By: E&P Staff Lee Enterprises Inc. reported that advertising revenues for the month of April grew 7.6% compared with the same period last year.
Excluding the impact of acquisitions and divestitures, retail, classified, and employment ad revenue rose 2.3%, 12.7% and 17.1%, respectively. Automotive was up 2.6%, while real estate rose 6.1%. National advertising also grew by 8.5%.
Total operating revenue increased 6.5%. Circulation revenue dropped 0.7%.
"We are encouraged by the strengthening advertising recovery and are pleased again by our excellent showing in April," said Mary Junck, chairman and CEO, in a statement. "We're also encouraged by our continuing strong performance in attracting and retaining readers, as shown in our latest six-month average paid circulation. Revenue and circulation are two of our top priorities in Lee and all of our newspapers are pushing them hard, along with emphasizing strong local news, driving our online strength and exercising careful cost controls."
Merrill Lynch issued a report on Lee raising its ad revenue outlook for the company for the third quarter from 7% to 8%.
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