Journal Register Company Reports Period One Advertising Revenues
TRENTON, N.J.--(BUSINESS WIRE)--Feb. 12, 2004--
Same-Store Advertising Revenues Increase 2.3 Percent; Provides First Quarter 2004 Earnings Guidance
Journal Register Company (NYSE: JRC) today reported that total advertising revenues for the five weeks ended February 1, 2004 were $24.8 million, an increase of 2.4 percent as compared to $24.2 million for the five weeks ended February 2, 2003.
For comparison purposes, where noted, the Company's advertising revenues are presented on a same-store basis, which excludes the revenues of the Company's acquisitions from the current and prior year periods.
On a same-store basis, Journal Register Company's total advertising revenues for Period One increased 2.3 percent as compared to Period One of 2003. This represents the best year-over-year performance since Period Eight of 2000.
Retail advertising revenues, on a same-store basis, increased 2.6 percent in Period One as compared to the prior year period. Four of the Company's six clusters reported increases in retail advertising revenues in Period One, on a same-store basis, including the Company's Capital-Saratoga cluster, which continued to trend up with a very strong 25.8 percent increase; the Central New England cluster, up 10.6 percent; the Connecticut cluster, up 3.7 percent; and the Greater Philadelphia cluster, up 1.8 percent.
Classified advertising revenues, on a same-store basis, increased 1.3 percent in Period One of 2004 as compared to Period One of 2003. The Company's classified real estate advertising revenues continued strong, up 8.2 percent on a same-store basis as compared to Period One of last year. Classified real estate advertising revenues were particularly strong in the Company's Central New England cluster, up 30.3 percent; the Mid-Hudson, New York cluster, up 24.8 percent; and the Connecticut cluster, up 18.5 percent. The Company's classified employment advertising revenues increased 3.7 percent in Period One, on a same-store basis, as compared to the prior year period. This is the fourth consecutive period that the Company reported a year-over-year increase in overall classified employment advertising revenues. The Company's Capital-Saratoga cluster led the growth in employment advertising, up 23.1 percent. The Connecticut cluster also reported strong employment advertising revenues, up 7.8 percent. Total classified automotive advertising revenues on a same-store basis decreased 11.4 percent as compared to Period One of 2003, impacted by severe winter weather, particularly in the Northeast.
National advertising revenues increased 6.4 percent in Period One, on a same-store basis, as compared to the prior year period. This represents the Company's best national advertising revenue performance since Period Three of 2003.
Several JRC newspapers reported increases in total advertising revenues in Period One.
In the Connecticut cluster, The New Haven Register reported an increase in total advertising revenues for Period One of 6.1 percent as compared to the prior year period. Retail advertising revenues at the New Haven Register increased 3.6 percent. Overall classified advertising revenues at the New Haven Register were up 6.2 percent in Period One as compared to the prior year period. Classified real estate advertising revenues continued strong at the New Haven Register, up 18.5 percent in Period One as compared to Period One of 2003. Classified automotive advertising revenues at the New Haven Register declined 20.2 percent in Period One as compared to the prior year period. National advertising revenues were up 13.2 percent with strength in telecommunications.
Also in Connecticut, the Company's weekly newspaper group, Imprint News, based in Bristol, was up 14.0 percent, led by retail, classified employment and classified real estate advertising revenues. Connecticut Magazine was up 11.5 percent as compared to Period One of 2003, driven by strong local retail advertising revenues.
In the Greater Philadelphia cluster, The Times Herald, in Norristown, Pennsylvania, was up 10.0 percent, reporting strong retail and national advertising revenues. The Reporter, in Lansdale, Pennsylvania, was up 5.3 percent, with increases in retail, national and classified real estate advertising revenues. The Phoenix, in Phoenixville, Pennsylvania, was up 5.2 percent, led by strong classified employment and classified real estate advertising revenues.
In New York, in the Company's Capital-Saratoga cluster, The Record, in Troy, reported an increase of 17.8 percent with retail advertising revenues up 22.3 percent, classified employment advertising revenues up 69.4 percent, and classified automotive advertising revenues up 17.7 percent. The Saratogian, in Saratoga Springs, reported an increase in advertising revenues of 16.7 percent, with strong growth in retail advertising revenues, up 28.9 percent, and classified real estate advertising revenues, up 12.8 percent.
In the Central New England cluster, Southern Rhode Island Newspapers, the Company's weekly group based in Wakefield, Rhode Island, was up 20.1 percent, reporting strength in retail advertising revenues, up 37.8 percent, classified automotive advertising revenues, up 32.9 percent and classified real estate advertising revenues, up 15.3 percent. The Call, in Woonsocket, Rhode Island, reported an increase of 9.6 percent, with strong retail and classified real estate advertising revenues.
Journal Register Company websites generated 11.7 million page views in Period One, an increase of 8.1 percent as compared to the prior year period.
The Company stated that, based on current projections, it expects to report earnings within the current range of analysts' estimates for the first quarter of 2004, which is $0.23 to $0.26 per diluted share.
Journal Register Company is a leading U.S. newspaper publishing company that owns 23 daily newspapers, including the New Haven Register, Connecticut's second largest daily and Sunday newspaper, and 237 non-daily publications. Journal Register Company currently operates 152 individual Web sites, which are affiliated with the Company's daily newspapers and non-daily publications, and can be accessed at www.journalregister.com. All of the Company's operations are strategically clustered in six geographic areas: Greater Philadelphia, Connecticut, Greater Cleveland, Central New England, and the Capital-Saratoga and Mid-Hudson regions of New York. The Company has an investment in PowerOne Media, Inc., a leading provider of online solutions for newspapers, hosting the largest online newspaper network in the U.S.
This news release contains forward-looking statements that involve a number of risks and uncertainties, which could cause actual results to differ materially. These include, but are not limited to, the success of the Company's acquisition strategy, dispositions, the ability of the Company to achieve cost reductions and integrate acquisitions, competitive pressures, general or regional economic conditions and advertising trends, the unavailability or a material increase in the price of newsprint and material increases in interest rates. These and additional risk factors are outlined in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
JOURNAL REGISTER COMPANY
PERIOD ONE ADVERTISING REVENUE REPORT
(Dollars in thousands, unaudited)
Five Week Period Ended
2/1/04 2/2/03 %Increase
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Local $12,930 $12,560 2.9 %
Classified 10,407 10,273 1.3 %
National 1,417 1,332 6.4 %
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Total advertising revenues $24,754 $24,165 2.4 %
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Note: The revenues of the Company's acquisitions are included from the
date of acquisition in each period presented above.
CONTACT: Journal Register Company
Jean B. Clifton,