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Tribune Revenues Increased 6% in February
Publishing revenues
up 3%
Television revenues
up 16%
CHICAGO, March 17, 2003 --
Tribune Company (NYSE: TRB) today reported its summary of
revenues and newspaper advertising volume for period 2, ended
March 2, 2003. Consolidated revenues for the period were $407
million, up 6 percent from last year’s $385 million.
Publishing revenues in February were $302 million,
3 percent higher than last year’s
$294 million. Advertising revenues increased 3 percent to
$229 million, compared with $223 million in February 2002.
Total advertising inches were up 1 percent, while preprint
pieces grew 7 percent. The following results include Chicago
magazine, which was acquired in August 2002.
- Retail advertising increased 3 percent
due to gains in most categories, including department stores
and food, which were partially offset by a decrease in electronics.
Preprint revenues, which are principally included in retail,
were up 12 percent. Full run retail linage was down 5 percent.
- National advertising rose 9 percent due
to strength in the auto manufacturers, entertainment, high-tech
and travel/resorts categories, which were partially offset
by a decrease in financial; full run national volume was
up 6 percent.
- Classified advertising decreased 3 percent,
due to softness in help wanted, which was down 14 percent.
Auto and real estate were up 1 percent and 8 percent, respectively.
Full run classified volume was flat in the period.
Broadcasting and Entertainment group revenues
increased 15 percent to $98 million, compared with $86 million
in February 2002. Television revenues increased 16 percent
driven by strength in the auto, movie, retail and telecom
categories. Excluding
WTTV-Indianapolis, which was acquired in July 2002, television
revenues increased 14 percent. Radio/entertainment revenues
increased 6 percent.
Tribune Interactive revenues grew 18 percent
to $6.9 million in February, up from
$5.8 million last year due to strength in classifieds and
banner and sponsorship advertising.
Looking ahead, March retail revenues
in publishing will be impacted by the shift of Easter from
March in 2002 to April in 2003. Consolidated operating expenses
in the first half of 2003 are expected to be up in the mid-single
digit range. In the second half, consolidated operating expenses
will increase in the low-single digit range.
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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
10-Q and 10-K that 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, nor for changes made to this document
by wire services or Internet service providers. More information
on Tribune is available on the Internet 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. In publishing, Tribune
operates 12 market-leading daily newspapers such as the Los
Angeles Times, Chicago Tribune and Newsday plus a wide range
of targeted publications including Spanish-language newspapers.
In broadcasting, Tribune properties include 24 television
stations and Superstation WGN on national cable. The acquisition
of two additional stations, KPLR-TV, St. Louis, and KWBP-TV,
Portland, Ore., will be completed in early 2003, pending regulatory
approvals. These publishing and broadcasting interests are
complemented by high-traffic news and information Web sites
in 18 of the nation’s top 30 markets.
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