Journal Register Company Presents at Mid-Year Media Review; Reaffirms Second Quarter and Full Year 2003 Guidance.

Business Editors

TRENTON, N.J.--(BUSINESS WIRE)--June 25, 2003

Journal Register Company (NYSE: JRC) executives presented today at the Mid-Year Media Review in New York City, providing a review of the Company's business strategy, recent financial results and the Company's outlook for the remainder of 2003.

Commenting on the Company's strategy, Journal Register Company Chairman, President and Chief Executive Officer Robert M. Jelenic said, "Our mission has been consistent - to make our newspapers the number one provider of local information in the markets they serve, both in print and online. Producing high quality newspapers with proprietary local content drives our readership and produces results for our advertisers."

Jelenic further noted that, "We continue to be a leader in the implementation and execution of strategic clustering, which creates significant operating efficiencies and enables us to consistently generate substantial free cash flow and one of the industry's leading EBITDA margins. Our clustering strategy and the strength of our local newspaper franchises are the keys to our success and will fuel our financial results as the economy improves."

The Company expects that its results will also be positively impacted by several factors, including the continued success of its acquisitions, recent product launches and new revenue generating initiatives. Jelenic reported that the Company's three acquisitions in 2002 and five acquisitions in 2001 had significantly enhanced the Company's Greater Philadelphia and Connecticut clusters and will continue to drive growth as cross-sell advertising programs and other operating synergies are implemented and refined.

Jelenic also stated that the Company continued to build on its track record of successful new product introductions, having recently launched numerous new products. The Company's 2003 product launches are highlighted by a new weekly classified automotive feature section in the New Haven Register and Hunterdon County Town & Country Living, a quarterly magazine targeting the attractive Hunterdon County, New Jersey market, where the average household income is $119,000, or 84 percent above the national average. These two new products are expected to generate advertising revenues in the aggregate of just over $1 million on an annual basis.

Jelenic stated that total advertising revenues for 2003 through Period Five were up slightly, while same-store advertising revenues were down approximately one percent. Jelenic indicated that although harsh weather, geopolitical events and a soft economy had impacted the Company's results throughout the first half of the year, June advertising revenues were trending better, and the Company expects Period Six advertising revenues to increase year-over-year.

Jelenic specifically noted that the increases in Period Six advertising revenues could be the strongest of the year to date and are expected to be driven by momentum in the Company's Connecticut cluster, which is expected to be much stronger in Period Six, led by strength in classified advertising revenues at the New Haven Register; by strong retail advertising revenue gains in the Company's Greater Philadelphia cluster, particularly at Montgomery Newspapers, the Company's weekly newspaper group based in Fort Washington, and the Times-Herald in Norristown; and by continued strength in classified real estate advertising revenues in all of the Company's clusters. Jelenic also noted that classified employment advertising revenues, though still down year-over-year, are trending better in Period Six.

Continuing, Jelenic noted "We believe the projected performance in Period Six bodes well for the rest of the year, and we currently expect year-over-year advertising revenues to grow in the low single digit range in the second half of 2003." The Company also noted that it expects circulation revenues to be up approximately one percent in the second half of 2003 as compared to the prior year period.

Also speaking at the conference, Executive Vice President and Chief Financial Officer Jean B. Clifton said, "Generating significant levels of free cash flow remains one of our top priorities and we expect to continue to use our free cash flow to fund our acquisition program, reduce our indebtedness and repurchase our shares. Since the end of 1995, we have spent approximately $200 million on acquisitions, net of dispositions, and, based on our expected 2003 year-end net debt balance of less than $440 million, we have also reduced our net debt by approximately $250 million. This further demonstrates our track record of delivering consistent and significant free cash flow." Clifton also noted that the Company had reduced its outstanding indebtedness by approximately $20 million so far in 2003.

Emphasizing the Company's constant attention to cost controls, Clifton noted that the Company expects non-newsprint cash operating expenses, on a same-store basis, to be up approximately two percent for the full year 2003 as compared to 2002, despite significant increases in pension, medical and insurance expenses. Excluding pension, medical and insurance expenses, the Company expects non-newsprint cash expenses to be up slightly for 2003 on a same-store basis.

Clifton reported that the Company's current projections reflect newsprint consumption for 2003 approximately even with 2002 consumption, while unit costs were expected to increase in the mid to high single digit range.

Clifton stated, "We operate well-established, local franchises in a resilient industry and we have tremendous operating leverage, which positions us well to capitalize on improving economic trends to grow Journal Register Company and to increase shareholder value."

Highlighting its commitment to producing superior products, the Company noted that its proprietary content and quality reproduction continue to be recognized by the industry. For example, the Company's flagship newspaper, the New Haven Register, New Haven, CT, recently won several awards in the 40,000 to 100,000 circulation category at the Associated Press Sports Editors Contest, placing among the top ten newspapers for Best Sunday Sports Section, Best Special Section (Sports) and Best Enterprise Reporting (Sports), and in the top twenty newspapers for Best Daily Sports Section. The Morning Journal in Lorain, OH, was also honored with three Associated Press Sports Editor awards. In a separate competition, Jim Ingraham of The News-Herald was recently honored by the Associated Press in Ohio as Best Sports Writer in the 25,000 to 75,000 circulation category.

The Daily Local News, West Chester, PA, also won the Best of Show award at the recent America East Print Quality Contest. This prestigious award recognized the Daily Local News as the best reproduced newspaper in all circulation classes, which is a testament to the outstanding reproduction quality at the Company's Journal Register Offset facility, which has been described as "near-magazine quality." The quality of the color reproduction at Journal Register Offset is also reflected in the Company's color advertising revenues in its Greater Philadelphia cluster, which were up 41 percent in 2002 as compared to 2001 and are expected to be up 34 percent for the first half of 2003 as compared to the comparable period in 2002.

Concluding the presentation, Jelenic stated, "With the expected improvement in advertising revenues in Period Six, specifically in our Greater Philadelphia and Connecticut clusters, and our continued focus on controlling costs, we expect to report earnings for the second quarter of 2003 consistent with our previous guidance and within the current range of analysts' estimates, which is $0.32 to $0.35 per diluted share." Jelenic continued, "Based upon our expectations that advertising revenue will be up in the low single digit range in the second half of this year as compared to the second half of 2002 and that interest rates will remain low, we presently expect to report earnings within the current range of analysts' estimates for the full year 2003, which is $1.17 to $1.21 per diluted share, as compared to $1.14 per diluted share, on a comparable basis, for the full year 2002."

The Company's presentation was Webcast live and will be available on demand via a link on Journal Register Company's homepage, www.journalregister.com. It will also be available at www.midyearmediareview.com. Click on the Journal Register Company presentation and the Web site will provide listening and viewing instructions for the Webcast, which will be available through RealAudio or Windows Media players. The presentation will be archived through July 25, 2003.

Journal Register Company is a leading U.S. newspaper publishing company that owns 23 daily newspapers, including the New Haven Register, Connecticut's second largest daily and Sunday newspaper, and 235 non-daily publications. Journal Register Company currently operates 150 individual Web sites, which are affiliated with the Company's daily newspapers and non-daily publications, and can be accessed at www.journalregister.com. All of the Company's operations are strategically clustered in six geographic areas: Greater Philadelphia, Connecticut, Greater Cleveland, Central New England, and the Capital-Saratoga and Mid-Hudson regions of New York. The Company has an investment in PowerOne Media, Inc., a leading provider of online solutions for newspapers, hosting the largest online newspaper network in the U.S.

This news release contains forward-looking statements that involve a number of risks and uncertainties, which could cause actual results to differ materially. These include, but are not limited to, the success of the Company's acquisition strategy, dispositions, the ability of the Company to achieve cost reductions and integrate acquisitions, competitive pressures, general or regional economic conditions and advertising trends, the unavailability or a material increase in the price of newsprint and material increases in interest rates. These and additional risk factors are outlined in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.