Tribune Company (NYSE: TRB) today reported its summary of revenues and newspaper advertising volume for period 8, ended August 29, 2004. Consolidated revenues for the period were $432 million, up 2.0 percent from last year’s $423 million.
Publishing revenues in August were $303 million, 2.4 percent higher than last year’s $296 million. Advertising revenues increased 3.0 percent to $233 million, compared with $226 million in August 2003. Total advertising inches were up 4 percent, while preprint pieces increased 14 percent.
Retail, national and classified advertising revenues discussed below include both print and interactive revenues for 2004 and 2003.
- Retail advertising revenues decreased 0.8 percent due to weakness in the department stores and other retail categories, partially offset by strength in the food, home furnishings and electronics categories. Preprint revenues, which are principally included in retail, were up 5 percent. Full run retail linage was up 3 percent in the period.
- National advertising revenues grew 3.9 percent on strength in the movies/entertainment, auto manufacturers and financial categories. Full run national volume was up 11 percent.
- Classified advertising revenues rose 7.1 percent due to gains in help wanted and real estate, which were up 20 percent and 18 percent, respectively. Auto classified advertising fell 9 percent. Full run classified volume was down 4 percent in the period. Interactive revenues, which are primarily included in classified, were $11 million, up 35 percent, due to strength in all categories.
Broadcasting and Entertainment group revenues in August rose 1.2 percent to $129 million, compared with $127 million last year. Television revenues decreased 4.2 percent against Olympic competition. Weakness in autos, movies and retail was partially offset by increases in telecom and education. Radio/entertainment revenues rose 23.4 percent in August on baseball related increases. September television revenues are softer than anticipated as political advertising is benefiting only certain “swing” markets; third quarter TV ad revenues are expected to be flat versus last year.
Due to lower-than-anticipated revenues in publishing and broadcasting, third quarter diluted earnings per share will be in the range of $.49 to $.51. This estimate assumes that non-operating items are not material in the quarter and excludes the impact of charges related to Newsday and Hoy, New York.