EXHIBIT 99.1
[PULITZER, INC. LOGO LETTERHEAD]
For further information, contact
James V. Maloney, Director of
Shareholder Relations
(314) 340-8402
PULITZER INC. REPORTS FOURTH PERIOD
REVENUE FOR FIVE WEEKS ENDED MAY 4, 2003
ST. LOUIS, May 16, 2003-- Pulitzer Inc. (NYSE: PTZ) today announced that
revenues increased 3.5 percent for the five-week accounting period ended May 4,
2003 and decreased 0.3 percent for the eighteen-week year-to-date period when
compared to the comparable 2002 periods.
April 2003 advertising revenue in St. Louis and at the 12 Pulitzer Newspapers,
Inc. ("PNI") markets increased 4.6 percent versus the comparable period last
year. Year-on-year advertising revenue increased 6.6 percent at the combined St.
Louis operations and decreased 0.5 percent at PNI. The principal components of
the fourth period advertising revenue results were:
-- Retail advertising revenue, including preprints, increased 12.8
percent, principally due to the movement from March to April of
the Easter holiday. Retail ROP increased 9.2 percent due to
increased advertising in the major department store, apparel,
grocery and home improvement categories in St. Louis. Retail
preprint revenue increased 26.1 percent in St. Louis and 10.6
percent at PNI. Revenue from local retail accounts in St. Louis
increased 14.9 percent in April.
-- National advertising revenues, including preprints, increased 25.1
percent over the comparable 2002 period due to increased preprint
revenue and strong telecommunication advertising in St. Louis.
-- Classified revenue decreased 9.8 percent from last year due to
continued weakness in help wanted and automotive revenue in St.
Louis and at PNI. In April 2003 help wanted revenue decreased 17.1
percent in St. Louis and 9.4 percent at PNI. Automotive revenue
decreased 12.0 percent in St. Louis and 19.9 percent at PNI. Real
estate revenue was mixed for the period. April real estate revenue
declined 1.6 percent in St. Louis and increased 6.9 percent at
PNI.
In April 2003 advertising revenue associated with the Company's 50 percent
interest in the Tucson Newspaper Agency ("TNI") increased 0.5 percent, while
total revenue increased 1.9 percent. TNI retail revenue, including preprints,
increased 5.9 percent with a 5.4 percent increase in ROP, principally due to the
movement from March to April of the Easter holiday. TNI national revenue,
including preprints, decreased 21.9 percent, principally due to
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weakness in the entertainment and financial services categories. April
classified revenue decreased 5.4 percent, due to weakness in help wanted and
automotive, which decreased 11.0 percent and 13.8 percent, respectively.
***
Earnings Guidance (See Notes)
The Company reaffirms its previously announced guidance for base earnings per
diluted share from continuing operations for fiscal year 2003 of at least $1.95.
The Company's guidance for fiscal year 2003 assumes stable advertising markets.
For 2003 and 2002, base earnings are actual results adjusted to exclude: (a)
investment losses and gains and valuation adjustments for non-operating assets;
and (b) employee termination costs associated with positions that will not be
staffed.
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.
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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 Share",
including guidance contained herein for full-year 2003 base earnings per fully
diluted share, exclude investment gains and losses and valuation adjustments
related to non-operating assets, and employment termination costs associated
with positions that will not be staffed. The Company can not currently determine
full-year 2003 investment gains and losses or valuation adjustments, if any,
related to non-operating assets or future employment termination cost, if any.
The Company's calculation of "Base Earnings" and "Base Earnings per Share",
including guidance contained herein for full-year 2003 base earnings per fully
diluted share, may not be comparable to similarly titled measures reported by
other companies. "Base Earnings" and "Base Earnings per Share," as defined
above, are not measures of performance under generally accepted accounting
principles and should not be construed as substitutes for consolidated net
income and earnings per share as a measure of performance. However, management
uses "Base Earnings" and "Base Earnings per 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.
-tables attached-
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
(Revenue in thousands--Unaudited)
Five Weeks Five Weeks 18 Weeks 18 Weeks
Ended Ended Ended Ended
May 4, May 5, May 4, May 5,
2003 2002 (Note 1) Change 2003 2002 (Note 1) Change
------------ ------------- -------- ------------ ------------- -----------
CONSOLIDATED OPERATING REVENUES:
Advertising:
Retail $ 12,220 $ 11,193 9.2% $ 39,428 $ 39,944 -1.3%
National 2,566 2,177 17.9% 9,387 8,554 9.7%
Classified 11,526 12,781 -9.8% 39,964 43,274 -7.6%
------------ ------------ -------- ------------ ------------ -----------
Total 26,312 26,151 0.6% 88,779 91,772 -3.3%
Preprints 6,567 5,286 24.2% 20,299 17,242 17.7%
------------ ------------ -------- ------------ ------------ -----------
Total Advertising 32,879 31,437 4.6% 109,078 109,014 0.1%
Circulation 7,918 7,805 1.4% 28,114 28,267 -0.5%
Other 628 780 -19.5% 2,465 2,784 -11.5%
------------ ------------ -------- ------------ ------------ -----------
Total $ 41,425 $ 40,022 3.5% $ 139,657 $ 140,065 -0.3%
============ ============ ======== ============ ============ ===========
OPERATING REVENUES OF CONSOLIDATED
SUBSIDIARIES:
Combined St. Louis Operations (Note 2)
Advertising (Note 3) $ 24,021 $ 22,537 6.6% $ 79,567 $ 79,135 0.5%
Circulation 5,931 5,765 2.9% 20,889 21,016 -0.6%
Other 103 223 -53.8% 548 843 -35.0%
------------ ------------ -------- ------------ ------------ -----------
Total $ 30,055 $ 28,525 5.4% $ 101,004 $ 100,994 0.0%
============ ============ ======== ============ ============ ===========
Pulitzer Newspapers, Inc.
Advertising (Note 3): $ 8,858 $ 8,900 -0.5% $ 29,511 $ 29,879 -1.2%
Circulation 1,987 2,040 -2.6% 7,225 7,251 -0.4%
Other 525 557 -5.7% 1,917 1,941 -1.2%
------------ ------------ -------- ------------ ------------ -----------
Total $ 11,370 $ 11,497 -1.1% $ 38,653 $ 39,071 -1.1%
============ ============ ======== ============ ============ ===========
OPERATING REVENUES OF UNCONSOLIDATED
NEWSPAPER JOINT VENTURE:
Pulitzer's 50% share of Tucson
Newspaper Agency:
Advertising (Note 3) $ 3,977 $ 3,958 0.5% $ 14,550 $ 14,049 3.6%
Circulation 1,122 1,028 9.1% 4,170 3,876 7.6%
Other 35 51 -31.4% 159 210 -24.3%
------------ ------------ -------- ------------ ------------ -----------
Total $ 5,134 $ 5,037 1.9% $ 18,879 $ 18,135 4.1%
============ ============ ======== ============ ============ ===========
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 St. Louis Post-Dispatch, Suburban Journals of Greater
St. Louis, St. Louis e-media operations, and STL Distribution Services.
Note 3
For the five-week and year-to-date periods ended May 4, 2003, classified
employment advertising revenue in St. Louis, including STLtoday.com, declined
17.1 percent and 13.7 percent, respectively. At PNI, classified employment
advertising revenue decreased 9.4 percent and 8.5 percent for the five-week and
year-to-date periods, respectively. At the Tucson Newspaper Agency, classified
employment advertising revenue decreased 11.0 percent and 3.7 percent for the
five-week and year-to-date periods, respectively.
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PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
SELECTED STATISTICAL INFORMATION
Five Weeks Five Weeks 18 Weeks 18 Weeks
Ended Ended Ended Ended
May 4, May 5, May 4, May 5,
2003 2002 (Note 1) Change 2003 2002 (Note 1) Change
-------- ------------- ------ -------- ------------- -------
ADVERTISING LINAGE (in thousands of inches)
ST. LOUIS POST-DISPATCH:
Advertising Inches
Full run (all zones)
Retail 72.8 64.1 13.6% 241.3 226.9 6.3%
General 18.0 17.4 3.4% 65.1 66.0 -1.4%
Classified 96.8 104.3 -7.2% 339.8 354.6 -4.2%
------- ------- ------- ------- ------- -------
Total 187.6 185.8 1.0% 646.2 647.5 -0.2%
Part run (Retail/Classified) (Note 4) 54.1 56.0 -3.4% 163.1 190.4 -14.3%
------- ------- ------- ------- ------- -------
Total Inches 241.7 241.8 0.0% 809.3 837.9 -3.4%
======= ======= ======= ======= ======= =======
TUCSON NEWSPAPER AGENCY:
Star/Citizen advertising inches
Full run (all zones)
Retail 152.2 153.9 -1.1% 531.2 549.6 -3.3%
General 7.3 8.0 -8.7% 31.2 32.0 -2.5%
Classified 145.6 155.1 -6.1% 531.4 523.3 1.5%
------- ------- ------- ------- ------- -------
Total 305.1 317.0 -3.8% 1,093.8 1,104.9 -1.0%
Part run (Retail/Classified) 6.8 11.7 -41.9% 25.5 49.3 -48.3%
------- ------- ------- ------- ------- -------
Total Inches 311.9 328.7 -5.1% 1,119.3 1,154.2 -3.0%
======= ======= ======= ======= ======= =======
Period Average Year-to-Date Average
-------------- --------------------
CIRCULATION (Note 5) 2003 2002 Change 2003 2002 Change
- -------------------- --------- ------------- --------- --------- -------- --------
ST. LOUIS POST-DISPATCH:
Daily 295,343 286,101 3.2% 288,151 289,683 -0.5%
Sunday 461,168 471,363 -2.2% 467,600 472,162 -1.0%
COMBINED PULITZER NEWSPAPERS, INC.:
Daily 191,567 190,659 0.5% 189,911 189,341 0.3%
Sunday 192,310 187,671 2.5% 191,211 186,462 2.5%
TUCSON NEWSPAPER AGENCY:
Star Daily 106,386 105,519 0.8% 110,228 108,982 1.1%
Citizen Daily 35,112 36,875 -4.8% 35,812 37,763 -5.2%
--------- ------------- --------- --------- -------- --------
Combined Daily 141,498 142,394 -0.6% 146,040 146,745 -0.5%
Star Sunday 172,749 173,628 -0.5% 180,341 179,921 0.2%
Five Weeks Five Weeks 18 Weeks 18 Weeks
Ended Ended Ended Ended
May 4, May 5, May 4, May 5,
ONLINE PAGE VIEWS (in thousands) 2003 2002 (Note 1) Change 2003 2002 (Note 1) Change
- -------------------------------- ---------- ------------- ------ -------- ------------- ------
Combined St. Louis (Note 6) 22,474 15,985 40.6% 82,820 60,514 36.9%
Combined PNI Web sites (Note 7) 7,177 7,595 -5.5% 28,742 30,910 -7.0%
Combined Tucson Web sites 5,960 5,391 10.6% 25,613 21,394 19.7%
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, the Company changed the manner in which PNI records
page view data. 2003 data may not be comparable with 2002 reported results.
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