By: (AP) Pulitzer Inc.'s fourth-quarter profit rose 15%, the company reported Tuesday, beating analyst's expectations on increased advertising and circulation revenues.
The publisher of the St. Louis Post-Dispatch and Arizona Daily Star of Tucson had net income of $14.3 million, or 66 cents per share, beating by 2 cents per share the expectations of analysts surveyed by Thomson First Call. A year ago, Pulitzer's fourth-quarter net income was $12.2 million, or 57 cents per share.
For the year, the media company earned $42.2 million, or $1.95 per share, compared to $34.7 million, or $1.62 per share, in the year-ago period.
"We enter 2004 with the momentum of a strong 2003 fourth quarter, propelled by a particularly strong December," said Robert C. Woodworth, Pulitzer's president and chief executive, in a statement.
Pulitzer said local retail revenues from advertising were up 19.2% in St. Louis and 10.2% in Tucson during the fourth quarter. The company also plans to announce a direct mail initiative shortly with two of the St. Louis area's largest grocery chains, Woodworth said.
Pulitzer said it expects 2004 profits to keep pace with the company's prediction of $2.10 per share. But it said it would be assessing startup costs associated with the new direct-mail enterprise in St. Louis as well as whether the economy will support advertising revenues like those seen in the fourth quarter.
Comments
No comments on this item Please log in to comment by clicking here