Tribune Revenues Down 9.3% in October
Tribune Revenues Down 9.3% in October
Publishing Revenues Decline 7.9%; Television Revenues Down 7.1%
CHICAGO, Nov. 27 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) today reported its summary of revenues and newspaper advertising volume for period 10, ended Oct. 28, 2007. Consolidated revenues for the period were $383 million, down 9.3 percent from last year's $422 million.
Publishing revenues in October were $287 million compared with $311 million last year, down 7.9 percent. Advertising revenues decreased 10.6 percent to $222 million, compared with $249 million in October 2006.
-- Retail advertising revenues decreased 7.8 percent with the largest decreases in the department stores, amusements and electronic categories, partially offset by an increase in the health care category. Preprint revenues, which are principally included in retail, were down 5.7 percent for the period. -- National advertising revenues decreased 2.3 percent, with the largest decreases in the auto, transportation and technology categories, partially offset by an increase in the movie category. -- Classified advertising revenues decreased 19.2 percent. Real estate fell 26.9 percent with the most significant declines in the Florida markets, Los Angeles, and Chicago. Help wanted declined 21.7 percent and automotive decreased 4.9 percent. Interactive revenues, which are primarily included in classified, were $22 million, up 11.4 percent, due to growth in most categories.
Circulation revenues were down 6.3 percent due to single-copy declines and continued selective discounting in home delivery.
Broadcasting and entertainment group revenues in October were $96 million, down 13.3 percent, due to decreases in television group revenue and Chicago Cubs revenue. Television revenues fell 7.1 percent, due to declines in political, movies and retail, partially offset by strength in the food/packaged goods, telecom and restaurant/fast food categories. Radio/entertainment revenues declined primarily due to five fewer Cubs home games.
TRIBUNE (NYSE:TRB) is one of the country's top media companies, operating businesses in publishing, interactive and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and websites in the nation's top three markets. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and Hartford Courant. The company's broadcasting group operates 23 television stations, Superstation WGN on national cable, Chicago's WGN-AM and the Chicago Cubs baseball team. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.
Forward-Looking Statements
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. You can identify these and other forward-looking statements by the use of such words as "will," "expect," "plans," "believes," "estimates," "intend," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Actual results could differ materially from the expectations expressed in these statements. Factors that could cause actual results to differ include risks related to the proposed merger transactions being consummated; the risk that required regulatory approvals or financing might not be obtained in a timely manner, without conditions, or at all; the impact of the substantial indebtedness incurred to finance the consummation of the merger; the ability to satisfy all closing conditions in the definitive agreements; difficulties in retaining employees as a result of the merger agreement; risks of unforeseen material adverse changes to our business or operations; risks that the proposed transaction disrupts current plans, operations, and business growth initiatives; the risk associated with the outcome of any legal proceedings that may be instituted against Tribune and others in connection with the merger agreement; and other factors described in Tribune's publicly available reports filed with the SEC, including the most current annual 10-K and quarterly 10-Q reports, which contain a discussion of various factors that may affect Tribune's business or financial results. These factors, including also the ability to complete the merger, could cause actual future performance to differ materially from current expectations. Tribune 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. Tribune's next annual 10-K report to be filed with the SEC may contain updates to the information included in this release.
TRIBUNE COMPANY SUMMARY OF REVENUES AND NEWSPAPER ADVERTISING VOLUME (Unaudited) For Period 10 Ended October 28, 2007 (In thousands) Period 10 (4 weeks) ----------------------------------- % 2007 2006 Change ----------- ----------- -------- Publishing (A) Advertising Retail $96,890 $105,085 (7.8) National 54,454 55,760 (2.3) Classified 71,058 87,987 (19.2) ----------- ----------- Sub-Total 222,402 248,832 (10.6) Circulation 39,955 42,662 (6.3) Other 24,330 19,617 24.0 ----------- ----------- Segment Total 286,687 311,111 (7.9) ----------- ----------- Broadcasting & Entertainment Television (B) 89,583 96,404 (7.1) Radio/Entertainment 6,540 14,427 (54.7) ----------- ----------- Segment Total 96,123 110,831 (13.3) ----------- ----------- Consolidated Revenues (A)(B) $382,810 $421,942 (9.3) =========== =========== Total Advertising Inches (A)(C) Full Run Retail 412 433 (4.8) National 218 227 (4.0) Classified 597 693 (13.9) ----------- ----------- Sub-Total 1,227 1,353 (9.3) Part Run 1,405 1,705 (17.6) ----------- ----------- Total 2,632 3,058 (13.9) =========== =========== Preprint Pieces (A)(C) 1,076,259 1,163,984 (7.5) =========== =========== Year to Date (43 weeks) ----------------------------------- % 2007 2006 Change ----------- ----------- -------- Publishing (A) Advertising Retail $986,154 $1,031,908 (4.4) National 548,121 569,094 (3.7) Classified 804,124 966,095 (16.8) ----------- ----------- Sub-Total 2,338,399 2,567,097 (8.9) Circulation 435,966 462,107 (5.7) Other 224,593 207,714 8.1 ----------- ----------- Segment Total 2,998,958 3,236,918 (7.4) ----------- ----------- Broadcasting & Entertainment Television (B) 929,248 949,326 (2.1) Radio/Entertainment 248,893 231,048 7.7 ----------- ----------- Segment Total 1,178,141 1,180,374 (0.2) ----------- ----------- Consolidated Revenues (A)(B) $4,177,099 $4,417,292 (5.4) =========== =========== Total Advertising Inches (A)(C) Full Run Retail 4,164 4,244 (1.9) National 2,231 2,479 (10.0) Classified 6,682 7,932 (15.8) Sub-Total 13,077 14,655 (10.8) Part Run 15,318 17,472 (12.3) ----------- ----------- Total 28,395 32,127 (11.6) =========== =========== Preprint Pieces (A)(C) 11,484,041 11,528,755 (0.4) =========== =========== (A) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (B) Excludes results from discontinued operations that were sold in 2006 (WATL-TV, Atlanta, WLVI-TV, Boston and WCWN-TV, Albany). (C) Volume for 2006 has been modified to conform with the 2007 presentation. Volume includes only the daily newspapers and is based on preliminary internal data, which may be updated in subsequent reports.
First Call Analyst:
FCMN Contact: jreiter@tribune.com
Source: Tribune Company
CONTACT: investors and media, Gary Weitman of Tribune Company, office,
+1-312-222-3394, fax, +1-312-222-1573, gweitman@tribune.com
Web site: http://www.tribune.com/
Profile: International Entertainment
posted by EntertainmentNews @ 5:14 AM
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