By: E&P Staff Lee Enterprises reported today a jump in advertising revenue for the month of September due mostly to favorable calendar changes. The company said that ad revenue grew 8.4% to $8.2 million due to an extra week at the former Pulitzer properties and an extra Sunday with Lee's legacy newspapers. Excluding Pulitzer's week, ad revenue slipped 0.7%.
The calendar changes and improved federal and state tax audits will also positively impact Q4 earnings. The company will switch to period accounting, like many of its peers, in 2008.
"While we are still closing the books on fiscal 2007, we can report that, even in a less than stellar year, we've been able to lead the industry in revenue and audiences, drive strong cash flow and continue our rapid payback of debt," Mary Junck, chairman and CEO, of Lee said in a statement.
Junck said the company anticipates reducing its 2007 debt by $135.7 million for a total debt of $1.28 billion.
Retail advertising grew 9.8% to $40.3 million in September compared to the same month a year ago.
Classified revenue increased 7.7% to $30.9 million. Within the classified category, employment soared 20.6% to $10.9 million. Automotive dropped 4.5% to $6.3 million. Real estate was virtually flat, down 0.4% to $6.9%. Other classified revenue rose 10% to $6.7 million.
National advertising was up 10% to $4.2 million.
Excluding the extra week at Pulitzer, retail revenue inched up 0.4%. Classified revenue fell 0.8%. Employment advanced 12%, auto declined 12%, and real estate decreased 6.6%. National advertising revenue was down 5.7%.
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