Journal Register Company Reports Twelfth Period Advertising Revenues.Business Editors TRENTON Trenton, town, Canada Trenton, town (1991 pop. 16,908), SE Ont., Canada, on the Bay of Quinte at the mouth of the Trent River and at the south end of the Trent Canal. Its manufactures include textiles, electronic components, and paper and steel products. , N.J.--(BUSINESS WIRE)--Feb. 5, 2002 Journal Register Company (NYSE NYSE See: New York Stock Exchange :JRC JRC abbr. Junior Red Cross ) pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma advertising revenues for the four weeks ended December December: see month. 30, 2001 were $21.9 million compared to $25.9 million for the five weeks ended December 31, 2000. On a pro forma basis and adjusting for the extra week in the 2000 period, advertising revenues for the twelfth period were up 6.7 percent as compared to the prior year period. For comparison purposes, where noted, the Company's results are presented on a pro forma basis, which excludes the results of the Company's dispositions from both the current and prior year periods, and on a same-store, comparable-day basis, which excludes the results of the Company's acquisitions and dispositions from the current and prior year periods and adjusts for the estimated impact of the additional week included in the Company's period twelve 2000 results. In 2000, the Company had a 53-week fiscal year as compared to a 52-week fiscal year in 2001. On a same-store, comparable-day basis, the twelfth period 2001 advertising revenues were down 2.7 percent as compared to advertising revenues in the twelfth period of 2000. Classified revenues, on the same basis, decreased 8.2 percent due to soft employment advertising, which was down 36.0 percent. Automotive advertising revenues were up 14.1 percent as compared to the prior year period, resulting from increased manufacturer incentive advertising programs. Real estate advertising revenues were up 13.1 percent. Retail advertising revenues, down 2.3 percent, were slightly off the previous period's performance but showed improvement over the Company's year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. trend through Period 11, which was down 5.4 percent. National revenues were very strong, up 26.6 percent. On a comparable-day basis, the Company had several strong advertising revenue performers for the twelfth period of 2001 as follows: Total advertising revenues for the Company's flagship newspaper, 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. in New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , were up 7.0 percent as compared to the prior year period led by strength in national advertising revenues. This strength was driven by telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. advertising. Retail advertising revenues in New Haven were down 0.6 percent as compared to the prior year period, showing some improvement as compared to the year-over-year trend in Period 11 of 2001. Classified advertising revenues in New Haven were down 7.8 percent as compared to Period 12 of 2000. This was the New Haven Register's best classified advertising revenue performance since Period One of 2001. Classified automotive advertising revenues in New Haven were up 26.5 percent as compared to the prior year period, and was the New Haven Register's best automotive performance of the year. Classified employment advertising revenues were down 30.8 percent but reflected improvement as compared to the year-over-year trend reported in Period 11. Also in Connecticut, total advertising revenues for Imprint Newspapers, the Company's weekly group based in Bristol Bristol, cities, United States Bristol. 1 Industrial city (1990 pop. 60,640), Hartford co., central Conn., on the Pequabuck River; settled 1727, inc. 1785. Its clock-making industry dates from 1790. , were up 11.5 percent led by strength in classified real estate and retail advertising revenues. The Middletown Middletown, cities, United States Middletown. 1 Industrial city (1990 pop. 42,762), Middlesex co., central Conn., on the west bank of the Connecticut River; settled 1650, inc. 1784, town and city consolidated 1923. Press in Middletown, Connecticut Middletown is a city located in Middlesex County, Connecticut, along the Connecticut River, in the south-central part of the state, 16 miles (26 km) south of Hartford. In 1650, it was incorporated as a town under its original Indian name, Mattabeseck. , was up 9.4 percent with strength in retail and classified automotive, and The Herald, in New Britain New Britain, city, United States New Britain, industrial city (1990 pop. 75,491), Hartford co., central Conn.; settled c.1686, inc. 1871. The tin shops and brassworks in the city were established in the 18th cent. , was up 7.2 percent with strong results in retail and classified real estate. In Greater Philadelphia, total advertising revenues for The Phoenix in Phoenixville, Pennsylvania Phoenixville is a borough in Chester County, Pennsylvania, 28 miles (45 km) northwest of Philadelphia at the junction of French Creek with the Schuylkill River. The population was 14,788 at the 2000 census. , were up 15.7 percent with strong results in retail and classified real estate. The Trentonian in Trenton, New Jersey, was up 1.7 percent with strength in classified automotive advertising and retail advertising revenues. The Daily Local News in West Chester, Pennsylvania The Borough of West Chester is the county seat of Chester County, Pennsylvania.GR6 Philadelphia is 25 miles to the east and Wilmington 17 miles to the south. , was up 1.3 percent led by retail advertising. On a same-store, comparable-day basis, page views generated in Period 12 by the Company's Web sites increased to 5.4 million, up approximately 30 percent, as compared to the same period in 2000. 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 Sunday: see Sabbath; week. newspaper, and 204 non-daily publications. Journal Register Company currently operates 133 individual Web sites featuring the Company's daily newspapers and non-daily publications, which can be accessed at www.journalregister.com. All of the Company's operations are strategically clustered in six geographic areas: Connecticut, Greater Philadelphia, 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. , 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. , and the Capital-Saratoga and Mid-Hudson regions of 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 . The Company has an equity investment in PowerOne Media, Inc., a leading provider of online solutions for newspapers. 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, dispositions, the ability of the Company to achieve cost reductions and integrate acquisitions, competitive pressures and general or regional economic conditions and advertising trends. 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.
JOURNAL REGISTER COMPANY
TWELFTH PERIOD ADVERTISING REVENUE REPORT
(Dollars in thousands, unaudited)
Pro Forma Basis (1)
Four Week Five Week
Period Ended Period Ended
%
12/30/2001 12/31/2000 Inc/(Dec)
---------- ---------- ---------
Retail $ 13,777 $ 15,915 (13.4)%
National 1,399 1,362 2.7%
Classified 6,760 8,613 (21.5)%
---------- ---------- ---------
Total
advertising
revenues $ 21,936 $ 25,890 (15.3)%
========== ========== =========
Fifty-two Week Fifty-three Week
Period Ended Period Ended
%
12/30/2001 12/31/2000 Inc/(Dec)
---------- ---------- ---------
Retail $ 154,207 $ 156,013 (1.2)%
National 15,607 12,739 22.5%
Classified 117,343 126,712 (7.4)%
---------- ---------- ---------
Total
advertising
revenues $ 287,157 $295,464 (2.8)%
========== ========== =========
Pro Forma, Comparable-day Basis (2)
Four Week Period Ending
-----------------------
%
12/30/2001 12/31/2000 Inc/(Dec)
---------- ---------- ---------
Retail $ 13,777 $ 12,729 8.2%
National 1,399 1,102 27.0%
Classified 6,760 6,722 0.6%
---------- ---------- ---------
Total
advertising
revenues $ 21,936 $ 20,553 6.7%
========== ========== =========
Fifty-two Week Period Ending
----------------------------
%
12/30/2001 12/31/2000 Inc/(Dec)
---------- ---------- ---------
Retail $ 154,207 $ 152,827 0.9%
National 15,607 12,479 25.1%
Classified 117,343 124,821 (6.0)%
---------- ---------- ---------
Total
advertising
revenues $ 287,157 $290,127 (1.0)%
========== ========== =========
Same-store, Comparable-day Basis (3)
Four Week Period Ending
-----------------------
%
12/30/2001 12/31/2000 Inc/(Dec)
---------- ---------- ---------
Retail $ 12,437 $ 12,729 (2.3)%
National 1,395 1,102 26.6%
Classified 6,173 6,722 (8.2)%
---------- ---------- ---------
Total
advertising
revenues $ 20,005 $ 20,553 (2.7)%
========== ========== =========
Fifty-two Week Period Ending
----------------------------
%
12/30/2001 12/31/2000 Inc/(Dec)
---------- ---------- ---------
Retail $ 145,058 $ 152,876 (5.1)%
National 15,591 12,479 24.9%
Classified 112,023 124,821 (10.3)%
---------- ---------- ---------
Total
advertising
revenues $ 272,672 $290,176 (6.0)%
========== ========== =========
(1) The 2001 and 2000 revenues have been restated on a pro forma basis to exclude the results of the Company's dispositions from all periods presented above ("pro forma revenues"). The Company's dispositions include the Suburban Journals, sold on August 10, 2000; The (Alton, IL) Telegraph telegraph, term originally applied to any device or system for distant communication by means of visible or audible signals, now commonly restricted to electrically operated devices. Attempts at long-distance communication date back thousands of years (see signaling). , sold on October 24, 2000; and The (New Philadelphia, Ohio New Philadelphia is a city in Tuscarawas County, Ohio, United States, 71 miles south of Cleveland on the Tuscarawas River. It was first incorporated in 1808. Coal and clay are found in the vicinity. ) Times-Reporter and The (Massillon, Ohio Massillon is a city in Stark County in the U.S. state of Ohio. The population was 31,325 at the 2000 census. The Friendly Association for Mutual Interests founded Massillon, then called Kendal, on a 2,000 acre estate in response to Robert Owen's success in New Harmony, ) Independent, sold on January 31, 2001. The results of the Company's October 25, 2001 acquisition of The Litchfield (CT) County Times; September 14, 2001 acquisition of The (Lansdale, PA) Reporter; August 1, 2001 acquisition of Roe Jan Independent Publishing, Inc.'s publications; June 7, 2001 acquisition of Montgomery Newspaper Group; and January 31, 2001 acquisition of Chesapeake Publishing Corporation's newspapers are included in the 2001 revenues presented above from the respective dates of acquisition. (2) The Company's advertising revenues presented here exclude the results of the Company's dispositions noted in footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." (1), above, from both periods and the results for 2000 include an adjustment to exclude the estimated impact of the extra week from the twelfth period and full year 2000 results. (3) The Company's advertising revenues presented here exclude the results of the Company's acquisitions and dispositions noted in footnote (1), above, from both periods. The advertising revenues for 2000 presented above have been adjusted to exclude the estimated impact of the extra week from the twelfth period and full year 2000 results. |
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