August 17, 2005
Belo's monthly revenue and statistical report July 2005
Dallas, TX - Belo Corp. (NYSE: BLC) issued today its statistical report for the month of July. Consolidated revenue for July increased 1.9 percent with a significant increase in Newspaper Group revenue partially offset by an expected decrease in Television Group revenue.
Newspaper Group total revenue increased 10.1 percent for the month of July versus the prior year, with an 11.4 percent increase in advertising revenue. July 2005 included one more Sunday than July 2004. Adjusting for the extra Sunday, Newspaper Group total revenue increased approximately 4.2 percent, with an increase of 2.4 percent at The Dallas Morning News, an increase of 8.4 percent at The Providence Journal, and an increase of 5.4 percent at The Press-Enterprise in Riverside.
Television Group revenues decreased 7.1 percent in July due to the absence of political revenue. Political revenue in July was $150,000 versus $2.5 million in July of last year. Local and national spot revenues decreased 2.4 percent and 3.5 percent, respectively.
At The Dallas Morning News, total revenue increased 9.1 percent in July versus last year, with an increase in advertising revenue of 8.7 percent. On a like-days basis, advertising revenue at The Morning News increased 1.0 percent. Retail full-run ROP revenue increased 1.9 percent with significant increases in the video & music and furniture categories partially offset by a decrease in the automotive category. General full-run ROP revenue increased 23.1 percent with significant increases noted in the financial and automotive categories. Classified revenue increased 5.3 percent versus the prior year. On a like-days basis, classified revenue decreased approximately 3.3 percent with a 10 percent increase in classified employment revenue and decreases in classified real estate revenue and classified automotive revenue of 1.8 percent and 16 percent, respectively.
At The Providence Journal, advertising revenue increased 19 percent in July versus July 2004, with total revenue up 16 percent. On a like-days basis, advertising revenue at The Journal increased 9.3 percent. July marked another solid month in classified real estate, which was up 41 percent on a like-days basis. Classified automotive at The Providence Journal continues to withstand the downward nationwide trend, increasing 6.3 percent in July on a like-days basis, and 12 percent year-to-date on a reported basis.
At The Press-Enterprise, advertising revenues were up 13 percent for July with total revenue up 7.2 percent. On a like-days basis, advertising revenue increased 10 percent. Classified real estate at The Press-Enterprise continues to grow at an industry-leading pace, increasing 72 percent on a reported basis and 70 percent on a like-days basis. This increase comes against a very difficult comparison to July 2004, which was up almost 90 percent on a reported basis and more than 70 percent on a like-days basis versus July 2003.
This report includes expanded revenue data that the Company intends to provide on a monthly basis going forward.
Belo Corp. 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 7,600 employees and $1.5 billion in annual revenues, Belo operates in some of America's most dynamic markets in Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic. Belo owns 19 television stations, six of which are in the 15 largest U.S. broadcast markets. The Company also owns or operates seven cable news channels and manages one television station through a local marketing agreement. Belo's daily newspapers are The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). The Company also publishes specialty publications targeting young adults, affluent populations and the fast-growing Hispanic market, including Quick and al dia in Dallas/Fort Worth, and the d, El D and La Prensa in Riverside. Belo operates more than 30 Web sites associated with its operating companies. Additional information is available at www.belo.com or by contacting Carey Hendrickson, vice president/Investor Relations & Corporate Communications, at 214-977-6626.
Statements in communication concerning Belo's business outlook or future economic performance, anticipated profitability, revenues, expenses, capital expenditures, investments, future financings or other financial and non-financial items 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 capital market conditions and prospects, and other factors such as changes in advertising demand, interest rates and newsprint prices; newspaper circulation matters, including changes in readership, and audits and related actions (including the censure of The Dallas Morning News) by the Audit Bureau of Circulations; technological changes, including the transition to digital television and the development of new systems to distribute television and other audio-visual content; development of Internet commerce; industry cycles; changes in pricing or other actions by competitors and suppliers; regulatory changes; adoption of new accounting standards or changes in existing accounting standards by the Financial Accounting Standards Board or other accounting standard-setting bodies or authorities; the effects of Company acquisitions and dispositions; general economic conditions; and significant armed conflict, as well as other risks detailed in Belo's other public disclosures, and filings with the Securities and Exchange Commission ("SEC") including the Annual Report on Form 10-K.