(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 TWELFTH-PERIOD
REVENUE FOR FOUR WEEKS ENDED DECEMBER 26, 2004
ST. LOUIS, January 24, 2005 -- Pulitzer Inc. (NYSE: PTZ) today
announced that revenue increased 1.6 percent for the four-week accounting period
ended December 26, 2004, and 5.0 percent for the fifty-two-week year-to-date
period when compared to the respective 2003 periods. December 2004 advertising
revenue in St. Louis and at the 12 Pulitzer Newspapers, Inc. ("PNI") markets
increased 2.7 percent, with increases of 0.3 percent at the St. Louis operations
and 9.0 percent at PNI.
On a comparable basis, excluding the results of PNI acquisitions absent
in the comparable periods of 2004 and 2003, total revenue increased 1.1 percent
for the four-week period ended December 26, 2004, and increased 4.2 percent for
the fifty-two-week year-to-date period. Total comparable advertising revenue
increased 2.2 percent for the four-week period ended December 26, 2004, and
increased 5.0 percent for the fifty-two-week year-to-date period. Twelfth-period
2004 comparable advertising revenue increased 0.3 percent at the St. Louis
operations and 7.0 percent at PNI. Comparable advertising revenue increased 3.5
percent at the St. Louis operations and 9.1 percent at PNI for the
fifty-two-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 1.5
percent. Comparable retail ROP revenue decreased 5.3 percent, principally
due to weakness in the major department store, entertainment, and
furniture categories, and the absence in 2004 of revenue related to a
special advertising section commemorating the 125-year anniversary of the
St. Louis Post-Dispatch (the "Post-Dispatch") in December 2003. The
absence of this special section also affected St. Louis local territory
revenues, which decreased 6.2 percent. Comparable retail ROP revenue
decreased 10.9 percent in St. Louis and increased 6.7 percent at PNI.
Comparable retail preprint revenue increased 18.0 percent in St. Louis
reflecting, in part, a strong performance by Local Values, the
Post-Dispatch's direct mail initiative. PNI retail preprint revenue
increased 8.1 percent.
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Page Two
Pulitzer Inc. Period 12 Revenues
>> Comparable twelfth-period national advertising revenue, including
preprints, increased 4.6 percent versus 2003, principally due to strength
in the telecommunication and packaged goods categories, partially offset
by weakness in the travel category. Comparable national preprint revenue
increased 79.3 percent for the period, and comparable national ROP
revenue decreased 6.7 percent. Comparable national advertising revenue,
including preprints, increased 5.6 percent in St. Louis and decreased
18.2 percent at PNI.
>> Comparable twelfth-period classified revenue increased 2.6 percent versus
2003.
COMPARABLE CLASSIFIED ADVERTISING REVENUE
PERCENTAGE CHANGE 2004 VERSUS 2003
<Table>
<Caption>
Total Pulitzer,
including
Tucson Tucson
Total Newspaper Newspaper
PERIOD 12 St. Louis PNI Pulitzer Agency Agency
--------- --------- ------ -------- --------- ---------------
Help Wanted 16.4% 29.2% 19.7% 39.2% 22.5%
Automotive (12.2%) (18.1%) (13.6%) 2.7% (11.8%)
Real Estate 3.6% 16.2% 8.6% 4.0% 8.2%
Total Classified Revenue 0.4% 8.1% 2.6% 13.3% 3.9%
</Table>
COMPARABLE CLASSIFIED ADVERTISING REVENUE
PERCENTAGE CHANGE 2004 VERSUS 2003
<Table>
<Caption>
Total Pulitzer,
including
Tucson Tucson
Total Newspaper Newspaper
YEAR-TO-DATE St. Louis PNI Pulitzer Agency Agency
------------ --------- ----- -------- --------- ---------------
Help Wanted 9.5% 33.1% 14.9% 30.9% 16.9%
Automotive 2.8% (0.9%) 1.9% 8.0% 2.6%
Real Estate 6.9% 18.6% 10.4% (2.3%) 9.3%
Total Classified Revenue 6.0% 15.8% 8.6% 12.4% 9.0%
</Table>
December 2004 revenue associated with the Company's 50 percent interest
in the Tucson Newspaper Agency ("TNI") increased 7.4 percent, and total
advertising revenue increased 9.9 percent. TNI retail revenue, including
preprints, increased 7.1 percent, with a 5.4 percent increase in retail ROP and
a 10.7 percent increase in retail preprint revenue. Local territory revenues
decreased 3.7 percent for the period. TNI national revenue, including preprints,
increased 35.2 percent, with both ROP and preprints showing strong gains.
December classified revenue increased 13.3 percent.
* * *
Page Three
Pulitzer Inc. Period 12 Revenues
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, Ariz., and, through its
Pulitzer Newspapers, Inc. ("PNI") subsidiary, 12 other dailies and more than 65
weekly newspapers, shoppers and niche publications. The PNI dailies are 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, Wis. The Company's newspaper operations also include the
Suburban Journals of Greater St. Louis, a group of 38 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.
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.
-tables attached-
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
(Revenue in thousands--Unaudited)
<Table>
<Caption>
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
December 26, December 28, December 26, December 28,
2004 2003 (Note 3) Change 2004 2003 (Note 3) Change
------------ ------------ ------------ ------------ ------------ ------------
CONSOLIDATED OPERATING
REVENUE (NOTE 1):
Advertising:
Retail $ 10,996 $ 11,529 (4.6%) $ 123,429 $ 120,284 2.6%
National 2,462 2,638 (6.7%) 26,876 29,000 (7.3%)
Classified 8,010 7,747 3.4% 134,402 122,559 9.7%
------------ ------------ ------------ ------------ ------------ ------------
Total 21,468 21,914 (2.0%) 284,707 271,843 4.7%
Preprints 7,456 6,248 19.3% 70,064 63,249 10.8%
------------ ------------ ------------ ------------ ------------ ------------
Total Advertising 28,924 28,162 2.7% 354,771 335,092 5.9%
Circulation 6,000 6,310 (4.9%) 81,288 80,639 0.8%
Other 611 503 21.5% 7,596 6,933 9.6%
------------ ------------ ------------ ------------ ------------ ------------
Total $ 35,535 $ 34,975 1.6% $ 443,655 $ 422,664 5.0%
============ ============ ============ ============ ============ ============
OPERATING REVENUE OF CONSOLIDATED
SUBSIDIARIES:
St. Louis Operations (Note 2):
Advertising $ 20,372 $ 20,315 0.3% $ 250,684 $ 242,277 3.5%
Circulation 4,491 4,790 (6.2%) 60,676 59,890 1.3%
Other 224 129 73.6% 2,575 1,751 47.1%
------------ ------------ ------------ ------------ ------------ ------------
Total $ 25,087 $ 25,234 (0.6%) $ 313,935 $ 303,918 3.3%
============ ============ ============ ============ ============ ============
Pulitzer Newspapers, Inc.
Advertising $ 8,552 $ 7,847 9.0% $ 104,087 $ 92,815 12.1%
Circulation 1,509 1,520 (0.7%) 20,612 20,749 (0.7%)
Other 387 374 3.5% 5,021 5,182 (3.1%)
------------ ------------ ------------ ------------ ------------ ------------
Total $ 10,448 $ 9,741 7.3% $ 129,720 $ 118,746 9.2%
============ ============ ============ ============ ============ ============
OPERATING REVENUE OF UNCONSOLIDATED
NEWSPAPER JOINT VENTURE:
Pulitzer's 50% share of Tucson
Newspaper Agency:
Advertising $ 3,698 $ 3,366 9.9% $ 43,979 $ 41,496 6.0%
Circulation 875 903 (3.1%) 11,339 11,467 (1.1%)
Other 45 29 55.2% 541 447 21.0%
------------ ------------ ------------ ------------ ------------ ------------
Total $ 4,618 $ 4,298 7.4% $ 55,859 $ 53,410 4.6%
============ ============ ============ ============ ============ ============
</Table>
-continued-
PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
(Revenue in thousands--Unaudited)
Note 1
Year-to-year comparisons are affected by acquisitions of weekly newspapers,
shoppers, and niche publications within the last 12 months that complement the
Company's newspapers in several markets. On a comparable basis, excluding the
impact of the acquisitions for comparable ownership periods in each year,
advertising and total revenues would have increased as follows:
<Table>
<Caption>
Four Weeks 52 Weeks
Comparable Change Comparable Change
---------------------------- ----------------------------
Total Total
Pulitzer PNI Pulitzer PNI
---------- ---------- ---------- ----------
Advertising Revenue 2.2% 7.0% 5.0% 9.1%
Total Revenue 1.1% 5.5% 4.2% 6.6%
</Table>
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
Certain reclassifications have been made to the 2003 financial statements and
statistical data to conform with the presentation made in 2004.
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PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT
SELECTED STATISTICAL INFORMATION
<Table>
<Caption>
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
December 26, December 28, December 26, December 28,
2004 2003 (Note 3) Change 2004 2003 (Note 3) Change
------------ ------------- ------------ ------------ ------------- ------------
ADVERTISING LINAGE
(in thousands of inches)
ST. LOUIS POST-DISPATCH:
Advertising Inches
Full run (all zones)
Retail 63.5 78.2 (18.8%) 736.7 785.6 (6.2%)
National 15.5 18.1 (14.4%) 177.0 198.1 (10.7%)
Classified 54.5 57.9 (5.9%) 964.5 995.5 (3.1%)
------------ ------------ ------------ ------------ ------------ ------------
Total 133.5 154.2 (13.4%) 1,878.2 1,979.2 (5.1%)
Part run (Retail/Classified) 27.9 37.7 (26.0%) 479.5 487.4 (1.6%)
------------ ------------ ------------ ------------ ------------ ------------
Total Inches 161.4 191.9 (15.9%) 2,357.7 2,466.6 (4.4%)
============ ============ ============ ============ ============ ============
TUCSON NEWSPAPER AGENCY:
Star/Citizen advertising inches
Full run (all zones)
Retail 123.6 128.2 (3.6%) 1,447.1 1,498.7 (3.4%)
National 4.6 5.4 (14.8%) 71.8 89.1 (19.4%)
Classified 107.1 112.6 (4.9%) 1,659.0 1,560.0 6.3%
------------ ------------ ------------ ------------ ------------ ------------
Total 235.3 246.2 (4.4%) 3,177.9 3,147.8 1.0%
Part run (Retail/Classified) 1.6 1.6 0.0% 22.2 29.0 (23.4%)
------------ ------------ ------------ ------------ ------------ ------------
Total Inches 236.9 247.8 (4.4%) 3,200.1 3,176.8 0.7%
============ ============ ============ ============ ============ ============
</Table>
<Table>
<Caption>
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
December 26, December 28, December 26, December 28,
CIRCULATION (Note 4): 2004 2003 Change 2004 2003 Change
------------ ------------ ------------ ------------ ------------ ------------
ST. LOUIS POST-DISPATCH:
Daily 280,475 281,910 (0.5%) 291,626 285,216 2.2%
Sunday 440,866 460,931 (4.4%) 450,664 459,594 (1.9%)
COMBINED PULITZER NEWSPAPERS, INC.:
Daily 198,709 191,464 3.8% 192,390 190,882 0.8%
Sunday 187,930 188,485 (0.3%) 189,089 190,077 (0.5%)
TUCSON NEWSPAPER AGENCY:
Star Daily 109,016 105,752 3.1% 106,618 103,844 2.7%
Citizen Daily 29,605 32,357 (8.5%) 30,937 33,370 (7.3%)
------------ ------------ ------------ ------------ ------------ ------------
Combined Daily 138,621 138,109 0.4% 137,555 137,214 0.2%
Star Sunday 170,467 173,141 (1.5%) 168,482 170,669 (1.3%)
</Table>
<Table>
<Caption>
Four Weeks Four Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
ONLINE PAGE VIEWS December 26, December 28, December 26, December 28,
(in thousands) 2004 2003 (Note 3) Change 2004 2003 (Note 3) Change
------------ ------------ ------------ ------------ ------------ ------------
St. Louis 33,871 25,604 32.3% 393,029 258,019 52.3%
Combined PNI Web sites 9,336 7,346 27.1% 108,870 88,934 22.4%
Combined Tucson Web sites 7,842 6,433 21.9% 81,360 79,103 2.9%
------------ ------------ ------------ ------------ ------------ ------------
Totals 51,049 39,383 29.6% 583,259 426,056 36.9%
============ ============ ============ ============ ============ ============
</Table>
Note 4
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.
- ### -