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Lee Enterprises Reports July Revenue Statistics

Business Editors

DAVENPORT, Iowa--(BUSINESS WIRE)--Aug. 20, 2003--Lee Enterprises, Incorporated (NYSE:LEE), reported today that July publishing revenue increased 2.7 percent over a year ago.

Same property publishing revenue(2), which excludes the effects of acquisitions and divestitures, increased 2.3 percent in July and 2.2 percent year to date compared with 2002. At the 16 newspapers Lee acquired in 2002, revenue in July increased 3.9 percent.

Mary Junck, chairman and chief executive officer, said July's revenue represents a sequential improvement from the previous two months. "We are very pleased with our revenue growth in July, particularly in retail advertising. We also continue to show exceptional growth in online and niche publication revenue, which consists primarily of advertising but which we record separately from our traditional sources of advertising revenue."

Total advertising revenue on a same property basis was up 0.4 percent for the month and up 1.3 percent year to date. Retail advertising revenue was up 2.1 percent for the month and up 2.4 percent year to date. Classified advertising revenue was down 1.2 percent for the month and flat year to date, with employment advertising down 8.8 percent for the month and down 6.0 percent year to date. Online revenue was up 39.0 percent for the month and up 34.6 percent year to date. Other revenue, which consists mainly of niche advertising revenue, was up 10.1 percent for the month and up 6.0 percent year to date. Circulation revenue was flat for the month and down 0.3 percent year to date.

Lee Enterprises is based in Davenport, Iowa, and is the premier publisher of daily newspapers in midsize markets. Lee owns 38 daily newspapers and a joint interest in six others, along with associated online services. Lee also publishes more than 175 weekly newspapers, shoppers and classified and specialty publications. Lee stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee Enterprises is available at www.lee.net.

Monthly and year-to-date statistical information follows. -0-


                     LEE ENTERPRISES, INCORPORATED
                    Revenue and Statistical Summary
                               July 2003
                              (Unaudited)


                          PUBLISHING REVENUE

                           July                     Year To Date
(Thousands)       ------------------------- --------------------------
                    2003     2002     %        2003      2002     %
                  -------  ------- -------- --------  -------- -------
                   (1)(2)   (1)(2)             (2)       (2)
Advertising:
 Retail.......... $12,227  $11,973    2.1 % $136,664  $133,504   2.4 %
 National........     586      658  (10.9)     7,884     8,206  (3.9)
 Classified:
  Daily 
   newspapers:
    Employment...   1,784    1,956   (8.8)    17,138    18,226  (6.0)
    Automotive...   1,785    1,821   (2.0)    17,586    17,461   0.7
    Real estate..   1,574    1,436    9.6     14,334    13,210   8.5
    All other....   1,292    1,330   (2.9)    12,224    12,457  (1.9)
  Alternative
   publications..   1,581    1,573    0.5     16,521    16,426   0.6
                  -------  -------          --------  --------
  Total 
   classified....   8,016    8,116   (1.2)    77,803    77,780   --
                  -------  -------          --------  --------
  Total 
   advertising...  20,829   20,747    0.4    222,351   219,490   1.3
Circulation......   6,576    6,574    --      67,013    67,224  (0.3)
Online...........     863      621   39.0      7,449     5,534  34.6
Other............   4,512    4,097   10.1     48,117    45,414   6.0
                  -------  -------          --------  --------
  Total, same 
   property......  32,780   32,039    2.3    344,930   337,662   2.2
Acquired/divested
 properties:
 Acquisitions....  19,595   18,852    3.9    201,574    73,045    NM
 Divestitures....     --       128     NM        --      3,726    NM
                  -------  -------          --------  --------
Total acquired/
 divested 
 properties......  19,595   18,980    3.2    201,574    76,771    NM
                  -------  -------          --------  --------
  Total 
   publishing
   revenue....... $52,375  $51,019    2.7 % $546,504  $414,433  31.9 %
                  =======  =======          ========  ========


                  DAILY NEWSPAPER ADVERTISING VOLUME

                           July                     Year To Date
                  ------------------------- --------------------------
(Thousands of 
  Inches)           2003     2002     %       2003      2002      %
                  -------  ------- -------- --------  -------- -------
                   (1)(2)   (1)(2)             (2)       (2)
Retail...........     453      462   (1.9)%    4,991     5,030  (0.8)%
National.........      20       24  (16.7)       243       286 (15.0)
Classified.......     497      510   (2.5)     4,731     4,707   0.5
                  -------  -------          --------  --------
  Total, same 
   property......     970      996   (2.6)%    9,965    10,023  (0.6)%
                  =======  =======          ========  ========

Notes to Revenue and Statistical Summary:

(1) The month and year to date had one more Thursday and one fewer
    Monday than the prior period.

(2) Same property comparisons exclude acquisitions and divestitures
    made in the current or prior year. Same property revenue also
    excludes revenue of Madison Newspapers, Inc. (MNI), in order to
    comply with newly issued SEC regulations related to disclosure of
    non-GAAP financial measures. Lee owns 50% of the capital stock of
    MNI, which for financial reporting purposes is reported using the
    equity method of accounting.

(3) The Company's fiscal year ends on September 30.

(4) The Company disclaims responsibility for updating information
    beyond release date.

The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. This release contains information that may be deemed forward-looking and that is based largely on the Company's current expectations and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties are changes in advertising demand, newsprint prices, interest rates, labor costs, legislative and regulatory rulings and other results of operations or financial conditions, difficulties in integration of acquired businesses or maintaining employee and customer relationships and increased capital and other costs. The words "may," "will," "would," "could," "believes," "expects," "anticipates," "intends," "plans," "projects," "considers" and similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. The Company does not publicly undertake to update or revise its forward-looking statements.

    CONTACT: Lee Enterprises, Davenport
             Dan Hayes, 
             

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