By: E&P Staff Morris Publishing Group reported its earnings rose nearly 15% in the first quarter compared to the same period a year go.
Augusta, Geo.-based Morris, publisher of The Augusta Chronicle and 26 other dailies, said it $5.34 million for the period, up from $4.64 in the first quarter of 2005.
Revenue was essentially flat, up $500,000 to $113.9 million. The flat revenue was offset by a 1.3% decline in total operating expense to $96.1 million. Morris said employee costs declined 1.1%, partly on lower health care costs, while newsprint, ink and other supply costs were up 5.9%. "Other" operating costs were down 4.0%, Morris said.
Total advertising revenue was reported up 1.0% to $92.4 million, while circulation revenue declined 1.9% to $17.5 million.
Classified revenue was up strongly with a 7.3% increase. Help-wanted accounted for more than two-thirds of the net increase, Morris said. Online advertising revenue, most of which is included in the classified category was up 47.3% to $7.1 million, Morris said.
Those gains were partly offset by a big decline of 14.2% in national ad revenues and a 2.0% decline in retail advertising revenues.
"We are continuing to grow our online advertising business and aggressively manage our costs, which contributed significantly to our first-quarter results," President and CEO William Morris said in a prepared statement.
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