By: E&P Staff Morris Publishing Group reported that advertising revenues for the first quarter increased 4.2% due to growth in national (up 21.8%), classified (up 6.5%) and retail (up 0.3%) categories. Circulation revenue dipped by 0.4%.
William S. Morris IV, CEO and president of Augusta, Ga.-based Morris, said in a statement that the numbers are better than they had anticipated. "We had a very strong increase in both classified and national revenues ... Most of the gains came from our Jacksonville [Fla.] market. This market was named one of three national test markets for Movie Beam, a new product being introduced by Disney," he said. "You have to feel that we are beginning to see signs that the economy is improving ... although we are not seeing it in the retail advertising category."
The company reported Q1 operating revenues of $108 million versus $104.8 million for the same period last year. Due to strong quarterly results, the company anticipates revenue growth of 3% to 4% this year.
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