Ex 99.2
FOR IMMEDIATE RELEASE [PULITZER INC. LOGO]
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 TWELFTH-PERIOD
REVENUE FOR FOUR WEEKS ENDED DECEMBER 28, 2003
ST. LOUIS, January 20, 2004-- Pulitzer Inc. (NYSE: PTZ) today announced that
revenues increased 6.5 percent for the four-week accounting period ended
December 28, 2003 and increased 1.6 percent for the 52-week year-to-date period
when compared to the respective 2002 periods. December 2003 advertising revenue
in St. Louis and at the 12 Pulitzer Newspapers, Inc. ("PNI") markets increased
8.4 percent versus last year, with increases of 9.3 percent at the combined St.
Louis operations and 6.2 percent at PNI.
On a comparable basis, excluding the results of 2003 PNI acquisitions absent in
2002, total revenue increased 5.7 percent for the four-week period ended
December 28, 2003 and increased 1.3 percent for the 52-week year-to-date period.
Total comparable advertising revenue increased 7.6 percent for the four-week
period ended December 28, 2003 and increased 2.1 percent for the 52-week
year-to-date period. December 2003 comparable advertising revenue increased 9.3
percent at the combined St. Louis operations and 3.1 percent at PNI. Comparable
advertising revenue increased 2.4 percent at the combined St. Louis operations
and 1.2 percent at PNI for the 52-week year-to-date period.
The principal components of the twelfth-period comparable advertising revenue
results for St. Louis and PNI were:
>> Comparable retail advertising revenue, including preprints, increased
8.2 percent. Comparable retail ROP revenue increased 7.7 percent,
principally due to strength in the entertainment category, as well as
gains in local territory revenue, which increased 24.1 percent in St.
Louis. These gains were partially offset by weakness in the department
store and furniture segments. Comparable St. Louis and PNI retail ROP
revenue increased 12.1 percent and decreased 1.0 percent,
respectively. Comparable retail preprint revenue increased 10.8
percent in St. Louis and 6.1 percent at PNI.
>> Comparable national advertising revenue, including preprints,
increased 7.9 percent versus the comparable 2002 period principally
due to gains in the pharmaceutical category, as well as strength in
national preprint revenue, which increased 36.9 percent for the
period. Comparable national ROP revenue increased 4.6 percent.
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>> Comparable classified revenue increased 5.9 percent from last year due
to increases in help wanted and real estate revenue in St. Louis and
at PNI. December 2003 comparable help wanted revenue increased 5.4
percent in St. Louis and 13.4 percent at PNI. Comparable December real
estate revenue increased 20.0 percent in St. Louis and 19.0 percent at
PNI. Comparable automotive revenue decreased 1.5 percent in St. Louis
and 3.2 percent at PNI.
December 2003 revenue associated with the Company's 50 percent interest in the
Tucson Newspaper Agency ("TNI") increased 6.4 percent and total advertising
revenue increased 3.8 percent. TNI retail revenue, including preprints,
increased 1.0 percent with a 1.7 percent increase in retail ROP and a 0.4
percent decrease in retail preprint revenue. Local territory revenues increased
15.2 percent for the period. TNI national revenue, including preprints,
increased 5.0 percent. December classified revenue increased 10.2 percent, with
help wanted and real estate revenue showing increases of 20.6 percent and 13.2
percent, respectively, partially offset by a 7.1 percent decline in automotive
revenue.
***
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
www.pulitzerinc.com.
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NOTES:
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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)
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
December 28, December 29, December 28, December 29,
2003 2002 (Note 4) Change 2003 2002 (Note 4) Change
------------ ------------- ------ ------------ ------------- ------
CONSOLIDATED OPERATING REVENUES (NOTE 1) :
Advertising:
Retail $11,530 $10,605 8.7% $120,205 $118,741 1.2%
National 2,638 2,523 4.6% 29,000 26,706 8.6%
Classified 7,746 7,210 7.4% 122,638 125,777 (2.5%)
------- ------- ----- -------- -------- -----
Total 21,914 20,338 7.7% 271,843 271,224 0.2%
Preprints 6,248 5,633 10.9% 63,249 55,935 13.1%
------- ------- ----- -------- -------- -----
Total Advertising 28,162 25,971 8.4% 335,092 327,159 2.4%
Circulation 6,310 6,271 0.6% 80,639 80,751 (0.1%)
Other 503 611 (17.7%) 6,933 8,050 (13.9%)
------- ------- ----- -------- -------- -----
Total $34,975 $32,853 6.5% $422,664 $415,960 1.6%
======= ======= ===== ======== ======== =====
OPERATING REVENUES OF CONSOLIDATED SUBSIDIARIES:
Combined St. Louis Operations (Note 2):
Advertising (Note 3): $20,315 $18,580 9.3% $242,277 $236,551 2.4%
Circulation 4,790 4,687 2.2% 59,890 59,808 0.1%
Other 129 152 (15.1%) 1,751 2,184 (19.8%)
------- ------- ----- -------- -------- -----
Total $25,234 $23,419 7.8% $303,918 $298,543 1.8%
======= ======= ===== ======== ======== =====
Pulitzer Newspapers, Inc.
Advertising (Note 3): $ 7,847 $ 7,391 6.2% $ 92,815 $ 90,608 2.4%
Circulation 1,520 1,584 (4.0%) 20,749 20,943 (0.9%)
Other 374 459 (18.5%) 5,182 5,866 (11.7%)
------- ------- ----- -------- -------- -----
Total $ 9,741 $ 9,434 3.3% $118,746 $117,417 1.1%
======= ======= ===== ======== ======== =====
OPERATING REVENUES OF UNCONSOLIDATED NEWSPAPER
JOINT VENTURE:
Pulitzer's 50% share of Tucson Newspaper Agency:
Advertising (Note 3): $ 3,366 $ 3,243 3.8% $ 41,496 $ 41,055 1.1%
Circulation 903 776 16.4% 11,467 10,680 7.4%
Other 29 21 38.1% 447 546 (18.1%)
------- ------- ----- -------- -------- -----
Total $ 4,298 $ 4,040 6.4% $ 53,410 $ 52,281 2.2%
======= ======= ===== ======== ======== =====
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 52 Weeks
Comparable Change Comparable Change
----------------------- ------------------------
Total Total
Pulitzer PNI Pulitzer PNI
-------- ----- -------- ----
Advertising Revenue 7.6% 3.1% 2.1% 1.2%
Total Revenue 5.7% 0.5% 1.3% 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 December 28, 2003, classified
employment advertising revenue in St. Louis, including STLtoday.com, increased
5.4 percent and decreased 10.9 percent, respectively. At PNI, comparable
classified employment advertising revenue, excluding the impact of 2003
acquisitions absent in 2002, increased 13.4 percent and decreased 2.2 percent
for the four-week and year-to-date periods, respectively. At the Tucson
Newspaper Agency, classified employment advertising revenue increased 20.6
percent and 6.1 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
twelfth period of 2003.
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PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
SELECTED STATISTICAL INFORMATION
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
December 28, December 29, December 28, December 29,
2003 2002 (Note 4) Change 2003 2002 (Note 4) Change
------------ ------------- -------- ------------ ------------- --------
ADVERTISING LINAGE (in thousands of inches)
- -------------------------------------------
ST. LOUIS POST-DISPATCH:
Advertising Inches
Full run (all zones)
Retail 78.2 81.0 (3.4%) 785.7 775.3 1.3%
General 18.1 20.0 (9.4%) 198.5 203.3 (2.4%)
Classified 58.0 64.5 (10.1%) 995.3 1,050.2 (5.2%)
----- ----- ------ ------- ------- ------
Total 154.3 165.5 (6.8%) 1,979.5 2,028.8 (2.4%)
Part run (Retail/Classified) 37.6 44.0 (14.6%) 483.5 562.0 (14.0%)
----- ----- ------ ------- ------- ------
Total Inches 191.9 209.5 (8.4%) 2,463.0 2,590.8 (4.9%)
===== ===== ====== ======= ======= ======
TUCSON NEWSPAPER AGENCY:
Star/Citizen advertising inches
Full run (all zones)
Retail 128.2 132.5 (3.2%) 1,498.7 1,593.0 (5.9%)
General 5.4 5.5 (2.6%) 89.1 99.0 (10.0%)
Classified 112.6 116.5 (3.3%) 1,560.0 1,554.2 0.4%
----- ----- ------ ------- ------- ------
Total 246.2 254.5 (3.3%) 3,147.8 3,246.2 (3.0%)
Part run (Retail/Classified) 3.9 5.7 (31.2%) 71.8 92.3 (22.2%)
----- ----- ------ ------- ------- ------
Total Inches 250.1 260.3 (3.9%) 3,219.6 3,338.5 (3.6%)
===== ===== ====== ======= ======= ======
Period Average Year-to-Date Average
----------------- --------------------
CIRCULATION (Note 5): 2003 2002 Change 2003 2002 Change
- --------------------- ------- ------- ------ ------- -------- --------
ST. LOUIS POST-DISPATCH:
Daily 281,910 279,537 0.8% 285,216 286,208 (0.3%)
Sunday 460,931 469,238 (1.8%) 459,594 469,214 (2.1%)
COMBINED PULITZER NEWSPAPERS, INC.
Daily 190,160 189,664 0.3% 189,365 188,705 0.3%
Sunday 189,145 189,921 (0.4%) 190,224 189,134 0.6%
TUCSON NEWSPAPER AGENCY:
Star Daily 105,752 103,152 2.5% 103,844 103,048 0.8%
Citizen Daily 32,357 34,537 (6.3%) 33,370 36,056 (7.4%)
------- ------- ----- ------- ------- -----
Combined Daily 138,109 137,689 0.3% 137,214 139,104 (1.4%)
Star Sunday 173,141 173,206 (0.0%) 170,669 171,350 (0.4%)
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
December 28, December 29, December 28, December 29,
ONLINE PAGE VIEWS (in thousands) 2003 2002 (Note 4) Change 2003 2002 (Note 4) Change
- -------------------------------- ------------ ------------- ------ ------------ ------------- ------
Combined St. Louis (Note 6): 31,085 18,011 72.6% 277,646 180,717 53.6%
Combined PNI Web sites (Note 7): 7,346 7,924 (7.3%) 88,894 99,614 (10.8%)
Combined Tucson Web sites 6,433 4,986 29.0% 79,103 68,760 15.0%
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.
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