Pulitzer Earnings Up 75% In Second Quarter

By: (AP) Increased retail advertising revenue, strong cost controls, and lower newsprint costs helped Pulitzer Inc.'s earnings rise 75% in the second quarter, the St. Louis-based newspaper publisher reported.

Pulitzer earned $7 million, or 32 cents per diluted share, in the quarter ending June 30, compared with earnings of $4 million, or 19 cents per share, in the second quarter of 2001.

For the first six months, Pulitzer reported net earnings of $13.8 million, or 64 cents per diluted share, up from $6.1 million, or 29 cents per diluted share, a year ago.

Excluding special items from both 2001 and this year, including early retirement inducements, the company earned 47 cents per share in both second quarters, and 81 cents per share in the first six months of this year, down from 83 cents per share for the first half of 2001. Analysts surveyed by Thomson Financial/First Call had expected 45 cents per share.

"Growth in retail advertising and good cost controls, aided by lower newsprint prices, helped us offset the impact of tough national revenue comparisons and continuing softness in employment classified," Pulitzer President and CEO Robert C. Woodworth said.

While comparable retail advertising revenue increased 2.6% in the second quarter, national revenue declined 28.3%. Comparable classified ad revenue decreased 5.8%, due largely to a 19.1% decline in help-wanted ad revenue. Still, that was better than the first quarter, when the help-wanted decrease was 31.8%.

Meanwhile, newsprint costs were down 34% from last year due to lower prices.

"Looking ahead, we continue to expect base earnings per diluted share from continuing operations for the full year of 2002 within a $1.63 to $1.67 range, which is at the upper end of current analyst estimates," Woodworth said.

Second-quarter revenues were $104 million versus $107.6 million, while six-month revenues were $204 million versus $208.9 million in the same period a year ago.

Pulitzer operates two major metropolitan dailies -- the St. Louis Post-Dispatch and the Arizona Daily Star in Tucson. It also operates 12 other daily newspapers, related new-media activities, and owns the Suburban Journals of Greater St. Louis, a group of 37 weekly papers and niche publications.