Tribune Reports April Revenues Up 2%
Sequential
improvement continues
CHICAGO, May 17, 2002 -- Tribune
Company (NYSE: TRB), one
of the country's premier media companies, operating businesses
in broadcasting, publishing and on the Internet, today reported
its summary of revenues and newspaper advertising volume for
period 4, ended April 28, 2002. Consolidated revenues for
the period were $417 million, up 2 percent from last year's
$410 million.
Publishing revenues in April of $296 million
were even with last year. Advertising revenue decreased 1
percent to $225 million, down from last year's $228 million.
Total advertising inches decreased 1 percent in April.
For April, retail advertising revenue was even
with last year. Increases in the home furnishing and other
retail categories were offset by declines in the department
stores, food and electronics categories. Preprint pieces were
up 15 percent, while full run retail lineage was down 11 percent.
National advertising revenue was up 1 percent due to gains
in the travel/resort and entertainment categories, partially
offset by financial; full run national volume was flat. Classified
advertising revenue was down 4 percent due to continued softness
in help wanted partially offset by higher auto and real estate.
Full run classified volume was down 1 percent for the period.
Broadcasting and Entertainment group revenues
rose 6 percent to $115 million, up from $109 million in April
2001. Television revenue decreased 1 percent in April primarily
due to the absence of Dodgers baseball at KTLA in Los Angeles.
The rights to Dodgers telecasts expired after the 2001 season
and were not renewed. Radio/entertainment revenues increased
37 percent primarily due to five additional Cubs home games
in 2002 versus April last year.
Tribune Interactive revenues grew 40 percent
to $6 million in April, up from $4 million last year due to
strong growth in all categories.
As reported in the Company's Form 10-Q
filed with the Securities and Exchange Commission on May 14,
revenues for 2002 are projected to be about flat for the full
year, showing sequential growth as the economy recovers. For
full year 2002, the Company expects about a 3% reduction in
total operating expenses, excluding depreciation, amortization
of intangible assets and restructuring charges. Expenses are
expected to benefit from lower newsprint prices and various
cost control initiatives already in place, including savings
related to the implementation of the Company's previously
announced restructuring programs. Based on these assumptions
and excluding restructuring charges, EBITDA in 2002 is expected
to increase in the range of 10%.
:: :: ::
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.
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