September 20, 2005
Belo's monthly revenue and statistical report August 2005
Dallas, TX -- Belo Corp. (NYSE: BLC) issued today its statistical report for the month of August. Consolidated revenue for August decreased six percent with an expected decrease in Newspaper Group revenue resulting from one less Sunday in the month and an expected decrease in the Television Group from a lack of political and Olympics advertising revenue.
Television Group revenues decreased 8.5 percent in August with spot revenue down 9.1%. Political revenue in August 2005 was $440,000 versus $13.3 million of combined political and Olympics revenue in August of last year. Local and national spot revenues decreased 3.2 percent and 5.0 percent, respectively.
Newspaper Group total revenue decreased three percent for the month of August versus the prior year, with a 4.8 percent decrease in advertising revenue. August 2005 included one less Sunday than August 2004. Adjusting for one less Sunday, Newspaper Group total revenue increased approximately 3.1 percent, with an increase of 2.8 percent at The Dallas Morning News, an increase of 3.4 percent at The Providence Journal, and an increase of 3.8 percent at The Press-Enterprise in Riverside. Newspaper Group ad revenues increased 2.4 percent on a like-days basis. Revenues associated with the implementation of the Circulation Review Team's recommended changes at The Dallas Morning News were $1.6 million in August.
At The Dallas Morning News, total revenue decreased 3.5 percent in August versus last year, with a decrease in advertising revenue of 8.5 percent. On a like-days basis, advertising revenue at The Morning News decreased 1.4 percent. On a reported basis, retail full-run ROP revenue decreased 13 percent with significant decreases noted in the sporting goods and department stores categories. General full-run ROP revenue increased 0.1 percent with significant increases in the financial and insurance categories partially offset by a decrease in the telecom category. Classified revenue decreased 16 percent versus the prior year. On a like-days basis, classified revenue decreased approximately 7.2 percent with a 9.3 percent increase in classified employment revenue and decreases in classified real estate revenue and classified automotive revenue of 9.4 percent and 19 percent, respectively.
At The Providence Journal, advertising revenue decreased 1.1 percent in August versus August 2004, with total revenue down 4.4 percent. On a like-days basis, advertising revenue at The Journal increased 9.3 percent. Classified real estate increased an impressive 33 percent in August on a like-days basis. Classified automotive at The Providence Journal increased 5.2 percent in August on a reported basis. August marks the ninth consecutive month that classified automotive has increased at The Journal.
At The Press-Enterprise, advertising revenues were up 3.8 percent for August with total revenue up 0.4 percent. On a like-days basis, advertising revenue increased 8.1 percent. Classified real estate at The Press-Enterprise continues to grow at an impressive rate, increasing 28 percent on a reported basis and almost 30 percent on a like-days basis. This increase comes against a very difficult comparison to August 2004, which was up more than 90 percent on a reported basis and more than 110 percent on a like-days basis versus August 2003.
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; the effects of Hurricane Katrina; 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.