Tribune Updates Business At Mid-Year
Media Review
Sequential
revenue improvement continues
Executives
outline key strategies for growth
CHICAGO, June 18, 2002 -- Tribune
Company (NYSE:TRB) executives
provided an update on business at the Mid-Year Media Review
in New York City earlier this afternoon. President and Chief
Operating Officer Dennis FitzSimons addressed the company's
overall strategy, while Tribune Publishing President Jack
Fuller reviewed newspaper operations and Tribune Television
President Pat Mullen discussed broadcasting operations. Chief
Financial Officer Don Grenesko reviewed key financial metrics.
"Business is beginning to look up and
sequential improvement continues," said FitzSimons. "While
it is still a challenging environment, 2002 EBITDA should
grow 10% even on flat revenues, and more if revenues are up
year over year, as trends indicate they might be." FitzSimons
said the company's key strategies for growth included building
two-station clusters in top television markets around the
country and increasing revenues from online classified advertising.
Tribune newspapers are introducing new products
to build online recruitment advertising. "The first of
these is the full-market listing-an easy-to-post, integrated
print and on-line listing that delivers tremendous local market
reach and value for employers," said Fuller. "Monster
and HotJobs just can't compete with our full-market product
because they only have the online part and we own both."
In television, Mullen said the company's stations
enjoyed a strong May ratings period, with news programming
showing solid growth. "We continue to expand our news
efforts and the results have been rewarding," said Mullen.
"In Chicago, we have the #1 local morning news program
in the market. In Los Angeles we have similar high ratings,
and in New York, our morning news continues to beat the 'CBS
Morning News,'" Mullen continued. "And our newest
morning news programming in Indianapolis, Seattle and Denver
grew their market share by 40%, 50%, and 66% respectively."
Other growth opportunities for the company
include Tribune Media Net, which year-to-date has booked more
than $30 million in revenues and is progressing toward its
$50 to $60 million year-end goal. Another high point is increased
revenues from retail preprint advertising, particularly at
the Los Angeles Times, where a new daily insertion facility
came on line in January.
Grenesko said cash expenses year to date were
down significantly and for the full year should be three percent
to four percent lower than 2001. Grenesko also said Tribune's
second quarter 2002 earnings per share should be at the upper
end of analyst estimates, currently between $.42 to $.47,
and full year EPS should be in the current range of $1.50
to $1.65.
The full text of the presentation made this
afternoon is available at www.tribune.com.
:: :: ::
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.
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