November 17, 2005
Belo's monthly revenue and statistical report October 2005
Dallas, TX - Belo Corp. (NYSE: BLC) issued today its statistical report for the month of October. Consolidated revenue for October decreased 8.7 percent with an increase in Newspaper Group revenue offset by expected decreases in political advertising at the Television Group.
Television Group revenues decreased almost 19 percent in October with spot revenue down about 21 percent. Political revenue in October 2005 was $2.0 million versus $25.4 million in October of last year. Local and national spot revenues increased 18 percent and 14 percent, respectively.
Newspaper Group total revenue increased 2.7 percent for the month of October versus the prior year, with a 1.9 percent increase in advertising revenue. Total advertising revenue increased 1.9 percent at The Dallas Morning News, three percent at The Providence Journal, and 0.4 percent at The Press-Enterprise in Riverside.
At The Dallas Morning News, total revenue increased 4.8 percent in October versus last year, with an increase in advertising revenue of 1.9 percent. Revenues associated with the implementation of the Circulation Review Team's recommended changes at The Dallas Morning News, primarily the move from a buy-sell arrangement to a fee-for-delivery distribution system, were $1.9 million in October. Retail full-run ROP revenue decreased 6.4 percent with decreases in the automotive and sporting goods categories. General full-run ROP revenue decreased 2.7 percent with increases in the financial and industrial categories offset by decreases in the telecom and automotive categories. Classified revenue increased 9.7 percent versus the prior year with increases in classified employment revenue and classified real estate revenue of 30 percent and 9.5 percent, respectively. Classified automotive decreased 7.5 percent in October.
At The Providence Journal, advertising revenue increased three percent in October versus October 2004, with total revenue up 1.3 percent. Classified revenue increased 15 percent in October led by strong real estate advertising, which was up 40 percent.
At The Press-Enterprise, advertising revenues increased 0.4 percent for October with total revenue down 2.1 percent. Gains in classified real estate and employment revenue were mostly offset by decreases in retail and general. October's performance at The Press-Enterprise is partially due to a difficult comparison to October 2004, in which ad revenue was up 24 percent and total revenue was up 20 percent versus October 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 this 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 recovery of the New Orleans market from 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.