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The Company's retail advertising revenues declined 5.2 percent in the period, impacted by lower revenues in the political and home furnishings categories partially offset by increases in the financial/insurance and healthcare categories.
Classified advertising revenues for Period Ten decreased 1.7 percent as compared to the prior year period. Excluding classified automotive advertising revenues, classified advertising revenues for Period Ten increased 2.7 percent as compared to the prior year period. The Company's classified real estate advertising revenues increased 7.7 percent in Period Ten as compared to the prior year period, with six of the Company's seven clusters reporting increases in this category. Growth in classified real estate advertising revenues was led by the Capital-Saratoga, New York cluster, up 59.7 percent and the Mid-Hudson, New York cluster, up 39.7 percent. Classified employment advertising revenues declined 2.1 percent in Period Ten as compared to the prior year period, reflecting difficult comparisons. Four of the Company's clusters reported increases in classified employment advertising revenues, led by the Greater Cleveland cluster, up 13.3 percent. Classified automotive advertising revenues were soft across the Company and decreased 14.9 percent as compared to Period Ten of 2004.
National advertising revenues decreased 12.8 percent in Period Ten as compared to the prior year period. National advertising revenues for the period, excluding the decline in the Company's Connecticut cluster, increased 8.7 percent, as compared to the prior year period.
Several of the Company's operations reported increased advertising revenues in Period Ten as compared to the prior year period, as noted below.
In the Greater Philadelphia cluster, the Company's weekly newspapers on the Main Line, based in Ardmore, Pennsylvania, were up a combined 13.7 percent, with strength in retail, classified real estate and classified employment advertising revenues. Also, Chesapeake Publishing, the Company's weekly newspaper group based in Medford, New Jersey, was up 13.0 percent, with strength in retail, classified automotive and classified employment advertising revenues.
In the Connecticut cluster, The Middletown Press reported an increase in total advertising revenues for Period Ten of 10.1 percent as compared to the prior year period, led by growth in retail, national, classified automotive and classified real estate advertising revenues. The Bristol Press was up 9.7 percent, with strength in classified real estate and classified employment advertising revenues. Litchfield County Times Group and Housatonic Publications, based in New Milford, were up a combined 21.6 percent, with growth in retail, classified employment and classified real estate advertising revenues. Imprint Newspapers, the Company's weekly group based in Bristol, was up 10.3 percent, with strength in retail and all categories of classified advertising revenues.
Also in Connecticut, the New Haven Register, impacted by difficult comparisons to the prior year period, reported a decrease in total advertising revenues for Period Ten of 8.0 percent. In the 2004 period, total advertising revenues at the New Haven Register increased 11.5 percent, as compared to the same period in 2003. National advertising revenues were down 29.8 percent in Period Ten of 2005 as compared to the prior year period, impacted by difficult comparisons to 2004 when the New Haven Register reported an increase in national advertising revenues of 60.1 percent as compared to the same period in 2003. Excluding the decrease in national advertising revenues, total advertising revenues at the New Haven Register decreased 2.4 percent in Period Ten of 2005, as compared to the prior year period. Retail advertising revenues were down 2.0 percent as compared to the prior year period, impacted by softness in the home furnishings category, partially offset by strength in the financial/insurance category. Classified advertising revenues at the New Haven Register were down 3.0 percent due to continued softness in the automotive category, down 11.6 percent and difficult comparisons in the classified employment category, down 12.6 percent. Classified real estate advertising revenues at the New Haven Register continued strong and were up 11.2 percent for Period Ten as compared to the prior year period.
In the Company's Mid-Hudson, New York cluster, Taconic Press, the Company's weekly group based in Millbrook, reported an increase of 5.2 percent in total advertising revenues, with growth in retail and classified real estate advertising revenues.
In the Company's Capital-Saratoga, New York cluster, The Saratogian, in Saratoga Springs, reported an increase of 11.3 percent, with growth in retail, national, classified real estate and classified employment advertising revenues. The Record, in Troy, was up 3.9 percent, led by retail, classified real estate and classified automotive advertising revenues.
The Company's Web sites produced online revenues in Period Ten of $1.0 million, an increase of 28.7 percent as compared to the prior year period. Journal Register Company Web sites generated approximately 22.7 million page views in Period Ten, an increase of 27.8 percent as compared to the prior year period.
As of November 17, 2005, the Company had repurchased 1,656,500 shares of its common stock in 2005.
The Company reaffirmed its previously provided earnings guidance; stating that based on its current projections, it currently expects to report earnings for the fourth quarter of 2005 within the range of $0.30 to $0.32 per diluted share.
Prior to 2005, the Company had included online revenues in classified other advertising revenues, not in the specific classified categories of employment, automotive and real estate. Print and online advertising revenues are now reported on a combined basis in each category to calculate the percentage changes in these categories. Results for each period of 2004 have been reclassified to reflect this change.
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 338 non-daily publications. Journal Register Company currently operates 202 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, a leading provider of online solutions for newspapers, hosting the largest online newspaper network in the U.S.
This release contains forward-looking information about Journal Register Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, financial projections and estimates and their underlying assumptions, and statements about the future performance, operations, products and services of the Company. These forward-look statements involve a number of risks and uncertainties, which could cause actual results to differ materially. These risks and uncertainties 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 or a material increase in the price of newsprint and 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.
JOURNAL REGISTER COMPANY
PERIOD TEN ADVERTISING REVENUE REPORT
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(Dollars in thousands, unaudited)
Five Week Period Ended Forty-Four Week Period Ended
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10/30/05 10/31/04 % Change 10/30/05 10/31/04 % Change
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Retail $23,114 $24,381 -5.2% $196,052 $157,674 24.3%
Classified 17,550 17,849 -1.7% 153,855 119,593 28.6%
National 2,150 2,466 -12.8% 17,735 15,303 15.9%
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Total $42,814 $44,696 -4.2% $367,642 $292,570 25.7%
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Note: The revenues of the Company's acquisitions are included from the
date of acquisition in the forty-four week periods presented above.
Contact:
Journal Register Company
Ricardo A. Venegas, Treasurer
609-396-2200
Fax: 609-396-2292
Source: Journal Register Company
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