By: Staff Reports
Advertising Down, Newsprint Costs Up
Pulitzer Inc. of St. Louis has joined the parade of newspaper
companies issuing negative earnings reports. The publisher of the
St. Louis Post-Dispatch said its net income for the first
quarter was only $2.2 million, down from $9.9 million in the
The company reported an after-tax loss of $1.9 million, or 9
cents per share, resulting from the sale of the Troy
(Ohio) Daily News and the company’s Internet service
provider business in St. Louis. Excluding the loss from those
sales, Pulitzer said its earnings would have totaled $4.1
million, or 19 cents per share.
President and CEO Robert C. Woodworth said advertising revenues
were down 1.1%. “We are focused on controlling costs in the face
of weak advertising demand, and excluding increased newsprint
costs, comparable expenses were down slightly in the quarter,” he
said. Newsprint costs were up 11.8%.
The company expects second quarter earnings in the range of 28
cents to 38 cents per share.
Copyright 2001, Editor & Publisher.