Central Newspapers reports second-quarter results.INDIANAPOLIS--(BUSINESS WIRE)--July 23, 1996--Central Newspapers, Inc. reported revenues for the second quarter ended June June: see month. 30, 1996 increased 7.2% to $152.7 million from $142.5 million in the same period a year ago. Earnings for the quarter, before special charges, were $14.1 million, or $.53 per share, compared with $14.3 million, or $.54 per share, last year. During the 1996 and 1995 second quarters the company incurred special pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges totaling $1.9 million and $1.5 million, respectively. The 1996 charges were due to certain asset impairments which resulted in non-cash accounting charges and work force reduction costs. The 1995 charges were entirely from work force reductions. Net income for the latest quarter, after these charges, was $13.0 million, or $.49 per share, as compared with $13.4 million, or $.51 per share, a year ago. In the 1996 second quarter, advertising revenues increased 7.1% and circulation revenues increased 4.2% over year-ago levels. Full run-of-press advertising linage lin·age also line·age n. 1. The number of lines of printed or written material. 2. Payment for written work at a specified amount per line. linage Noun 1. for the second quarter of 1996 was up 0.2%, with Phoenix down 0.6% and Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. up 1.3%, all compared with similar periods last year. Revenues for the 1996 second quarter include $4.5 million from the acquisition of McCormick & Company which was completed in March 1996. Commenting on the results, Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. A. Weil, III, president and chief executive officer, said, "For the second quarter we saw classified advertising running strong in both Indianapolis and Phoenix, while retail has been very soft. However, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. newsprint newsprint low grade paper used for newspapers. Old newspapers are fed to cattle as an alternative roughage and may occasionally be ingested by dogs. Significant amounts of lead are accumulated in tissues; no cases of poisoning have been recorded in cattle, though it has been pricing, continued strength in classified and some firming up of retail advertising bodes well for the second half of the year." Central Newspapers is a media company that publishes daily, Sunday Sunday: see Sabbath; week. and weekly newspapers including the Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Republic and The Phoenix Gazette The Phoenix Gazette was a newspaper published in Phoenix, Arizona, USA. It was founded in 1881, and was known in its early years as the Phoenix Evening Gazette. It was purchased by the owners of its rival Arizona Republic around 1930. ; The Indianapolis Star and The Indianapolis News The Indianapolis News was an evening newspaper published for 130 years, beginning December 7, 1869, and ending publication on October 1, 1999. At one time it had the largest circulation in the state of Indiana, and was the oldest Indianapolis newspaper in existence. , and the Alexandria Alexandria, city, Egypt Alexandria, Arabic Al Iskandariyah, city (1996 pop. 3,328,196), N Egypt, on the Mediterranean Sea. It is at the western extremity of the Nile River delta, situated on a narrow isthmus between the sea and Lake Mareotis (Maryut). Daily Town Talk in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , as well as smaller community
papers in Indiana Indiana, state, United StatesIndiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). . It is the 15th largest U.S. newspaper company in terms of circulation. -0- CONSOLIDATED STATEMENT OF INCOME (unaudited)
13 WEEKS ENDED 26 WEEKS ENDED
June 30, June 25, June 30, June 25,
1996 1995 1996 1995
(000's omitted except per share amounts)
OPERATING REVENUES:
Advertising $117,329 $109,519 $229,833 $213,511
Circulation 33,402 32,042 67,672 64,010
Other 1,986 911 3,108 1,833
Total operating revenues 152,717 142,472 300,613 279,354
OPERATING EXPENSES:
Operating costs 69,524 63,745 141,570 125,275
Distribution and general 51,685 48,868 101,303 96,706
Depreciation and amortization 9,102 7,226 17,561 14,400
Asset impairment cost 1,192 --- 4,226 ---
Work force reduction cost 663 1,510 1,103 1,758
Total operating expenses 132,166 121,349 265,763 238,139
OPERATING INCOME 20,551 21,123 34,850 41,215 OTHER INCOME (principally investment income) 1,450 2,725 3,307 5,258 OTHER EXPENSES (253) (270) (516) (548) INCOME BEFORE INCOME TAXES 21,748 23,578 37,641 45,925 PROVISION FOR INCOME TAXES 9,082 9,731 15,674 18,854 INCOME BEFORE MINORITY INTEREST AND EQUITY IN AFFILIATE 12,666 13,847 21,967 27,071 MINORITY INTEREST IN SUBSIDIARY (326) (325) (508) (629) EQUITY IN AFFILIATE, NET OF TAX 656 (111) 1,347 (648) NET INCOME 12,996(a) 13,411(a) 22,806(a) 25,794(a) NET INCOME PER COMMON SHARE .49(a) .51(a) .85(a) .97(a) AVERAGE COMMON SHARES OUTSTANDING (combined Class A and equivalent Class B shares) 26,749 26,643 26,725 26,641 (a) Net income before special charges, primarily from early retirement costs due to work force reductions and asset impairments was $14.1 million, or $.53 per share, and $14.3 million, or $.54 per share, in the second quarters of 1996 and 1995, respectively. For the six months, income before the special charges was $25.9 million, or $.97 per share, and $26.6 million, or $1.01 per share, in 1996 and 1995, respectively. -0- PERIOD REVENUE AND STATISTICAL REPORT (Unaudited)
FIVE WEEKS FIVE WEEKS 26 WEEKS ENDED
ENDED ENDED
June 30, June 25, % Year-to-Date %
1996 1995 Change 1996 1995 Change
CONSOLIDATED REVENUES - NET:
(in thousands)
Advertising $43,642 $40,849 6.8 $229,833 $213,511 7.6
Circulation 12,428 11,923 4.2 67,672 64,010 5.7
Other 774 406 90.6 3,108 1,833 69.6
Total 56,844 53,178 6.9 300,613 279,354 7.6
AVERAGE PAID CIRCULATION:
Phoenix:
Morning 384,576 368,116 4.5 415,925 404,196 2.9
Evening 45,603 73,919 -38.3 57,359 77,707 -26.2
Sunday 553,542 552,110 0.3 596,120 604,864 -1.4
Indianapolis:
Morning 228,153 230,739 -1.1 231,684 227,092 2.0
Evening 55,052 74,884 -26.5 58,460 77,352 -24.4
Sunday 406,885 400,203 1.7 404,018 398,709 1.3
ADVERTISING LINAGE FOR
MAJOR DAILIES: (thousands of inches)
Full run ROP:
Retail 280.2 321.7 -12.9 1,551.6 1,662.3 -6.7
National 38.2 28.2 35.5 193.2 154.4 25.1
Classified 370.6 341.3 8.6 1,836.8 1,735.4 5.8
Total 689.0 691.2 -0.3 3,581.6 3,552.1 0.8
Part run ROP 199.9 229.6 -12.9 1,139.1 1,139.8 -0.1
FULL RUN LINAGE FOR
MAJOR MARKETS:
Phoenix 413.3 427.4 -3.3 2,214.3 2,183.6 1.4
Indianapolis 275.7 263.8 4.5 1,367.3 1,368.5 -0.1
Total 689.0 691.2 -0.3 3,581.6 3,552.1 0.8
NUMBER OF PREPRINTS 487 504 -3.4 2,552 2,652 -3.8 DISTRIBUTED CONTACT: ARTHUR SCHMIDT & ASSOCIATES, INC. (212) 953-5555 |
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