March 28, 2001
Belo's monthly Revenue and Statistical Report Febuary 2001
Dallas, TX -- Belo (NYSE: BLC) issued today its statistical report for the month of February.
Broadcast Division revenues decreased 8.2 percent for the month of February on a pro forma basis.
Broadcast spot revenues are currently pacing down low-single digits in March. Publishing Division total revenues were down 4.3 percent in February on a pro forma basis.
Following an advisory press release on March 2, Belo made the following statement at the Bear Stearns Media, Entertainment & Information Conference on March 6
regarding its expected first quarter results:
"Because of the tenuous advertising environment, newsprint costs $5 million higher than the first quarter of 2000, continued investment in Belo Interactive and one less Sunday in the first quarter of 2001, it will be very difficult for us to earn 5 cents (analysts' consensus estimate) in the first quarter. But on an overall operating basis, Belo expects to continue its top-tier performance relative to its peers in the first quarter and for full-year 2001."
Because of the reasons noted on March 6, and continuing soft economic conditions, Belo reconfirms that it will not reach the current consensus estimate.
Belo expects its first quarter EPS to be at or near breakeven.
February Newspaper Linage
At The Dallas Morning News, total full-run advertising linage, including preprints and supplements, was down 7.5 percent over last year.
Retail, General and Classified were down 1.1 percent, 7.2 percent and 14.4 percent, respectively. Classified employment volumes were down about 30 percent. At The Providence Journal, total full-run advertising linage, including preprints and supplements, decreased 21.3 percent, while total full-run ROP was down 18.2 percent. Retail ROP volume decreased 19.3 percent. General ROP volumes were down 34.1 percent. Total classified volume decreased 14.8 percent for the month.
Belo is one of the nation's largest media companies with a diversified group of market-leading broadcasting, publishing, cable and interactive media assets. A Fortune 1000 company with more than 8,500 employees and $1.5 billion in annual revenues, Belo operates news and information franchises in some of America's most dynamic markets and regions, including Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic region. Belo owns 17 television stations (six in the top 17 markets) reaching 13.7 percent of U. S. television households; owns or operates six cable news channels; and manages three television stations through local marketing agreements. Belo publishes five daily newspapers including The Dallas Morning News, The Providence Journal and The Press-Enterprise (Riverside, CA.). Belo Interactive's new media businesses include 35 Web sites, several interactive alliances, and a broad range of Internet-based products. For more information contact Carey Hendrickson, Belo's vice president of investor relations, at 214-977-6606. Additional information, including earnings releases, is available online at http://www.belo.com.
Statements in this report concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses, capital expenditures, investments, or other financial or operating items and other statements that are not historical facts, are "forward-looking statements" as the term is defined under applicable Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements.
Such risks, uncertainties and factors include, but are not limited to, changes in advertising demand, interest rates and newsprint prices; technological changes; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; regulatory changes; the effects of Company acquisitions and dispositions; and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Annual Report or Form 10-K.