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February 22, 2007
Journal Register Company Reports Period One Revenues
Yardley, PA – Journal Register Company (NYSE: JRC) today reported that total revenues
from continuing operations for the five weeks ended February 4, 2007 were $40.7 million
compared to $42.7 million for the five weeks ended January 29, 2006, a decrease of 4.6
percent. Excluding results from the Michigan cluster, total revenues decreased 3.2 percent as
compared to the prior year period.
Total advertising revenues from continuing operations for Period One were $30.2 million
compared to $32.4 million in the prior year period, a decrease of 6.8 percent. Excluding results
from the Michigan cluster, advertising revenues decreased 4.9 percent as compared to the prior
year period.
Chairman and CEO Robert M. Jelenic stated, “although advertising revenues remained soft
in Period One, we were encouraged that our Michigan cluster had its best performance in
trend, excluding 2006 Super Bowl revenues, since Period Three of 2006. In addition, by the
end of February we will have all 22 of our daily newspapers selling Yahoo!HotJobs
recruitment advertising which will add incremental revenues to our strong online
employment trends.”
Revenue Performance by Category:
Online
Continued strong performance from the Company’s online operations produced online
revenues for Period One of $1.4 million, an increase of 26.0 percent as compared to Period
One of 2006. Online revenues from JobsInTheUS for the period were up 56.2 percent. The
Company’s Web sites had 4.6 million unique visitors generating 38.0 million page views in
Period One, both record numbers for the Company.
Retail
Retail advertising revenues were down 4.1 percent in Period One as compared to the prior
year period. The Company’s retail advertising revenues were down 3.2 percent excluding the
results of the Company’s Michigan cluster. Softness in the department stores and
financial/insurance advertising revenue categories was partially offset by strength in
medical/healthcare and services advertising revenue categories.
Classified
Classified advertising revenues for Period One decreased 6.4 percent as compared to the
prior year period. Excluding the results from the Michigan cluster, total classified advertising
revenues decreased 2.8 percent for the period.
Classified employment advertising revenues increased 5.2 percent in Period One as
compared to Period One of 2006. The Company’s classified employment advertising
revenues were up 8.4 percent excluding the results from the Company’s Michigan cluster.
Classified other advertising revenues decreased 1.3 percent in Period One, as compared to
the prior year period. Excluding the results from the Company’s Michigan cluster, classified
other advertising revenues increased 1.6 percent in Period One.
The Company’s classified real estate advertising revenues decreased 3.5 percent. The
Company’s classified real estate advertising revenues were up 0.5 percent excluding the
results of the Company’s Michigan cluster.
Classified auto advertising revenues were down 29.7 percent as compared to Period One of
2006. The Period One year over year comparison in this category was negatively impacted
by the inclusion of the week between Christmas and New Year’s, a historically strong
advertising week for classified automotive revenue in Period 12 as the 53rd week of 2006. In
addition, last year’s Super Bowl revenues negatively impacted the category.
National
National advertising revenues, which represent less than five percent of total advertising
revenues, decreased 33.5 percent in Period One, as compared to the prior year period, with
softness in the telecommunications advertising revenue category.
Circulation
Circulation revenues for Period One increased 0.6 percent 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 22 daily newspapers and 344 non-daily publications. Journal Register Company
currently operates 221 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 six geographic areas: Greater Philadelphia; Michigan; Connecticut;
Greater Cleveland; 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 ONE REVENUE REPORT
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(Dollars in thousands, unaudited)
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Period One
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Revenues: |
Five weeks ended 02/04/07 |
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Five weeks ended 01/29/06 |
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% Change |
Advertising: |
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Local
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$15,742
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$16,420
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(4.1)
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Classified
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13,250
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14,150
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(6.4)
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National
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1,230
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1,850
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(33.5)
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Total Advertising
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30,222
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32,420
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(6.8)
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Circulation |
8,778 |
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8,730 |
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0.6 |
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Other Revenue |
1,725 |
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1,562 |
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10.5 |
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Total Revenue Continuing Ops. |
40,725 |
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42,712 |
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(4.6) |
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Discontinued Operations |
3,088 |
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3,353 |
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(7.9); |
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Total Company |
$43,813 |
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$46,065 |
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(4.9) |
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Notes:
(1) The revenues of the Company’s acquisitions are included from the date of acquisition in each period
presented above
(2) Other revenue is primarily Commercial Printing revenue
(3) Discontinued operations represent the recently sold New England publications
| 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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