Publishing Advertising Revenues Decline 10.3%; Television Revenues
Down 3.7% CHICAGO, Aug. 24 /PRNewswire-FirstCall/ -- Tribune
Company (NYSE:TRB) today reported its summary of revenues and
newspaper advertising volume for period 7, ended Aug. 5, 2007.
Consolidated revenues for the period were $467 million, down 5.9
percent from last year's $496 million. Publishing revenues in July
were $319 million compared with $349 million last year, down 8.6
percent. Advertising revenues decreased 10.3 percent to $247
million, compared with $275 million in July 2006. -- Retail
advertising revenues decreased 6.0 percent with the largest
declines in the department stores and home furnishings categories,
partially offset by improvements in the health care and restaurant
categories. Preprint revenues, which are principally included in
retail, were up 3 percent for the period. -- National advertising
revenues fell 3.7 percent, with declines in auto, financial and
resorts, partially offset by an improvement in the movie category.
-- Classified advertising revenues decreased 18.2 percent. Real
estate fell 24 percent with the most significant declines in the
Florida markets, Los Angeles and Chicago due to difficult
year-over-year comparisons. Help wanted declined 19 percent and
automotive decreased 14 percent. Interactive revenues, which are
primarily included in classified, were $22 million, up 11 percent,
due to growth in most categories. Circulation revenues were down
5.4 percent due to single-copy declines and continued selective
discounting in home delivery. Broadcasting and entertainment group
revenues in July were flat at $147 million as a decrease in
television revenues was offset by increased revenues at the Chicago
Cubs and Tribune Entertainment. Television revenues fell 3.7
percent, with lower automotive, movie and political advertising,
partially offset by strength in the telecom/wireless and health
care categories. TRIBUNE (NYSE:TRB) is one of the country's top
media companies, operating businesses in publishing, interactive
and broadcasting. It reaches more than 80 percent of U.S.
households and is the only media organization with newspapers,
television stations and websites in the nation's top three markets.
In publishing, Tribune's leading daily newspapers include the Los
Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The
Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and
Hartford Courant. The company's broadcasting group operates 23
television stations, Superstation WGN on national cable, Chicago's
WGN-AM and the Chicago Cubs baseball team. Popular news and
information websites complement Tribune's print and broadcast
properties and extend the company's nationwide audience.
Forward-Looking Statements 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. You can identify these and other
forward looking statements by the use of such words as "will,"
"expect," "plans," "believes," "estimates," "intend," "continue,"
or the negative of such terms, or other comparable terminology.
Forward-looking statements also include the assumptions underlying
or relating to any of the foregoing statements. Actual results
could differ materially from the expectations expressed in these
statements. Factors that could cause actual results to differ
include risks related to the proposed leveraged ESOP transactions
being consummated; the risk that required regulatory approvals or
financing might not be obtained in a timely manner, without
conditions, or at all; the impact of the substantial indebtedness
incurred, or to be incurred, to finance the proposed leveraged ESOP
transactions; the ability to satisfy all closing conditions in the
definitive agreements relating to the proposed leveraged ESOP
transactions; difficulties in retaining employees as a result of
the proposed leveraged ESOP transactions; risks of unforeseen
material adverse changes to our business or operations; risks that
the proposed leveraged ESOP transactions disrupt current plans,
operations, and business growth initiatives; the risk associated
with the outcome of any legal proceedings that may be instituted
against Tribune and others relating to the proposed leveraged ESOP
transactions; and other factors described in Tribune's publicly
available reports filed with the SEC including the most current
annual 10-K report and quarterly 10-Q report, which contain a
discussion of various factors that may affect Tribune's business or
financial results. These factors, including also the ability to
complete the merger, could cause actual future performance to
differ materially from current expectations. Tribune 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. Tribune's
next quarterly 10-Q report to be filed with the SEC may contain
updates to the information included in this release. TRIBUNE
COMPANY SUMMARY OF REVENUES AND NEWSPAPER ADVERTISING VOLUME
(Unaudited) For Period 7 Ended August 5, 2007 (In thousands) Period
7 (5 weeks) Year to Date (31 weeks) --------------------------
----------------------------- % % 2007 2006 Change 2007 2006 Change
--------- --------- ------ ---------- ---------- ------ Publishing
(A) Advertising Retail $101,642 $108,115 (6.0) $706,403 $731,886
(3.5) National 57,400 59,623 (3.7) 391,306 416,951 (6.2) Classified
87,629 107,106 (18.2) 600,943 716,590 (16.1) --------- ---------
---------- ---------- Sub-Total 246,671 274,844 (10.3) 1,698,652
1,865,427 (8.9) Circulation 49,508 52,337 (5.4) 316,180 337,074
(6.2) Other 23,101 22,079 4.6 156,349 147,981 5.7 ---------
--------- ---------- ---------- Segment Total 319,280 349,260 (8.6)
2,171,181 2,350,482 (7.6) --------- --------- ---------- ----------
Broadcasting & Entertainment Television(B) 96,066 99,802 (3.7)
647,434 675,184 (4.1) Radio/ Entertainment 51,361 47,084 9.1
175,960 148,690 18.3 --------- --------- ---------- ----------
Segment Total 147,427 146,886 0.4 823,394 823,874 (0.1) ---------
--------- ---------- ---------- Consolidated Revenues(A)(B)
$466,707 $496,146 (5.9) $2,994,575 $3,174,356 (5.7) =========
========= ========== ========== Total Advertising Inches(A)(C) Full
Run Retail 434 460 (5.7) 2,967 3,010 (1.4) National 244 274 (10.9)
1,589 1,834 (13.4) Classified 757 892 (15.1) 4,863 5,849 (16.9)
--------- --------- ---------- ---------- Sub-Total 1,435 1,626
(11.7) 9,419 10,693 (11.9) Part Run 1,674 1,980 (15.5) 11,121
12,529 (11.2) --------- --------- ---------- ---------- Total 3,109
3,606 (13.8) 20,540 23,222 (11.5) ========= ========= ==========
========== Preprint Pieces(A)(C) 1,269,623 1,232,711 3.0 8,342,225
8,156,400 2.3 ========= ========= ========== ========== (A) In May
2007, the Company completed the sale of its New York edition of
Hoy. In March 2007, Tribune announced its intention to sell the
Southern Connecticut Newspapers -- The Advocate (Stamford) and
Greenwich Times (collectively "SCNI"). The Company expects to sell
SCNI during the second half of 2007. For both years, results for
these newspapers are excluded from this presentation. (B) Excludes
results from discontinued operations that were sold in 2006
(WATL-TV, Atlanta, WLVI-TV, Boston and WCWN-TV, Albany). (C) Volume
for 2006 has been modified to conform with the 2007 presentation.
Volume includes only the daily newspapers and is based on
preliminary internal data, which may be updated in subsequent
reports. DATASOURCE: Tribune Company CONTACT: media, Gary Weitman,
+1-312-222-3394, Fax, +1-312-222-1573, , or investors, Ruthellyn
Musil, +1-312-222-3787, Fax, +1-312-222-1573, , both of Tribune
Company Web site: http://www.tribune.com/
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