Tribune Reports August Revenue and
Revises Outlook
CHICAGO, September 19, 2001 --
Tribune Company (NYSE:
TRB) reported today its summary of revenues and newspaper
advertising volume for period 8, ended Sept. 2, 2001. Consolidated
revenues for the period were $403 million, down 6 percent
from last year's $428 million. Year-to-date consolidated revenues
were down 6 percent to $3.5 billion, from a pro forma $3.8
billion during the same period in 2000.
Tribune's publishing and interactive revenue
as well as newspaper advertising volume for 2000 are reported
on a pro forma basis only for year-to-date comparisons. Pro
forma results assume that the Times Mirror acquisition occurred
at the beginning of 2000.
The company also said it expects earnings per
share for both the third quarter and full year to be below
current analysts' estimates due to the difficult advertising
environment and the September 11 terrorist attacks, which
have resulted in advertising cancellations and higher newsgathering
and newspaper production and distribution costs.
"Our first priority was to keep the public
informed throughout the crisis, which carries with it significant
financial implications," said Dennis FitzSimons, Tribune's
president and chief operating officer. "We published
special editions at all of our newspapers, aired extended
news coverage at our television and radio stations, and increased
the traffic capacity at our websites," FitzSimons added.
Publishing revenues decreased 10 percent in
August to $279 million, down from last year's $309 million.
Year-to-date publishing revenues were down 7 percent. Total
advertising inches decreased 6 percent in August and 6 percent
year-to-date. Preprint pieces were up 6 percent in August
and on a year-to-date basis increased 5 percent.
For the August 2001 period, retail advertising
revenue decreased 1 percent, as the declines in electronics,
health and apparel categories offset gains in department stores.
Full run retail volume was down 4 percent in August. National
ad revenue was down 16 percent because of the weakness in
financial, high technology and entertainment/movie categories,
as full run national volume declined 16 percent. Classified
advertising revenue was down 24 percent due primarily to a
decline in the help wanted category. Full run classified volume
was down 7 percent for the period.
Broadcasting and Entertainment group revenues
increased 2 percent to $118 million, up from $115 million
in August 2000, due to new programs at Tribune Entertainment
and four additional Cubs home games versus the same period
last year. Television revenues decreased 4 percent in August.
Year-to-date group revenues were down 6 percent to $922 million,
compared with $980 million in 2000.
Tribune Interactive revenues grew 23
percent to $4.9 million in August, up from $4.0 million last
year due to strong growth in classified. Year-to-date interactive
revenues increased 26 percent to $38 million, up from $30
million in 2000.
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TRIBUNE (NYSE:
TRB) is one of the country's premier media companies,
operating businesses in broadcasting, publishing and on the
Internet. It reaches more than 80 percent of U.S. households,
and is the only media company with television stations, newspapers
and Web sites in the nation's top three markets. Tribune media
span 23 major-market television stations, including national
superstation WGN-TV; 12 market-leading daily newspapers, including
the Los Angeles Times, Chicago Tribune and Newsday; and news
and information Web sites in 18 of the nation's top 30 markets.
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. Such comments and statements
should be understood in the context of Tribune's publicly
available reports filed with the SEC, including the most current
annual report, 10-K and 10-Q, which contain a discussion of
various factors that may affect the company's business. These
factors could cause actual future performance to differ materially
from current expectations.
Tribune Company 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. |
