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February 6, 2007
Journal Register Company Reports Period Twelve Advertising Revenues
Yardley, PA – Journal Register Company (NYSE: JRC) today reported that total advertising
revenues for the five weeks ended December 31, 2006 were $35.9 million compared to $31.9
million for the four weeks ended December 25, 2005, a increase of 12.5 percent.
For comparison purposes, the Company’s advertising revenues are presented on a pro forma
basis, which assumes that all properties currently owned by Journal Register Company were
owned in both the current and prior year periods.
On a pro forma basis, Journal Register Company’s advertising revenues for Period Twelve
increased 11.6 percent, as compared to Period Twelve of 2005. The Company’s Michigan
cluster increased 11.0 percent in Period Twelve 2006 as compared to the same Period last
year, on a pro forma basis. Excluding results from the Michigan cluster, pro forma
advertising revenues were up 11.9 percent as compared to the prior year period.
In 2006 Journal Register Company’s Period Twelve included five weeks compared to four
weeks in 2005. The full year included fifty-three weeks in 2006 compared to fifty-two weeks
in 2005.
Revenue Performance by Category:
Online
Continued strong performance from the Company’s online operations produced online
revenues, on a pro forma basis, for Period Twelve of $1.2 million, an increase of 39.5 percent
as compared to Period Twelve of 2005. Online revenues from JobsInTheUS for the period
were up 100.9 percent, on a pro forma basis. The Company’s Web sites had 3.8 million
unique visitors generating 32.6 million page views in Period Twelve.
Retail - Continuing Operations
Retail advertising revenues, on a pro forma basis, were up 11.7 percent in Period Twelve, as
compared to the prior year period, with strength in the department stores, services,
medical/healthcare and sporting goods advertising revenue categories. The Company’s retail
advertising revenues were up 11.9 percent, on a pro forma basis, excluding the results of the
Company’s Michigan cluster.
Classified
- Continuing Operations
Pro forma classified advertising revenues for Period Twelve increased 14.3 percent, as
compared to the prior year period. Excluding the results from the Michigan cluster, total
classified advertising revenues increased 17.4 percent, for the period, on a pro forma basis.
Classified other advertising revenues increased 26.1 percent, on a pro forma basis, in Period
Twelve, as compared to the prior year period. Excluding the results from the Company’s
Michigan cluster, classified other advertising revenues increased 25.3 percent in Period
Twelve on a pro forma basis.
Pro forma classified automotive advertising revenues were up 17.1 percent, as compared to
Period Twelve of 2005.
Classified employment advertising revenues, on a pro forma basis, increased 13.7 percent in
Period Twelve, as compared to Period Twelve of 2005. The Company’s classified
employment advertising revenues were up 18.4 percent, on a pro forma basis, excluding the
results from the Company’s Michigan cluster.
The Company’s pro forma classified real estate advertising revenues increased 0.8 percent.
The Company’s classified real estate advertising revenues were up 1.6 percent, on a pro
forma basis, excluding the results of the Company’s Michigan cluster.
National - Continuing Operations
National advertising revenues, which represent less than five percent of total advertising
revenues, decreased 1.2 percent in Period Twelve, on a pro forma basis, as compared to the
prior year period.
About Journal Register Company
Journal Register Company is a leading U.S. media company. Journal Register Company
owns 24 daily newspapers and 353 non-daily publications. Journal Register Company
currently operates 229 individual Web sites that are affiliated with the Company's daily
newspapers, non-daily publications and its network of employment Web sites. These Web
sites can be accessed at www.journalregister.com. All of the Company’s operations are
strategically clustered in seven geographic areas: Greater Philadelphia; Michigan;
Connecticut; Greater Cleveland; New England; and the Capital-Saratoga and Mid-Hudson
regions of New York. The Company owns JobsInTheUS, a network of 19 premier
employment Web sites.
Safe Harbor
This release contains forward-looking information about Journal Register Company that is intended to be
covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as “believe”, “expect”, “may”, “will”, “should”,
“project”, “plan”, “seek”, “intend”, or “anticipate” or the negative thereof or comparable terminology, and
include discussions of the proposed sale of assets, strategy, financial projections and estimates and their
underlying assumptions, the extent or timing of cost savings, charges and statements about the future
performance, operations, growth rates, products and services of the Company. These forward-looking
statements involve a number of risks and uncertainties, which could cause actual results to differ materially.
These risks and uncertainties include, but are not limited to, the ability of the parties to complete the planned
sale of the Company’s Massachusetts newspapers, the success of the Company's acquisition strategy,
dispositions, the ability of the Company to achieve cost reductions and integrate acquisitions, failure or
interruptions in the software or systems that support our product and services, competitive pressures, general
or regional economic conditions and advertising trends, the unavailability or a material increase in the price of
newsprint and increases in interest rates. These and additional risk factors are outlined in the Company's most
recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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Financial summary follows.
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JOURNAL REGISTER COMPANY
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PERIOD TWELVE ADVERTISING REVENUE REPORT
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(Dollars in thousands, unaudited)
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Period Twelve
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Full Year |
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Five weeks ended |
Four weeks ended |
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Fifty-three weeks ended |
Fifty-two weeks ended |
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12/31/06 |
12/25/05 |
%
Change |
12/31/06 |
12/25/05 |
%
Change |
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Local
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$20,173
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$17,884
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12.8%
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$213,930
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$218,369
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-2.0%
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Classified
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$11,435
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$9,951
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14.9%
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$161,382
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$165,165
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-2.3%
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National
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$1,558
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$1,576
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-1.2%
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$17,902
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$20,032
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-10.6%
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Total
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$33,166
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$29,411
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12.8%
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$393,214
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$403,566
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-2.6%
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Discontinued Operations |
$2,689 |
$2,466 |
9.0% |
$31,401 |
$31,519 |
-0.4% |
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Total Company including discontinued operations |
$35,855 |
$31,877 |
12.5% |
$424,615 |
$435,085 |
-2.4% |
Note: The revenues of the Company’s acquisitions are included from the date of acquisition in each period
presented above. Discontinued operations represent revenues from our Rhode Island and Massachusetts
newspaper assets.
| For more information: |
Journal Register Company
790 Township Line Road
Yardley, PA 19067
(215) 504-4200 voice;
(215) 504-4201 fax |
Ricardo A. Venegas
Treasurer
rvenegas@journalregister.com
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