Journal Register Company Reports Period Nine Advertising Revenues; Advertising Revenues Increase 45.2 Percent; 3.1 Percent on a Same-Store Basis.TRENTON, N.J. -- Journal Register Company (NYSE NYSE See: New York Stock Exchange : JRC JRC abbr. Junior Red Cross ) today reported that total advertising revenues for the four weeks ended September 26, 2004 were $35.4 million, an increase of 45.2 percent as compared to $24.4 million for the four weeks ended September 28, 2003. Total advertising revenues for Period Nine of 2004 include the results of the Company's acquisitions, including 21st Century Newspapers. For comparison purposes, where noted, the Company's advertising revenues are presented on a same-store basis, which excludes the advertising revenues of the Company's 2003 and 2004 acquisitions from the periods presented. On a same-store basis, Journal Register Company's total advertising revenues for Period Nine increased 3.1 percent as compared to Period Nine of 2003. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. through Period Nine, the Company's same-store total advertising revenues were up 3.9 percent. Retail advertising revenues, on a same-store basis, increased 2.5 percent in Period Nine as compared to the prior year period, with five of the Company's clusters reporting increases in the category. Growth in retail advertising revenues was led by the Company's Capital-Saratoga, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of cluster, which reported a 19.5 percent increase, and the Mid-Hudson, New York cluster, which reported an 11.0 percent increase, both driven by strength in the mid-size and major account categories. The Greater Cleveland Greater Cleveland is a nickname for the metropolitan area surrounding Cleveland in Ohio. Northeast Ohio refers to a similar but substantially larger area as described below. cluster also reported strong retail advertising results, up 8.0 percent, driven by the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. category. Classified advertising revenues for Period Nine, on a same-store basis, increased 0.4 percent as compared to Period Nine of 2003. The growth in classified advertising revenues was led by continued growth in classified real estate advertising revenues. Classified real estate advertising revenues were up 8.3 percent in Period Nine, with five of the Company's clusters reporting increases in the category. Classified real estate advertising revenues were particularly strong in the Company's Central New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. cluster, up 24.5 percent; the Capital-Saratoga, New York cluster, up 22.4 percent; and the Connecticut cluster, up 15.8 percent. Classified employment advertising revenues increased 0.7 percent in Period Nine, led by growth in the Greater Cleveland cluster, up 6.8 percent, and the Greater Philadelphia cluster, up 2.8 percent. Reflecting continued softness in the local automotive market, classified automotive advertising revenues on a same-store basis decreased 8.8 percent as compared to Period Nine of 2003. However, Period Nine classified automotive advertising revenues were up 7.7 percent in the Capital-Saratoga, New York cluster, as compared to the prior year period. National advertising revenues were very strong, up 33.5 percent in Period Nine, on a same-store basis, as compared to the prior year period. This is the best performance the Company has reported in national advertising revenues since Period Eleven of 2001. The growth was led by the Company's Greater Cleveland cluster, up 119.7 percent, and the Connecticut cluster, up 38.7 percent, each as compared to prior year period. National advertising revenue growth in these clusters continues to be led by the telecommunications and national automotive categories. Several of the Company's operations reported strong advertising revenues in Period Nine, as noted below. In the Connecticut cluster, the New Haven Register The New Haven Register is a daily newspaper published in New Haven, Connecticut. It is the second largest newspaper in Connecticut, behind The Hartford Courant. It is owned by the Journal Register Company in Yardley, Pennsylvania. reported an increase in total advertising revenues for Period Nine of 4.8 percent as compared to the prior year period. National advertising revenues at the New Haven Register were up 44.3 percent for the period, driven by growth in the telecommunications and national automotive categories. Classified advertising revenues were basically flat. Classified real estate advertising revenues were up 12.5 percent, as compared to Period Nine of 2003. Classified automotive advertising revenues at the New Haven Register decreased 14.8 percent in Period Nine as compared to the prior year period, impacted by tough comparisons to 2003, when the New Haven Register reported a 19.3 percent year-over-year increase in automotive advertising revenues. Retail advertising revenues at the New Haven Register were down 3.6 percent in Period Nine as compared to Period Nine of 2003, impacted by softness in the banking and education categories. Also in Connecticut, The Register Citizen, in Torrington, reported a strong 22.6 percent increase in total advertising revenues, led by growth in retail, national, classified automotive and classified real estate advertising revenues. The Bristol Press, in Bristol, was up 5.8 percent in total advertising revenues, led by growth in retail and classified real estate advertising revenues. Two of the Company's weekly newspaper groups in Connecticut also reported strong increases. The Litchfield County Times Group and Housatonic Publications, in New Milford New Milford. 1 Town (1990 pop. 23,629), Litchfield co., W Conn., on the Housatonic River; inc. 1712. Situated in a dairy region, its manufactures include paper products and electronic equipment. , reported an increase of 39.7 percent, and Imprint Newspapers in Bristol, was up 11.5 percent. In the Greater Philadelphia cluster, the Delaware County Delaware County is the name of six counties in the United States of America:
2. A program for MS-DOS. Newspapers, based in Ardmore, Pennsylvania Ardmore is an unincorporated community in the U.S. state of Pennsylvania. The United States Census Bureau has also defined a census-designated place (CDP) around the community for statistical purposes. The community has no legal existence as a municipality. , and Suburban Publications, based in Wayne, Pennsylvania Wayne is an unincorporated community and a U.S. Post Office located on the Main Line, centered in Delaware County, Pennsylvania, United States. While the center of Wayne is in Radnor Township, Wayne extends into both Tredyffrin Township in Chester County and Upper Merion Township , were up a combined 4.9 percent, with strength in retail and classified employment advertising revenues. In the Company's Central New England cluster, the Kent County Daily Times, in West Warwick, Rhode Island West Warwick is a town in Kent County, Rhode Island, United States. The population was 29,581 at the 2000 census. West Warwick was incorporated in 1913, making it the youngest town in the state. , was up 7.5 percent, with strong growth in retail advertising revenues. Southern Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. Newspaper group, the Company's weekly group based in Wakefield, Rhode Island, was up 15.5 percent, driven by increases in retail, national and all categories of classified advertising revenues. In the Company's Greater Cleveland cluster, The News-Herald, in Willoughby, Ohio Willoughby is a city in Lake County, Ohio, United States. It is a suburb of Cleveland, Ohio. The population was 22,621 at the 2000 census. Willoughby is served by a branch of the Willoughby-Eastlake Public Library. , was up 5.3 percent, with increases in retail, national and classified employment advertising revenues. In the Company's Capital-Saratoga, New York cluster, The Saratogian, in Saratoga Springs Saratoga Springs, resort and residential city (1990 pop. 25,001), Saratoga co., E N.Y.; inc. as a village 1826, as a city 1915. Skidmore College is the largest source of employment, but the city also has light manufacturing. , reported an increase of 22.7 percent in total advertising revenues, with growth in retail, national, classified real estate and classified employment advertising revenues. In the Company's Mid-Hudson, New York cluster, Taconic Press, the Company's weekly group based in Millbrook, reported an increase of 10.8 percent in total advertising revenues, with growth in retail and classified real estate advertising revenues. Journal Register Company Web sites generated 14.6 million page views in Period Nine, an increase of 51.9 percent as compared to the prior year period, including page views of the Company's newly-acquired 21st Century Web sites. Journal Register Company is a leading U.S. newspaper publishing company. Journal Register Company owns 27 daily newspapers, including the New Haven Register, Connecticut's second largest daily and Sunday newspaper, and 337 non-daily publications. Journal Register Company currently operates 194 individual Web sites that are affiliated with the Company's daily newspapers and non-daily publications. These Web sites can be accessed at www.journalregister.com. All of the Company's operations are strategically clustered in seven geographic areas: Greater Philadelphia; Michigan; 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, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, including the acquisition of 21st Century Newspapers, dispositions, the ability of the Company to achieve cost reductions and integrate acquisitions, including the acquisition of 21st Century Newspapers, competitive pressures, general or regional economic conditions and advertising trends, the unavailability un·a·vail·a·ble adj. Not available, accessible, or at hand. un a·vail or a material increase in the price of newsprint newsprintlow 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 and increases in interest rates. These and additional risk factors are outlined in the Company's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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. Financial Summary follows.
JOURNAL REGISTER COMPANY
PERIOD NINE ADVERTISING REVENUE REPORT
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(Dollars in thousands, unaudited)
Four Week Period Thirty-Nine Week Period
Ended Ended
--------------------------- -----------------------------
% %
9/26/04 9/28/03 Increase 9/26/04 9/28/03 Increase
-------- -------- --------- --------- --------- ---------
Local $19,094 $13,024 46.6% $133,293 $119,283 11.7%
Classified 14,306 10,207 40.2% 101,744 90,845 12.0%
National 2,020 1,171 72.5% 12,837 10,870 18.1%
-------- -------- --------- --------- --------- ---------
Total $35,420 $24,402 45.2% $247,874 $220,998 12.2%
Note: The revenues of the Company's acquisitions are included from the
date of acquisition in each period presented above.
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