September 15, 2003
Belos monthly revenue and statistical report August 2003
Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of August. Newspaper Group revenue increased 8.6 percent in August while Television Group revenue decreased 2.1 percent. August 2003 included one more Sunday than August 2002. Adjusting for the extra Sunday, Newspaper Group total revenue would have increased approximately two percent with an increase in advertising revenue of approximately one percent. In August 2002, Belo's Television Group recorded $3.7 million in political revenues. Excluding political revenues, Television Group spot revenues increased 3.4 percent.
Third Quarter Outlook
Dunia A. Shive, Belo's executive vice president and chief financial officer, said, "For the third quarter overall, we currently expect the Newspaper Group's total revenue to increase two to three percent. In the Television Group, September spot revenues are currently pacing up about five percent with pacings for spot revenues excluding political up in the low-double digits. For the third quarter overall, we expect total revenue for the Television Group to be up slightly. The Company's total operating costs and expenses are expected to increase less than three percent in the third quarter. Based on these assumptions, earnings per share are expected to be in the range of $0.25 to $0.26 in the third quarter of 2003 compared to $0.25 in the third quarter of 2002."
August Newspaper Linage
At The Dallas Morning News, total revenue increased 6.9 percent in August. Adjusting for the extra Sunday, total revenue increased slightly. Retail full-run ROP revenue decreased slightly with the most significant decrease in the department stores category. Retail full-run
ROP volume decreased 13.9 percent. General full-run ROP revenue increased 27.1 percent with a significant increase in the telecom category. General full-run ROP volume increased 14.0 percent. Classified revenue was flat versus last year with a 0.8 percent decrease in volume. Help wanted volumes were down about 20 percent in August. Adjusting for the extra Sunday, help wanted volumes were down about 27 percent with a decrease in classified employment revenue of about 29 percent. Classified automotive revenue was up 6.8 percent and real estate revenue was up 9.2 percent.
At The Providence Journal, total full-run advertising linage, including preprints and supplements, increased 34.2 percent, and total full-run ROP linage increased 8.4 percent. Retail, general and classified volumes, including preprints, were up 41.5 percent, 25.1 percent and 12.3 percent, respectively.
Belo is one of the nation's largest media companies with a diversified group of market-leading television, newspaper, cable and interactive media assets. A Fortune 1000 company with approximately 7,800 employees and $1.4 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 19 television stations (six in the top 16 markets) reaching 13.7 percent of U.S. television households; owns or operates nine cable news channels; and manages one television station through a local marketing agreement. Belo publishes four daily newspapers: The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). Belo Interactive's new media businesses include 34 Web sites, several interactive alliances, and a broad range of Internet-based products. For more information, contact Carey Hendrickson, vice president of investor relations, at 214-977-6606. Additional information, including earnings releases, is available online at www.belo.com.
Statements in this communication concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses, capital expenditures, investments, commitments, 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; general economic conditions; and significant armed conflict, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Annual Report on Form 10-K.
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