1) Change
---------- ---------- ------- -------- -------- ------
ADVERTISING LINAGE
(in thousands of inches)
ST. LOUIS POST-DISPATCH:
Advertising Inches
Full run (all zones)
Retail 56.4 54.0 4.4% 168.5 162.8 3.5%
General 15.3 14.4 6.3% 47.1 48.6 -3.1%
Classified 76.7 82.1 -6.6% 243.0 250.3 -2.9%
---------- ---------- ------ -------- ------ ------
Total 148.4 150.5 -1.4% 458.6 461.7 -0.7%
Part run (Retail/Classified) (Note 4) 35.9 45.4 -20.9% 109.0 134.4 -18.9%
---------- ---------- ------ -------- ------ ------
Total Inches 184.3 195.9 -5.9% 567.6 596.1 -4.8%
========== ========== ====== ======== ====== ======
TUCSON NEWSPAPER AGENCY:
Star/Citizen advertising inches
Full run (all zones)
Retail 119.4 133.3 -10.4% 378.9 395.7 -4.2%
General 6.4 7.7 -16.9% 23.9 24.0 -0.4%
Classified 123.8 120.3 2.9% 385.8 368.2 4.8%
---------- ---------- ------ -------- ------ ------
Total 249.6 261.3 -4.5% 788.6 787.9 0.1%
Part run (Retail/Classified) 5.8 10.8 -46.3% 18.7 37.6 -50.3%
---------- ---------- ------ -------- ------ ------
Total Inches 255.4 272.1 -6.1% 807.3 825.5 -2.2%
========== ========== ====== ======== ====== ======
Period Average Year-to-Date Average
------------------------- -------------------------
CIRCULATION (Note 5) 2003 2002 Change 2003 2002 Change
---------- ---------- ---------- ---------- ---------- ----------
ST. LOUIS POST-DISPATCH:
Daily 303,719 285,252 6.5% 286,760 290,522 -1.3%
Sunday 471,719 470,054 0.4% 467,773 472,592 -1.0%
COMBINED PULITZER NEWSPAPERS, INC. :
Daily 191,143 189,006 1.1% 189,379 188,831 0.3%
Sunday 191,356 185,206 3.3% 190,951 185,997 2.7%
TUCSON NEWSPAPER AGENCY:
Star Daily 112,274 109,998 2.1% 111,508 110,135 1.2%
Citizen Daily 37,069 38,302 -3.2% 36,046 38,059 -5.3%
---------- ---------- ---------- ---------- ---------- ----------
Combined Daily 149,343 148,300 0.7% 147,554 148,194 -0.4%
Star Sunday 182,252 180,480 1.0% 182,870 182,017 0.5%
Four Weeks Four Weeks 13 Weeks 13 Weeks
Ended Ended Ended Ended
March 30 March 31 March 30 March 31
ONLINE PAGE VIEWS (in thousands) 2003 2002 (Note 1) Change 2003 2002 (Note 1) Change
- ------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Combined St. Louis (Note 6) 21,216 15,549 36.4% 60,347 44,529 35.5%
Combined PNI Web sites (Note 7) 7,522 7,543 -0.3% 21,565 23,315 -7.5%
Combined Tucson Web sites 6,923 6,096 13.6% 19,653 16,003 22.8%
</Table>
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Note 4
Part-run linage decreased principally due to the elimination of distribution to
non-subscribers of the Metro Post zoned sections of the Post-Dispatch.
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
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, PNI changed the manner in which it records page view
data. 2003 data may not be comparable with 2002 reported results.
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